Bob Murphy explains the awful truth: the Social security reform offered by George W. Bush is essentially nothing more than a shell game.
This is a similar critique to mine: that the use of personal accounts will not help Social Security because the reduced benefits paid out by the government (because the private sector is paying out some of it) will be offset by lower revenues.
In any case, I don't see private accounts per se as a bad idea. I just hate the belief that somehow Bush can offer us a free lunch.
That is all.
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