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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (214649)	1/11/2005 2:45:51 PM
From: RetiredNow	Respond to of 1572644

Not true. By 2042, SS will be bankrupt. The definition of bankruptcy is liabilities will exceed assets. Right now, they have a big SS Trust Fund with T-Bill assets in it. By 2042 that will be gone, because outflows will start exceeding inflows in 2018. The reserves that we have today have not been stolen by Congress. What is actually occurring is that the SS Trust fund has cash assets, which they then convert to T-Bills. T-Bills are a promise by the U.S. gov't to pay the holder principal plus interest. So those are real assets covered by the full faith and credit of the gov't. The cash to pay for those T-Bills goes into general use gov't coffers, which they then use to cover deficit spending and other things. So today, the SS Trust Fund has assets and a positive cashflow. Everything is hunky dory. By 2018, they will have negative cashflow, which will start depleting their assets. By 2042, their assets will be gone. It is so incredibly simple to understand.