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Politics : Politics for Pros- moderated
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To: TimF who wrote (112212)5/2/2005 9:37:29 AM
From: unclewest  Read Replies (1) of 793954
 
We went clear around the world to get there...but I agree with you now.

The SS trust fund is about as much of an asset as a loan from a 401K is an asset. You could consider the loan to be an debt for your "not-retirement fund", and an asset to your 401k fund, or you could just consider it as being neither an asset or a debt, it doesn't make much difference either way. Every dollar in the asset is off set by the same amount of debt.

I agree with that too. The important difference in your viewpoint and that of our youngsters is that you accept you must pay off the 401K loan, if the debt is to be addressed, even though your net position remains the same when you do so.
Future SS recipients don't seem to accept that the indebtedness is theirs...They own it, but don't admit. They falsely think when they pay off the trust fund IOUs their net position improves. Many others still believe the trust fund actually exists in cash.

When the IOUs need to be redeemed, Americans are going to have to redeem them with cash out of their pockets. SS recipients will be taking cash out of one pocket to pay off an IOU and put some back in the other pocket when they get their SS checks.

The only ways I see to wipe out the trust fund IOUs and get an improved net position is... 1. to stop making SS payments or 2. to reduce payments to the amount collected in SS taxes.
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