President Bush is pissing me off with his latest assertions about Social Security. Read Bush Questions Social Security Trust Fund for background. His latest photo op in front of a filing cabinet in West Virginia that "houses" the Social Security Trust Fund is designed to mislead the American people. "Imagine," he says "The retirement security for future generations is sitting in a filing cabinet."

Which it's not, really. What's really in the cabinet are papers representing U.S. Treasury bonds. So those IOUs that Bush is claiming are so questionable are backed by the full faith and credit of the U.S. Government. If those bonds are defaulted on, we got a shit-load of bigger problems than unfunded Social Security...like the destruction of the world economy for starters.

It is much more likely that SS benefits would be reduced or payroll taxes increased before the government defaults on its debt. To imply the government would default is irresponsible and deceitful. This is exactly why I voted against George Bush. This government does not care if it presents its case in a misleading manner if it ends up getting its agenda passed.

The Libertarian in me rejoices at the thought of private accounts, since it's a step in the right direction. But my absolute anger at being misled again is coloring my position. Social Security is at its core insurance, not an investment. It is insurance against individual financial catastrophe, poor investment decisions, and the inability to save. I'm not sure the benefits of ownership outweigh the benefits of the security Social Security provides.