What's His Pledge Really Worth

Bush Underlines Pledge About Social Security But, as Al Gore repeatedly pointed out during the campaign, Mr. Bush presented his plan as all gain and nopain, sidestepping the debate over whether restoring Social Security's health would require steps like cutting the guaranteed benefit, reducing cost of living increases for beneficiaries or raising the retirement age. Mr. Bush also remained quiet during the campaign, and again tonight, on how the government would pay for the creation of the private accounts. Analysts put the cost at $1 trillion over the next decade. http://www.nytimes.com/2001/02/28/politics/28POLI.html?pagewanted=all

But Yesterday, Before the Speech

The administration's budget anticipates paying down $2 trillion in public debt that matures no later than 2011 out of the part of the projected surplus coming from Social Security � about $2.5 trillion out of the total surplus of $5.6 trillion. The debt held by the public excludes $2.5 trillion the government owes to itself, largely in the form of promises to pay future Social Security benefits. http://www.nytimes.com/2001/02/27/politics/27BUDG.html?pagewanted=all