The consquences won’t be realized until next election… then when things are tough, blame will fall on whoever is in office at the time (or an attempt to anyway).

look for more on this later this week.

I also think that this plan for private social security accounts is just the Bushies way of creating a new stock market boom, like 401K’s did in the 90′s by pumping in trillions of $$ from the worker bees, who are the ones that lose it all when the boom ends since they know nothing about the market. The wealthy are already invested in the market & realize the gains when it booms because they bought in when prices were low.

“The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. ”

When Bush claims the following:

“The money – payroll taxes going into the Social Security are spent. They’re spent on benefits and they’re spent on government programs. There is no trust.”

he is talking about US Treasury Bonds – the public debt. These bonds are the very bonds that comprise the Social Security “trust fund”.

This is an impeachable offense. Not that the litany of such offenses by the administration have gotten any attention, thus far. I won’t even speculate on the economic consequences of floating this type of doubt of US credit-worthiness in a globalized economy.