The Obama - Clinton Disaster Message Board

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Politics : The Obama - Clinton Disaster

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To: Wayners who wrote (7360)	2/23/2009 4:17:05 PM
From: DuckTapeSunroof	Read Replies (1) of 103300

Re: "SS meets every single of the points." No, not really. (Sovereign nations, especially under the modern concept of 'fractional reserve banking', and differently from the old system of Spain's long-gone Imperial Empire... are not required to keep 'a dollar in gold' in the government vaults for every 'paper dollar' in circulation....) Sovereign nations have the powers of a sovereign --- to issue sovereign obligations, to print fiat specie.... Therefore: not "PONZI" pyramid scheme... (unless contracted obligations so vastly exceed rate of normal population growth as to begin to resemble typical pyramidal structure of absolutely near-total sustainability.... Not anywhere near that yet with Social Security: Social Security still runs a surplus, and its reserves will not be exhausted until 2041, after which enough payroll taxes will come in to cover 78 percent of benefits, according to the 2008 annual report of the program trustees. Medicare, by contrast, requires big infusions from general revenues each year; its hospital trust fund is already running annual deficits and will be exhausted by 2019. Democrats Resisting Obama on Social Security February 23, 2009 By JACKIE CALMES nytimes.com Message 25437207

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