"There Is No Trust"? What a way to put it.

President Bush spoke yesterday on the Social Security Trust Fund:

Some in our country think that Social Security is a trust fund -- in other words, there's a pile of money being accumulated. That's just simply not true. The money -- payroll taxes going into the Social Security are spent. They're spent on benefits and they're spent on government programs. There is no trust.

While it is tempting, in a sense, to get into a discussion about what should happen to a trustee who tells the beneficiaries of a trust, "Oops - I spent your trust fund", it is probably sufficient to instead reference a recent post on honesty.