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Politics : Formerly About Advanced Micro Devices

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To: TimF who wrote (216922)	2/3/2005 12:40:07 AM
From: neolib	Read Replies (1) of 1573579

The only important difference that I see is that the special notes are owed by the government to itself. If I hold treasury notes its an asset for me. If the government holds federal government debt of any kind it isn't really an asset, or to look at it another way its an asset that also represents and exactly equal liability. If it just all netted out to zero it wouldn't be such a big deal but what nets out to zero is the assets that the government is supposed to use to pay back current and future retirees, which is a problem if the net value of that "asset" to the government as a whole is zero. I agree completely! But the situation is not changed by privatizing SS. The net government debt will stay identical. The government will owe T-bill holders rather than the SS trust fund. So what! I look at T-bill holders and the SS trust fund as being on EQUALLY shaky ground. If Bush was running around telling people not to invest in T-bills, I'd view him as being more rational on the matter. But that will hardly happen for very obvious reasons!

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