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Politics : Formerly About Advanced Micro Devices
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To: RetiredNow who wrote (539287)12/30/2009 8:35:51 PM
From: TimF  Read Replies (3) of 1574784
 
I'm told that our government can just legislate those liabilities away, since they are debts to the American people.

If they where debts to the American people, then legislating them away (why it could be done) would be default.

They aren't debts at all. OTOH their effect (as long as they aren't legislatively reduced) is similar. A fiscal crisis because of too much debt, isn't all that different from a fiscal crisis because the government can't stop spending. (and of course the reality is that we have both problems, and that each one contributes to the other, you get debt because too much is spent and that debt raises future spending by raising interest rates, its not as if real fiscal crisis are just one or the other in isolation).

So I think it is ridiculous for someone to tell me that I should pay into the gov't for social security and medicare and the gov't doesn't owe me anything in return

You pay income tax and probably don't get a return from most of that.
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