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Politics : Impeach George W. Bush -- Ignore unavailable to you. Want to Upgrade?

To: Neocon who wrote (17083)	11/21/2002 6:48:48 PM
From: Steve Dietrich	Read Replies (2) \| Respond to of 93284

<< Ordinary pension funds have diversified portfolios, trying to balance growth and the minimization of risk over the long term. A manager who invested solely in T- bills would have been derelict in his fiduciary responsibility to provide reasonable growth.>> Yet his fund would not be deemed irrelevant as you've proclaimed the treasury bills held by SS to be. So what's the point of this non-sequitur? << No other trust fund holding T- bills is dependent solely on their redemption to meet its obligations, and therefore, the situation of the Social Security "trust fund" is unique, insofar as it entails a massive burden on the federal budget. >> More non-sequitur, SS only holds 1/6 of the national debt. How is expecting the US to honor its debts a massive burden? Here's what the Treasury says about the debt: ustreas.gov "Portions of the public debt come due (mature) frequently. Treasury officials must decide whether to refund the debt by issuing new securities or to pay off the securities with its receipts. The full faith and credit of the U.S. Government backs all Treasury securities. Our government has never defaulted on the principal or declared an interest payment moratorium on any of its obligations. Consequently, U.S. Treasury securities are considered and will continue to be the safest financial investment in the world." << The pressure is not the same for Social Security debt and other debt. The pace at which other debt comes due is much more relaxed.>> Where do you get this? As far as i can tell SS will be redeeming its notes from 2016 to 2041. That's 35 years. And as i keep repeating SS only holds 1/6 of the national debt. How will we pay the rest of it back, if this small fraction is a "massive burden?" <<You remain hypnotized by the fiction of the "trust fund".>> And where do you get this? You keep using the phrase, not me. The trust fund you seem obsessed with is a pile of treasury notes. I just think the US should honor its debts as the Treasury has pledged to do. Why does the current administration keep insisting that honoring our debts to SS will be a catastrophe for future retirees? What about the rest of our debt. For whom will honoring it be a catastrophe? Steve