The privatization debate should now be over
The veep has now acknowledged (on Fox News, the only place where he could let his guard down) the cost of the administration's plan-- in the trillions. Nevertheless, I'm guessing this won't be a major news story:
"We're going to borrow $758 [b]illion over the next 10 years to set up the personal retirement accounts. We think that's a manageable amount ... Trillions more after that," Cheney said, acknowledging that the personal accounts will help younger workers but will not solve all the problems of solvency.
Oh, and for those of you keeping score at home, that amounts to almost three trillion dollars. If you need help visualising that sum, this handy visual aid might serve:
$3,000,000,000,000
Become one with the zeroes.
"We're going to borrow $758 [b]illion over the next 10 years to set up the personal retirement accounts. We think that's a manageable amount ... Trillions more after that," Cheney said, acknowledging that the personal accounts will help younger workers but will not solve all the problems of solvency.
Oh, and for those of you keeping score at home, that amounts to almost three trillion dollars. If you need help visualising that sum, this handy visual aid might serve:
$3,000,000,000,000
Become one with the zeroes.
posted by Matt Sandwich | 10:03 AM
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