Social Security

[Boreas]

Originally Posted by Tom Joad

No, they are not "general revenue" although the right wingers would like you to believe that.

https://www.ssa.gov/policy/docs/ssb/v75n1/v75n1p1.html

According to what he has said here, ed is a disillusioned right winger. He just hasn't found his bearings yet.

[Boreas]

Originally Posted by Tom Joad

I don't really understand the accounting tricks that the government uses, but it was my understanding that these excess funds were used to purchase government bonds that are now earning interest. So to me that says there are real assets that are held by the trust fund. Now I suppose the actual dollars that were used to buy those bonds were spent by the government as part of the general revenue fund, but still, it seems to me the government has the same obligation to pay back that money when those bonds are redeemed, just like they would if you or I purchased a government bond.

Now I'm sure the Oligarchs don't want the government to be obliged to pay them back because that will mean that the government will have to raise that money somehow, most likely by raising their taxes. Well fuck them.

Remember when Bush was trying to Privatize Social Security? Those Treasury Bonds are what he was talking about when he disparaged the current funds as "just a bunch of IOUs".

[donquixote99]

Originally Posted by nailer

Who's going to redeem them? Certainly not the Congress of our two ossified parties.

Fortunately, no legislation necessary. It's just Treasury's job to handle it.

[donquixote99]

Originally Posted by Tom Joad

Isn't that the same thing as when anyone buys a US Government bond?

Basically what the Republicans are saying is that they want to United States Government to renege on paying on the bonds they issued. It seems like that would put the US into Third World Banana Republic status.

Since it's money the government owes itself, I think it could blow these off without technically being in 'default,' as it would be if they were bonds held by banks and stuff.

[noonereal]

Originally Posted by Boreas

According to what he has said here, ed is a disillusioned right winger. He just hasn't found his bearings yet.

lol, fucking guy is nuts! batty as Trump

I do tend to be centrist which means you sometimes agree with the right on some issues, the left on others

I would never be a whelly though!




that's whelly, 3rd from the end. Pic taken at the last GOP conference.

[nailer]

Originally Posted by donquixote99

Since it's money the government owes itself, I think it could blow these off without technically being in 'default,' as it would be if they were bonds held by banks and stuff.

Who's going to blow these off?

[nailer]

Originally Posted by Tom Joad

Isn't that the same thing as when anyone buys a US Government bond?

Basically what the Republicans are saying is that they want to United States Government to renege on paying on the bonds they issued. It seems like that would put the US into Third World Banana Republic status.

Yes, but they're real bonds. The SS trust bonds are virtual.

[noonereal]

Originally Posted by nailer

Yes, but they're real bonds. The SS trust bonds are virtual.

thank you

big difference

[nailer]

Originally Posted by Boreas

Remember when Bush was trying to Privatize Social Security? Those Treasury Bonds are what he was talking about when he disparaged the current funds as "just a bunch of IOUs".

They are.

[donquixote99]

Originally Posted by nailer

Who's going to blow these off?

A government starved for cash for some reason.