In comments, P. O'Neill notes that Dan Froomkin had provided another correct interpretation of Charles Blahous's:
'The President believes that surplus Social Security money should not be spent, which is one reason why he has proposed creating a system of personal accounts,' Blahous wrote. 'These personal accounts would save Social Security money, protecting it in the accounts of individual workers, where the government could not take it away.'
Remember during the campaign when we made fun of Al Gore for saying that the Social Security surplus needed to be put in a lockbox? We did a bad, bad thing. It does need to be put in a lockbox. We want to fix the damage we did, we really do!
Or, as Dan Froomkin put it, "Think of it as millions of little lock-boxes."
P. O'Neill adds:
It's time to start putting together a list of pundits who ridiculed Al Gore for his emphasis on the lockbox in 2000. Howard Kurtz was still at it in November 2003: "But at least the candidates would be arguing about something important, as opposed to all that '00 prattle about a lockbox that now seems totally irrelevant in an era of huge budget deficits.