Shays: Seniors are stupid

U.S. Rep. Christopher Shays is pulling back his support for President Bush's privatization plan:

"I think there is a real concern about taking something from (Social Security) because, candidly, people are not as comfortable as I am about the effectiveness of a thrift savings account," said Shays, who described people's reaction to the plan as generational. "Seniors don't like it. They want a defined benefit. Those who understand the idea of compound interest do."

Yeah, why can't senior citizens get behind the idea of compound interest? Are they dense or something? Or do they realize that compound interest actually means nothing to people whose initial investments fail?

Maybe senior are actually smarter than Chris Shays thinks.