The folks at the General Accounting Office have examined the results of a Social Security privatization experiment that's been underway in three Texas counties since 1981, and here's what they have to say: "Our simulations found that low wage earners retiring today generally would have qualified for higher retirement incomes had they been under Social Security. Many median wage earners, while initially receiving higher benefits under the [plan], would have eventually received larger benefits under Social Security because Social Security's benefits are indexed for inflation."

And what does that mean in the real world? "I get around $460 per month now," says one retiree, "but under Social Security, I would have gotten $1,000. They are putting this up to be a model for the rest of the country. Some model."

Uh, huh. Some model, indeed. And the rest is here. (Via Charles Kuffner.)