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Politics : Politics for Pros- moderated
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To: Mary Cluney who wrote (113083)5/9/2005 7:55:41 AM
From: kech  Read Replies (1) of 793964
 
Like anyone else the government borrows money from, the government intends to pay it back. Why is social security different?

Yes but who is the government? It is us. Or rather, in this context, it will be the next generation that will be obligated to pay back these IOUs. Additional deficits to pay SS benefits will put a cost on the next generation. The point of the personal accounts is to make a transfer now (through borrowing to make up for their payments going into personal accounts) to the next generation. This gives them a chance to grow an account that the current older generation does not have which will offset the greater tax burden that the next generation will face. Should have done it 10 years ago but doing it now is better than doing nothing.
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