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August 25, 2005
Ostrich Awards
For, "Commentators and politicians who insist that Social Security doesn't face a crisis. These are the folks who persist in telling us all is fine because the Social Security trust fund will have enough bonds to pay benefits until 2042, but never tell us that when the bonds in the trust fund are redeemed the taxpayers must pay for them."
Posted by Chris Schrimpf at August 25, 2005 05:09 PM
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Comments
If there are any politicians (Democrats and Republicans) out there who won't talk about how the bonds will be redeemed, they oughtta be ashamed of themselves. But of course they know there's no money in the so-called "trust" because successive Congresses have spent all the built-up surpluses. That's why there are bonds, not cash, in the first place!
It's only natural that the taxpayers have to pony up the amount. But that's how bonds issued now are paid for, too. So what's the differerence, in practice, between paying back the IOU's run up by a deficit-happy Republican majority or bonds held in the Social Security Trust Fund?
Isn't it Bush who speculated that the government might possibly default on the bonds in the Trust. Trust Bush to say something so idiotic. If the Chinese, who hold hundreds of billions of our bonds, took him seriously, the dollar would collapse. It's a good thing so few people take Bush seriously.
But why are you so engaged in scare tactics when you purport to be enaged in "honest, non-partisan debate"? Ideology above all else, eh?
Posted by: Josh Gruber at August 25, 2005 07:41 PM
Define Scare Tactics
Posted by: Adam Cahn at August 26, 2005 01:39 AM