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Politics : Impeach George W. Bush
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To: Neocon who wrote (16902)11/15/2002 9:21:24 PM
From: Steve Dietrich  Read Replies (3) of 93284
 
<< What is it that you imagine the Administration is raiding to tap out Social Security? Treasury notes? Those are just promises to pay out from general revenues to Social Security, eventually. They never represented funds on deposit. Clarify the mechanism for "raiding">>

Funny, but i hadn't used the word "raiding."

The Treasury sells notes to creditors all over the country and all over the world. Why is it that only SS is in trouble if they intent to redeem theirs?

What would happen if we told our other creditors that they were in trouble if they were counting on redeeming their Treasury notes?

Isn't SS only in trouble in 2006 if the full faith and good credit of the US Government is a lie?

If the US can be counted on to pay its debts, SS is flush until 2038 or so, and then it doesn't go broke it's just slightly under funded at that point.

Don't you suppose we would've borrowed that money elsewhere, if not from the SS surpluses being run since the 80's? Would those creditors be threatened with default when their notes came due?

And when you threaten to default on SS you're threatening to default on America's workers and America's retired workers, those who pay the regressive payroll taxes. Those who often pay more in payroll taxes than they do in income taxes, and yet SS surpluses are being used to finance cuts in the income and estate taxes.

Steve
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