Baboon-a-palooza And A Beer

From Holden:

Chimpy took his Social Security Demolition Derby to Milwaukee today, where he went farther than he ever has before in denying that Treasury Bonds are backed by the full faith and credit of the United States of America.

It’s a pay-as-you-go. And then there’s — all that’s left over is a file cabinet full of IOUs. I have seen the file cabinet in West Virginia firsthand, and I saw all the IOUs. But the system is not the kind of system where we’re holding the money for you. That’s not the way it works. We’re spending your money and left behind some paper that can only be good if the government decides to redeem the paper. That’s a pay-as-you-go system.

And if you like your mendacity with a side of hypocrisy allow me to point out that in his latest financial disclosure Dear Leader reports that he holds at least $4.95 million in Treasury notes himself.

Your president endorsed Robert Pozen’s “progressive indexing” plan to reduce Social Security benefits.

Secondly, I believe that — I know we can solve a lot of the issue by embracing what’s called progressive indexing of benefits. It’s a long word, fancy words for this.

And, as usual, he pushed hard for privatized accounts.

Younger workers ought to be allowed to take some of their own payroll taxes, if they so choose, and set up a personal savings account. Some of the taxes will be in a — that they pay — after all, it’s their money that they’re paying — they ought to be allowed to take some of their money and set up a personal savings accounts.

Funny thing, though – Robert Pozen himself is not too keen on privatization.

[Pozen] said Wednesday that Bush should “back away” from the other half [of his Social Security plans] – the insistence that individual investment accounts be created in the program. …

“I would advise the president to say that carve-out accounts are no longer required,” Pozen said in an interview after a debate at the American Enterprise Institute with Brookings Institution scholar Peter R. Orszag, a leading critic of Bush’s proposal. Bush, Pozen said, should indicate that he is “willing to have a package that, if otherwise satisfactory, does not have carve-out accounts.”

Chimpy was also flogging his “ownership society” scam.

The whole notion of people being — entrusting people with their money and watching it grow is changing. The culture is changing. The investor class is no longer confined to just a few people. The investor class is varied, and we ought to have policies in place that encourage every American to become an owner and investor and watch their assets grow.

And once again, Pozen says it’s a crock.

Pozen disagrees. … Talk of an “ownership society,” Pozen said Wednesday, is “a weak basis” for arguing for an overhaul.