According to the Wall Street Journal, the Shrub is claiming that Social Security privatization would look much like the Federal Thrift Savings Plan (our gratitude to the Wonkette for her pointing at the article in the late summary for Dec 22nd). For the WSJ to be as pessimistic about a pro-business plan as it is in this article, it must stink to high heaven. As a good friend of mine says, however, “but wait, there’s less!”
“Safe is not an adjective I would use” to describe the TSP investment options, says William Shipman, chairman of Carriage Oaks Partners LLC, co-chair of the Cato Institute’s Project on Social Security and a backer of private accounts who advocates an initial limit on workers’ exposure to stocks. Just because an investment option is an index fund “does not get around the risk” of the underlying investments.
While the article goes on to say a few token good things about the TSP, it then describes how people lost their shirts in the stock market bubble.
Okay W, when the friggin Cato Institute, one of the biggest cheerleaders for your “Ownership Society,” is dissing your plan you’ve got no credibility.