Social Security follies - Excellent commentary from Power Line on Social Security: “In the first place, the Dems cannot deny that what President Bush said was true [that the Social Security “trust fund” is full of IOUs]; their point seems to be that no one should tell the truth about Social Security. Second, President Bush plainly did not warn that the U.S. may default on its obligations; he warned that there are only three ways in which the government's IOUs to itself can be redeemed: through higher taxes, reduced spending in other programs, or reduced Social Security benefits. This statement is, in fact, a tautology; but it is one that the Democrats will never acknowledge, and they apparently think their voters are so dumb that they don't need to.” Right on - read the whole thing.