Thursday, February 03, 2005

Who's Going to Fund SS Piratization? Private Accounts and You.

Hidden in the spin, but brought to light by a leak is this little tidbit on Social Security piratization:
...a "senior administration official" who briefed reporters on the Social Security proposal earlier today disclosed details of the White House plan that I don't think will play well in Peoria. Most significantly, this official revealed that most or all of the earnings from new "personal" or privatized accounts will be paid not to the holder of the account, but to the government. The senior official called this a "benefit offset." It's one way to finance the creation of these private accounts, but it's going to cause quite a political stir, I think.

Well isn't that special?

Atrios has more on "benefit offsets" and loans.

Update 3pm EST Grill John Snow

More on privatization in Argentina, Bolivia and Britain