Gore did it to himself

Doug Henwood dhenwood at panix.com
Wed Aug 7 19:28:27 PDT 2002


Bradford DeLong wrote:


>Really? The line in the sand that the Treasury wanted to draw was to
>invest some of the "trust fund" in equities, but not to create
>individual accounts...

Lines in sand often suffer erasure from wind and tides. But still, "investing" "some" of the "trust fund" in equities is a form of privatization, since it substitutes asset appreciation for taxation as a source of funds (which is dodgy in the cashflow sense - where's the money going to come from when the gains have to be realized to cover benefit checks?). And the WP piece says that individual accounts were under consideration.

Doug



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