Blogger Timothy tries to blame Arthur Andersen for the following:
And I thought I’d further demonstrate this with a fictional balance sheet I made in Excel. Let’s suppose I have a business called Money Corp LTD, and that I start off with $1,000 … Gee, I think to myself, what a shrewd investor I am, I’m running a surplus! Thusly, I get together with the Money Corp Board and we decide to use that $1,000 of bond revenue to pay each of the nine directors and myself a bonus of $100. Total bonus: $1,000… But, hold on, something’s rotten in the state of Money Corp. I don’t actually have those bonds any more, because I sold them to someone who isn’t me… This is exactly what’s going on with Social Security.
If you skip all the Luskin-ite nonsense in between, you don’t need his Excel spreadsheets to understand what Timothy is really saying here. George W. Bush is indeed selling off our Social Security Trust Fund assets to someone other than American workers. Imagine that the initial $1000 was owed to the defined benefits plan for the workers of Money Corp LTD and that the shareholders are the rich folks who supported Bush-Cheney in 2000 and 2004 and are not getting income tax cuts financed by raiding the lock box. Yes – Timothy has explained it all so well. So why are Timothy and Don Luskin supporting this Social Security Thievery?