Media "Private Account" watch, Day 4

In which the media seems to agree with the President, or gets tired of writing Social Security stories.

The AP slips in a "private account" mention in contrast to three "personal accounts" and one in the headline, "Bush advisers favor conservative personal accounts for Social Security."

This Knight Ridder article, while practically falling all over itself to praise the President and his goals uses the "private account" four times that I counted, and no
"personal accounts" at all. I guess that's what's known as fair and balanced journalism.

A Balitmore Sun opinion piece opens:

LET'S SAY you're 10 to 15 years away from retiring. Here's a financial plan you absolutely should not follow:

-Go from saving to spending so much more than you're taking in that you're sinking deeper and deeper into debt.

-In addition, take on a big responsibility that involves a lot of new spending, the amount and duration of which are open-ended.

-Make sure your income from now to retirement won't be as high as it could be.

-Borrow a big chunk from your retirement plan - cutting the income you'll be able to depend on once you stop working - so that you can invest in stocks, with the long-term but very uncertain hope that you'll offset the certain losses.

Why are we bothering you with this financial foolishness? To ask if there's really much difference between this obvious folly and President Bush's fiscal plans for the nation

They throw in a "private account" later for good measure.

Finally Bloomberg:

Private accounts should be set up as an addition to Social Security rather than a partial replacement, said Senator Ben Nelson of Nebraska, a key Democrat considering revisions to the retirement system with Republicans.

First words out of the gate. The article, however, is not all wine and roses:

Nelson is now offering a compromise on Social Security: If Bush agrees to make the accounts supplemental, Democrats will give the White House "bipartisan cover" on more difficult questions, such as raising the retirement age, Ornstein said.

Ben, Ben, Ben. This is the wrong way to go altogether. There is no offer to provide any cover to the President and his plan because it is an unnecessary dismantling of Social Security.

Josh Marshall says this may take Ben out of his "Fainthearted Faction." It seems to me it's the action of a man who is precisely faint of heart. But hey, it's Josh's faction, I guess.

More to come...