Friday, March 11, 2005

Full Faith and Credit

Several other folks have already blogged this, but this is what I find stunning about the following exchange from the Montgomery, Alabama stop of the Social Security Privatization Road Show. El Presidente was speaking with a woman who qualifies for the federal Thrift Savings Plan, which allows the member to divert a portion of income into a private investment account.

THE PRESIDENT: Let me ask you something about the Thrift Savings Plan. This is a Thrift Savings Plan that has a mix of stocks and bonds?

MS. WEBSTER: Yes, sir.

THE PRESIDENT: Now, how hard was that to learn how to do that?

MS. WEBSTER: And I chose the safe plan, government bonds. (Laughter.)

THE PRESIDENT: That's all right. Well, not so safe, unless we fix the deficit. But other than that -- (laughter). We're fixing the deficit. (Applause.)
What's stunning is this: this man is so determined to push through his ideologically-motivated privatization plan, that he is willing to compromise the integrity of United States Treasury Bonds, universally regarded as the safest investment on earth.

U.S. Bonds are backed by the full faith and credit of the United States. In other words, they're good because we say they're good. Let's hope the holders of those bonds don't decide to take President Bush's word for what they are worth.