Still More IOUs

Apparently President Bush believes that financial assets (I generalize from his claim about one class of financial assets--U.S. Treasury Bonds held by the Social Security Trust Fund--to all classes of financial assets) are "just IUOs." He also wants us to use part of what would otherwise be contributions to Social Security to acquire savings held in the form of corporate stocks.

Which are financial assets, giving the owner no claim to any real productive assets, no claim to any output, no claim to any income. They are, in other words "just IOUs."