Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Mark Adams who wrote (64019)	2/2/2001 12:53:38 AM
From: FuzzFace	Read Replies (1) of 436258

Why do you say the national debt would be erased? It is just being transferred to the Social Security and other government retirement trust funds (oops, now called "Intragovernmental holdings" by the Treasury dept - thanks for the extra strength bureaucratese, W.) They still pay interest on it. So it is still owed. See publicdebt.treas.gov What will it mean to the economy to have created and dispersed $6 Trillion dollars via government spending over 2 decades (the 70's and 80's), recollected it via FICA payroll taxes and sequestered it (in the form of treasury bonds) in government held trust funds over the next 2 decades (90's and 00's) and finally, redeem it into federal reserve notes (cash) on the demand of retiring baby boomers? They can't refuse to pay out at least the $6T to retirees, since the money is owed in the same sense it is owed the current public bond-holders. Flush $6T into the economy again and you get what you got the first time they did it - inflation, either in assets or in consumer prices. And what happens when the $6T runs out?

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