Do Carve-out Returns Exceed Add-on Returns?

The Club for Growth Social Security blog has some funny finance. Andrew Roth pushes Cato’s Daily Debunker, which wants you to believe that you get a better return if you own your Social Security retirement funds. I’ll skip my usual Barro-Becker sermon of why this is funny finance and just go to this story highlighted by the same blogger:

“Add-on accounts do not deal with the solvency problem,” White House economic adviser Allan Hubbard said.

If someone can explain how carve-out accounts give a better return than add-on accounts, please do so.

Update: Joshua Marshall listens to President Bush trump even the Andrew Roth school of funny finance:

Bush: Social Security wobbly, personal accounts are safety net