Most major televised media outlets failed to note that President Bush, in his one-hour press conference on April 28, made two flatly contradictory statements about the viability of U.S. treasury bonds, in which the Social Security trust fund is invested. Repeating a claim made in his recent travels throughout the country in support of Social Security privatization, Bush said that the treasury bonds owned by the trust fund represent worthless IOUs from the U.S. government. But he later touted those same bonds for holders of his proposed private accounts looking for a safe investment that would be "backed by the full faith and credit of the United States government." No reporter challenged Bush on the contradiction during the press conference, and only George Stephanopoulos, host of ABC's This Week, noted it in the post-conference analysis.
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