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Wednesday, March 16, 2005

Twinkle , twinkle lying Cain

Posted by: Hammer / 8:41 AM

Herman Cain writes:
Personal retirement accounts as proposed by the president are the first step to fixing the solvency crisis and allowing more people access to economic freedom. The market has never once lost money in any 20-year period. Personal account plans have worked in Galveston County, Texas, and the country of Chile for well over 20 years, and have provided their beneficiaries rates of return hundreds of times higher than Social Security over the same period. Congressional Democrats' opposition to allowing all U.S. workers access to economic freedom through the same investment options they currently enjoy is nothing short of immoral and dishonest.
I was set to file this as a crank, until I read the author's bio: Herman Cain is chief executive officer of T.H.E. New Voice, Inc. and New Voters Alliance, and host of the nationally syndicated radio talk show The Bottom Line with Herman Cain. He is past chairman of the Federal Reserve Bank of Kansas City, and past chairman and CEO of the National Restaurant Association.

A past chairman of the Federal Reserve Bank (of Kansas City) is claiming -- in print -- that the private accounts in Galveston County (which are totally different than the private accounts proposed by Bush) have provided rates of return "hundreds of times higher than Social Security"? Galveston claims returns as high as 8%. Social Security provides returns of 2%, which includes paying current benefits. Eight divided by two doesn't equal hundreds of anything, unless you first multiply it by the number of lies in Cain's mendacious column. It truly is a piece of work, piecing together, as it does, every disproved claim the Bush administration has offered in its failed attempt to dismantle the most successful program in the history of American governance.

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