This blows out of the water any claim that the TX plan is better than Social Security

[REACTIVATED IN CT]

Good article from LA Times on Perry/TX SS substitute (only certain counties in TX participate in this plan)

http://www.latimes.com/business/la-fi-hiltzik-20110918,0,5077316,full.column

Misinformed and mendacious attacks on Social Security have become such familiar conservative shibboleths that it can be hard to muster the energy to beat them down anymore.

Then along comes Rick Perry, the Texas governor. He's suggested that it's unconstitutional (a notion the Supreme Court disposed of in 1937) and after announcing his candidacy he called it a "monstrous lie."

Perry's solution is to return the sponsorship of government retirement programs to the states, which he insists can handle the job better than the federal government.

As evidence he points to an alternative retirement plan set up by Galveston and two other Texas counties in the early 1980s, when they withdrew their employees from Social Security. (Congress later closed the loophole that allowed localities to do so.)

[IggleDoer]

1. There's a shred of truth to his statement ...

..."after announcing his candidacy he called it a "monstrous lie." Perhaps the "it" that he refers to is his candidacy.