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Politics : The Castle
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To: Neocon who wrote (135)11/7/2002 5:22:48 PM
From: TimF  Read Replies (2) of 7936
 
Perhaps the first thing to know about the federal debt, some $4 trillion at the end of 1992, is that $1 trillion of it is held by government agencies or government trust funds such as those for Social Security. Excluding that amount leaves the more relevant figure of "gross federal debt held by the public" at $3 trillion.

If you are not going to count the debt then you shouldn't count the trust fund either. Its just moving money from one pocket to another and calling it both a debt and a trust fund, it might make sense to consider it as neither. However the government does face future liability for SS payments. Even if that is not exactly a debt it should be counted as a liability on the government's books.

Tim
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