Hightower Lowdown

If you're confused by the complexity of Bush's privatization plan, why not go to the horse's mouth for clarification? In February, as part of his road show to sell his scheme, George held one of his "conversations" with the public in Tampa. A woman there asked him how his plan would solve the long-term "red problem," referring to Bush's claim that, as of 2018, Social Security would sink into a pool of red ink.

It was meant to be a softball question. Here's George's explanation: "Because the—all which is on the table begins to address the big cost drivers. For example, how benefits are calculate, for example, is on the table; whether or not benefits rise based upon wage increases or price increases. There's a series of parts of the formula that are being considered. And when you couple that, those different cost drivers, affecting those—changing those with personal accounts— the idea is to get what has been promised more likely to be, or closer delivered to, what has been promised.

"Does that make sense to you? It's kind of muddled. Look, there's a series of things that cause the – like, for example, benefits are calculated based upon the increase of wages, as opposed to the increase of prices. Some have suggested that we calculate—the benefits will rise based upon inflation, as opposed to wage increases. There is a reform that would help solve the red if that were put into effect. In other words, how fast benefits grow, how fast the promised benefits grow, if those—if that growth is affected, it will help on the red."