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George W. Bush, perhaps the worst president in the history of the Republic, got reflective the other day:
The former president said his greatest failure in office was not passing Social Security reform.
It wasn't "reform"; it was privatization. And I remember it as the tipping point that led to Bush's dramatic decline in popularity. Which was certainly fortunate for America; imagine the economic collapse his policies hastened with the added horror of our Social Security money having gone into Wall St. instead.
But never to fear. Where George W. Bush and his congressional allies John E. Sununu and Paul Ryan failed, Frank Guinta intends to succeed:
Government's the problem here, ladies and gentlemen. When Social Security was created, you didn't have the wealth of private sector solutions for lifetime savings that you have today. We have to honor the obligations that have been made to those who are reliant on the federal government - older generations. But future generations should seek different private sector solutions and have personal responsibility start to lead the way. My kids are 6 and 5. They shouldn't know what Social Security is!
Of course, this brings us to where we were before with Frank on this: by taking future generations out of Social Security, he doesn't have a clue as to how to pay for people like you and me who are currently contributing to the system. So under the Frank Guinta plan, either we will see decades of our earnings stolen from us, or else he will have to dramatically balloon the budget deficit. Take it away, President Obama:
"Given the way Social Security is structured, you'd actually have to borrow a trillion dollars to make up for the money that was siphoned into the private accounts, and this would weaken the solvency of Social Security,"
So there you have it. In order for Frank Guinta's kids never to know what Social Security is, he's going to have to put the US in debt one trillion dollars.
I'm not sure there's a magic bank account in the world big enough for Frank Guinta to borrow that much money.
