There is a way to turn the tables, however. The ugly truth is this. One of the major reasons the problems created by Social Security are invisible to the public is that Congress has been embezzling the so-called "Trust Fund" for the past 37 years. Yes, "embezzling" is the only word. (See my longer story on "The Right Idea," at www.taemag.org.)
In 1968, Lyndon Johnson decided to hide the costs of the Vietnam War and the Great Society by combining the federal budget and the Social Security Trust. To that date they had been separate. This was a classic "co-mingling of funds" of the kind that sends people like Bernie Ebbers and Ken Lay to prison
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So here's the thing to do. The Republicans should walk into Congress next week and place a resolution on the table: "Stop the embezzlement now!" The Social Security Trust should immediately be put back in a separate account and invested in arm's-length transactions
Hm. Yes, it is true – “embezzlement” is the right word. And yes, it has been going on for a long time. However, the plan above is one the Dems will agree with and a) they will instantly blame Republicans for “futuring” Johnson’s Willy of a Decision; and b) it will totally detract from privatizing the accounts in ways that would be most beneficial for the uber long-term. A two-prong approach might be constructive.
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