Social Security

[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".