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Politics : Politics for Pros- moderated
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To: ManyMoose who wrote (403488)1/11/2011 9:09:53 PM
From: TimF  Read Replies (2) of 794043
 
Its not so much that the trust funds where raided as much as there never was a trust fund in the first place, while politicians kept saying there was.

The money came in to the government, then it went out, there was never any real store of value. Some try to argue that it was stored in government bonds, but in addition to these bonds being non-marketable, they also represent a government loan to itself, not a real asset. I can hold government bonds and if the government reliably pays interest and principal, then they are an asset to me, but if I write myself "Tim Fowler bonds" I don't really hold any asset.
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