The New Three-Legged Stool

Progressives often talk of retirement security as a three-legged stool — Social Security, personal savings, and private pensions.

Listening to the speech, it occurs to me that President Bush’s plan to privatize Social Security offers an entirely different a three-legged stool — an additional two trillion dollars in debt, big cuts in benefits and risky privitization carve-out accounts.

Important safety tip: don’t try sitting on President Bush’s stool.