This is from the February 3, 2005 program.

In this clip, Time magazine's Joe Klein talks about the State of the Union address and the truth behind the Shrub's Social Security overhaul: it's all about benefit cuts, not increased payments due to shrewd investment of private accounts.

Joe Klein On The Daily Show (Small - 12 MB)

Audio of Joe Klein On The Daily Show (MP3 - 8 MB)

Joe Klein:

Here's the cool thing about Social Security. Yesterday, before the speech, the White House explains it the "torters," the private investment accounts, and here's the way it works:

You put your money in your own private investment account. And then, when it's time for you to retire, you give a whole lot of it back to the government so that they can dribble out little benefits to you that are the equivalent of Social Security as it now stands.

Jon Stewart:

That's really what this plan is?

Joe Klein:

If you make more than a designated amount, you might get a little bit extra. Yes.

Jon Stewart:

That's it?

Joe Klein:

It's an annuity.

Jon Stewart:

But here's what I don't understand...

Joe Klein:

It's really remarkable.

Jon Stewart:

But how does that save Social Security? Because the government still has to dish out the same amount of money, no?

Joe Klein:

Well, they're going to lower our benefits it was they're gonna actually do, and the President said he would last night.