Stephen Moore's snake oil

Shorter Stephen Moore:

Don't worry about the abject failure of private accounts to catch on so far. Think of all the other bad ideas that Republicans have had that we've managed to force onto the public even though those ideas are still failures.

He adds:

Finally, to put the Democratic obstructionists in an especially uncomfortable position, it would make sense to start proposing fallback positions that at least get personal accounts started. One idea would be to defuse the fatuous "risky stock market" argument by simply offering a plan where workers can have a private account, but are permitted to purchase only Treasury bills. Take the stock market out of the equation and there is not even the odor of risk with personal accounts.

Wait a sec. If the government purchases T-Bills to earn interest to pay out to Social Security, the interest it is required to pay eventually is a phantom. However, if people purchase those same T-Bills from the government for the same purpose, the interest is very real. How does that make sense? Either way the government pays out a large sum of interest on the T-Bills, right?