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March 08, 2005

The Return of "The Lockbox"?

Donald Luskin notes that Al Gore's buzzword-- "the lohhhckbohhhx" -- ought to be employed to sell Bush's Social Security reform.

After all, Al Gore was proposing we strengthen SS by putting real tangible assets into the SS trust fund. (Well, actually, he was propsing we dedicate the suprlus to retiring debt now so we could borrow later, but close enough.)

How is that different, in principle, than giving someone personal accounts -- privately owned personal accounts -- filled with tangile, real assets? (More real, in fact, than the ability to borrow later more easily.)

When you have your own money -- money the government can't take away without just compensation, same as it can't (in, um, theory) seize your land without paying you fair market value -- in your own personal account, isn't that just you having your own private Al-Gore-endorsed lohhhhckbohhhhx?


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posted by Ace at 07:56 PM

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