WILMINGTON (Reuters) - U.S. Treasury Secretary John Snow said on Thursday the alternative to President Bush’s plan to overhaul the Social Security retirement system is probably higher taxes for workers — something the administration is dead set against…

Bush wants to let workers funnel some of their payroll taxes into accounts invested in stocks and bonds. Higher returns from those investments would likely offset cuts in benefits in the retirement program, the president has said.

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Q: So, Social Security is going to run out of money, huh?
A: Yes. Someday the system will be obligated to pay out more money than it makes or has in reserve.

Q: When?
A: Nobody knows. It depends on how much money people make and how long older people live.

Q: So is there a crisis?
A: Sure. Or at least a “challenge.” Call it a “coming crisis.”

Q: So, Bush’s plan…
A: It’s not a plan.

Q: What?
A: He hasn’t submitted a plan. Doesn’t want it to be a political football.

Q: So what is it?
A: It’s a suggestion.

Q: Okay. Bush’s suggestion. Private retirement accounts?
A: Yes. If you want to keep your benefits as is, fine. But if you want to invest some of your money into -

Q: Hang on - so benefits won’t be cut?
A: Of course not.

Q: But what about that thing Bush is saying about cutting benefits?
A: He never said that. Where on earth would you get that idea?

Q: Right up there. above the dotted line… “…would offset any cut in benefits.”
A: Oh.

Q: So benefits WOULD be cut.
A: Maybe somewhere down the line. Not by Bush. But, yeah, conceivably I guess… look, there’s a crisis coming…

Q: And what if the people who earned the most money were the ones taking their Social Security tax and investing it privately?
A: EVERYONE will be able to invest privately.

Q: Yeah, but what if mainly the rich people DO? You know, the ones who have financial advisors and whatnot and therefore are much more likely to want to invest… What if that DOES happen?
A: This is REALLY speculative right here…

Q: Wouldn’t that lower amount of money IN the program for people who didn’t invest privately, resulting in less of a pool to draw “guaranteed” benefits from?
A: It’s really more complicated than that.

Q: …
A: …

Q: This is a little like Iraq, isn’t it?
A: What do you mean?

Q: You know, the administration declares there’s a future crisis because of X, so they go rushing in to transform things, and the crisis in question, like a nuclear Iraq or an insolvent Social Security never comes about…
A: Calm down for a minute here…

Q: …meanwhile, the newly-reformed version of the world renders the original question moot - now we’ve GOT a crisis, and we have to deal with it. The fact that the original crisis caused by “X” might never have come about is now just a thought, it’s “too late for finger-pointing,” and somehow during the process someone’s gotten a lot richer, be it Halliburton or wealthy retirees who were able to funnel their Social Security tax into their IRA.
A: …

Q: Because it -
A: Look, we have to act NOW, and we’re going to.

Q: But I just pointed out -
A: Sorry, we can’t wait.

Q: Yeah but -
A: Do you want old people to starve?

Q: No, I just -
A: Do you hate America?

Q: Of course n-
A: Because you’re talking like an America-hating old-people-starver who’s willing to sit back and do nothing. Well, WE’RE not gonna take it.

Q: …
A: And if it turns out that there was never going to be a crisis or that our solution was wrong and we have to cut benefits, well, we can talk about that later. After we do something now.

Q: …
A: …

Q: You promise?
A: Sure.