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Cheny On Social Security And The New Budget

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Click here for WMP

From TPM

I'm actually a little surprised Vice President Cheney said this. But if he wants to be upfront about the folly of his administration's proposal, who am I to complain?

This from Fox ... "We're going to borrow $758 [b]illion over the next 10 years to set up the personal retirement accounts. We think that's a manageable amount ... Trillions more after that," Cheney said, acknowledging that the personal accounts will help younger workers but will not solve all the problems of solvency.

As the Fox interviewer, Chris Wallace, made clear in the interview, the $758 billion number is itself the product of a little numerical flimflam. As Wallace says at one point in the conversation, "Isn't that misleading? Because under your plan, the accounts, the program wouldn't actually start til 2009. So, if you take the first full 10 years, when people can actually invest in the program, the cost is over $1 trillion, and for the following 10 years, it's $3.5 trillion. Isn't it a lot more expensive?" read on...At what point does this proposed policy collapse under the weight of its own ridiculousness?


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