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Politics : Mainstream Politics and Economics
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To: Steve Lokness who wrote (14371)4/2/2012 2:52:01 PM
From: sm1th3 Recommendations  Read Replies (1) of 85487
 
That's like saying a bank has no money because they lent it out.

The difference is that banks lend to third parties, the govt lends to itself. The only way the SS trust fund can be used is to raise other taxes or borrow more. Those are the only options.

But at the same time it is insane for people to suggest that just because the government borrowed the money they don't have to pay it back

The current debt is around $15T. Simple accounting says that to pay that back, the govt needs to run future surpluses with a net present value of at least $15T. In what fantasy world will that happen without hyperinflation? 30 years ago, I realized that SS was a ponzi scheme and planned accordingly. I am close enough to collecting that I will probably get some, but there is no way it will be close to what was promised. I am prepared, most people aren't.

Without massive changes, we are not far behind Greece
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