Social Security privatization rears its ugly head

As Surrounded By Red notes, the budget that the president has submitted to Congress includes an item that calls for a Social Security private accounts to begin in 2011.

From Allan Sloan's column:

His plan would let people set up private accounts starting in 2010 and would divert more than $700 billion of Social Security tax revenues to pay for them over the first seven years.

If this comes as a surprise to you, have no fear. You're not alone. Bush didn't pitch private Social Security accounts in his State of the Union Message last week.

As word of this gets out, it will have a hard time surviving the budget process given how the public and Congress rejected such an idea last year. It's worth keeping an eye on though since they're clearly trying to float this under the radar.