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Politics : Politics for Pros- moderated
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To: Lane3 who wrote (112992)5/8/2005 12:09:13 PM
From: rich evans  Read Replies (2) of 793928
 
As the head of SS said on C-Span: The promise to pay the gov notes held by SS from future taxes is not different then the promise to pay the SS benefits under the SS act. If the notes didn't exist we would still have a promise to pay under the SS act and have to collect taxes to do so. As the SS guy said, one promise/debt is explicit(the notes) and the other promise is implicit(the SS act). Congress can change or cancel either promise by legislation. For example Congress could cancel the SS act and the trust fund would be dissolved and gov notes returned to Treasury.Basically because of demographics we need two programs. For the poor we need a welfare based SS program. For the rest of us , we need a mandatory Defined contribution pension plan with only certain approved investments.
Rich
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