As the Bush administration adopts some form of the Beltway boys’ Social Security “privatization” plan. And no wonder: the scheme enlarges the state, rewards Wall Street, and uses libertarian rhetoric to justify the whole thing. Now, ten and more years later, the mainstream media are joining the Mises Institute in showing that the scheme requires a vast increase in federal borrowing, which also means much more inflation or taxation or both. Freedom–ain’t it grand?