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Politics : The Obama - Clinton Disaster
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To: John who wrote (52366)7/7/2011 1:07:47 AM
From: Gersh Avery  Read Replies (1) of 103300
 
Isn't the money we "contribute" to social security held in bonds?

That would make the US worker the owner of a large amount of the bonds. And the default would eliminate the program funding. I think.

I have been expecting this default for a long time.

When they started to call social security receipts as income instead of debt, they announced their intention of never paying the money back. Thus the budget was balanced. In fact we had a surplus. Once the new book system was in place.

The only problem was the the books no longer reflected the intent to repay the loan received from the worker of the United States. Our leaders have intended to default since then.
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