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Politics : Politics for Pros- moderated
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To: Lane3 who wrote (112992)5/8/2005 10:13:23 AM
From: Mary Cluney  Read Replies (2) of 793897
 
What he means is that the trust fund is only a promise to use the funds represented by it to pay future SS benefits but that there is no actual money available to make those payments. The promise is there but the funds will have to come from future tax receipts. That's no different from the Japanese banks. We will keep our promise to pay them and will do so with money we get from future tax receipts.

That is what you think it means. That is what I think what is meant about borrowed money.

Krathammer makes his living writing things. If that is what he meant, he would have said it in some way that more reflected that. The way he said it was meant to scare people into thinking that the IOUs are worthless. They are only pieces of paper. There is no money in the trust fund. And, it was left up to the imagination of the readers to think of the consequences. It is what I call a scare tactic.
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