Social Security Choice = Size of Government Creep?

An excellent debate on the creation of private accounts can be found in the new print issue of Reason. Interestingly, Tyler Cowen makes a strong argument against Bush's plan, based primarily on the argument that it will lead to increased taxes now to pay for the revenue shortfall for current and near-future retirees, and these increases will be unlikely to be reduced in the longer term when the extra money isn't needed because future retirees will have private accounts. I'm not sure where I come down on that point, but I definitely agree with him that the government will be seen as a giving a de facto guarantee on these accounts, which will no doubt lead to some sticky political and legal battles in the future.