Appearing on the Fox Business Network last night, Rep. Michele Bachmann agreed that Social Security is a "tremendous fraud" -- for a very interesting reason.
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Fox Business host David Asman complained that Social Security should have been treated as a "lockbox," and not have its tax revenues raided for other federal programs -- exactly the sort of thing for which Al Gore was made fun of by Republicans in 2000, when they were pushing privatization. "Social Security, I think, it is one of the biggest frauds ever perpetrated on the American public. It is supposed to be a lockbox -- a personal safety deposit box for our savings," said Asman. (Much of this is not true, see fact-check below.) "That's how it was designed, that's what it was promised to be. Instead, that box is empty, it's full of these empty IOUs that politicians have put into it, and they've taken the money out and used it for other things."
"You're right, it's a tremendous fraud. No company could get away with this, they'd be thrown in jail if they ever tried to do what the federal government did with people's Social Security money. What we need to do very quickly is take the money that is coming in for Social Security, and truly lock it up so that we aren't putting it out the door anymore," said Bachmann -- who then transitioned to promoting privatization.