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Bush - IOU's Worthless - they are US BONDS!

Oops, slip of the chimp lip, as you can't have it both ways.

Bonkers In The Bunkers
May 3,2005

Executive Intelligence Review

President Bushīs performance during his Thursday evening White House press conference. In response to a reporterīs question about his Social Security privatization scheme, the President, in effect, announced the sovereign default of the United States Government, by declaring that the U.S. Treasury Bonds in the Social Security Trust Fund were worthless IOUs. Yet, just seconds later, the President said that worried investors could place their privatized Social Security accounts in bonds, rather than in risky Wall Street stocks.

The President said, according to the official White House transcript of the April 28, 2005 press conference: "Now, itīs very important for our fellow citizens to understand that there is not a bank account here in Washington, D.C., where we take your payroll taxes and hold it for you and then give it back to you when you retire. Our system here is called pay-as-you-go. You pay into the system through your payroll taxes, and the government spends it. It spends the money on the current retirees, and with the money left over, it funds other government programs. And all thatīs left behind is file cabinets full of IOUs."

Then, in response to the same question, the President continued: "People say, well I donīt want to have-take risks. Well, as I had a line in my opening statement, there are ways where you donīt have to take risk. People say, Iīm worried about the stock market going down right before I retire. You can manage your assets. You can go from bonds and stocks to only bonds as you get older."

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