Maybe the sky IS falling

So it's ok if the government does a $700 billion bailout as long as taxpayers don't have to pay ALL of it back? Even part of $700 billion is still BILLIONS of dollars.

Even I can't see the silver lining in this one though a friend of mine suggested that this might undercut the arguments against privatizing Social Security. Why? Well the primary argument against privitizing social security is the exposure to risk. Well if the government says it will back major corporations from calamitous downturns, then they would effectively insure the private social security accounts too. My only problem with that argument is - what constitutes a "calamitous downturn"? Plus, according to the American Association of Actuaries all we have to do to make Social Security solvent is gradually increase the qualifying age to 70. Of course that may be even less politically viable than privitizing.

Click this link to have fun "fixing" social security.