As at least one commenter to Nick's earlier post notes, the story which laid out a Bush plan to confiscate the market gains of private SocSer accounts has been corrected. Turns out that government money grab will not happen.
I admit that my original read of the story left me so confused that I gave up trying to make sense of the story. If the private accounts were a sham, what exactly was the point of Bush proposing them? Yucks and giggles?
The story is still very murky and probably would've never seen the light of day in its current form. All it tells us is that Social Security benefits will continue to have a means-testing element to them even after the program is "reformed." No kidding.
Me, I'm going to stop reading Social Security reform stories until some actual legislation is introduced or Treasury announces it is going to restructure the way it issues debt in preparation for a new class of government bond. The crap is just getting too deep.