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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Mary Cluney who wrote (144257)	9/16/2010 11:50:39 AM
From: 8bits	Read Replies (2) \| Respond to of 540956

It is of course not in cash. When are these things ever transacted in cash. It is a paper entry. Yes I know the difference between a paper (or a digital entry ..) and cash. In this case, however, it's a debt that the Federal government owes, the same as it owes to the Chinese, Japanese, etc. At some point the money must be produced to pay that debt. Who's to say that the US won't be forced into some sort of default or into an effective default by just printing money..? The point is ths, there are people that are trying to do away with social security.. No.. Bluestocking was asserting that the system as it is structured is not sustainable. I don't think he was suggesting doing away with social security but wanted to adjust the age of retirement. Given that we are now running a deficit with Social Security 7 years ahead of schedule with 3 workers supporting every retiree how do you think things will look in 15 years with 2 workers supporting every retiree..? The numbers just don't look sustainable as they are now. We'll either have to have marked increases in both Social Security taxes and Medicare taxes, an increase in the retirement age, or a reduction in benefits, or possibly a combination of all three.