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Politics : Formerly About Advanced Micro Devices

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To: combjelly who wrote (613439)	5/27/2011 4:51:53 PM
From: TimF	1 Recommendation Read Replies (1) of 1577642

Thank you for your honest quote which proves my point. Note the failure that is a default is a failure "to service its debt as payments come due." A failure to service debt, not a failure to spend all the money the government had promised to spend. Your own source confirms my point. Not servicing debt is default. Cutting entitlement spending is not. Missing SSI, Medicare and other payments is a default. No it isn't. Social security payments are not payments on debt, by either common use of the term debt, or under US law. (See Flemming_v._Nestor there is no contractual right to receive Social Security payments, and such payments are not debt or property) The same holds for other social spending. Entitlement programs do not represent actual entitlements, they are just spending programs where the spending does not have to be reauthorized, but automatically continues until changed. It could be changed at any time without default.

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