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Politics : Politics for Pros- moderated

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To: TimF who wrote (112137)	5/2/2005 12:23:16 AM
From: unclewest	Read Replies (1) of 793963

Yes originally it was a "cash on cash program" if by that you mean that no "turst fund" was built up. What does that fact have to do with your claim that "SS would still be solvent if the extra cash collected all these years was placed in a real trust fund and not squandered as it was."? The excess SS cash was accumulating quickly. Eventually the pot became so big the pols could not resist spending it...issuing IOUs to replace it. So they did just that. If you believe the IOUs have value like a trust fund. I see your point but disagree. I believe trillions in Govt IOUs for SS are worthless. Lots of SIers made the mistake a few years ago of thinking stock certificates are the same as cash. Many more are making a similar mistake today thinking Govt IOUs are the same as a cash based trust fund.

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