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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (44932)	8/18/2010 3:38:45 PM
From: rich evans	Read Replies (1) \| Respond to of 71588

Tim,, What you say was codified into law under the Unified Budget Act of 1974. I think that when the so called trust fund is exhausted that FICA and regular taxes will have to pay SS. I do not know of any provision in the SS act which provides that payments would not be funded from the general fund. When you think about it, when the FICA collected is insufficient to pay the current SS, then general taxes will be paying regardless either by repaying the SS notes held or paying directly when the SS notes are exhausted. It matters not one whit as you say. Rich

To: TimF who wrote (44932)	8/18/2010 3:52:51 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 71588

Re: " Its a government IOU to itself. Its essentially meaningless." It is a special class of US Treasury Bond. If it is "meaningless" then ALL US Treasury Bonds are "meaningless". (And, just a little personal observation here, I believe that if the day ever comes when the US stops payment on it's debts - we will be far more likely to repudiate foreign-owned debts before we will repudiate debts we own to our self! At least, that has been the practice of other countries, to favor their OWN and stiff the foreigners first. <GGG>)