Comments on: The Awful Truth About the Social Security Trust Fund is Beginning to Emerge

By: klaatu

klaatu — Sat, 11 Sep 2010 04:04:01 +0000

One caveat, however–the “crime of the century” was the demolition of the World Trade Center towers, preparing the U.S. people for the “War on Terrorism”. Stealing 2 1/2 trillion dollars is small potatoes compared to the audacious deception and its subsequent exploitation. And only when the Empire falls will journalists and researchers be free to explore the reality of 911. Kind of like other frauds and deceptions of the twentieth century…Sadly.

By: Deadbeat

Deadbeat — Fri, 10 Sep 2010 20:11:22 +0000

I think the point that disinterested spectator (DS) is making is the correct one. I for a long time thought that there were T-bills in the trust fund. So kudos to Dr. Smith for his investigative work. If those notes were T-bills it would stand a better chance of the government meeting its obligations.

However DS is correct in that we do have the numbers and the non-marketable T-Bills are reality. It is not as if the vault is empty. Also the government can print money just like they are doing now to assist with the financial crisis. In fact the focus on the non-marketable bonds assist with the idea that those notes are “worthless” and conditions the public to accept benefits cuts.

As DS suggests it is up to us to bring value to those bonds by demanding that the government meets its obligation. This is really an issue of political economy not “economics”.

Therefore it is hyperbole to suggest that the Social Security fund has been “stolen”. This is really an issue of class warfare and what should happen is a restoration of the pre-1981-Kemp-Roth tax rates and the elimination of the Salary Cap.

Nothing was “stolen” what happened is that in 1983 the American people got fooled into believing that SS was in trouble and accepted the regressive tax burden shift.

What we need is accurate information and accurate analysis of the problem. Telling people that the bonds are “worthless” doesn’t help.

By: disinterested spectator

disinterested spectator — Fri, 10 Sep 2010 19:52:31 +0000

There are three things at issue: truth, morality, and power. The truth is that the government borrowed the money from the trust fund and issued non-marketable Treasury bonds to represent that debt. Morally speaking, the government is obligated to pay that money back. But what really counts is power. Do we have the power to make the government pay the debt that many politicians are trying to weasel out of? Compared to that question, truth and morality are really minor issues. It is all a question of who is the stronger, the working men and women of this country, or the government. We have the numbers. If we lose this battle, we have only ourselves to blame.

By: bozh

bozh — Fri, 10 Sep 2010 17:59:40 +0000

Am i wrong to say that the congress appears split asunder into dozens of commitees, subcommitees so that some congress people and newcomers to it in particular appear powerless to gain anything for herhis constituents?

And if s’he would raise cackles, s/he’d be told: watch it or else– and brought into line in just few hrs.

Thus, it seems all congressional powers are in the hands of oldhands; tried and true inegalitarians, prowar, deceivers, etc.
And there are always those cheques and balances to smoothen the process for tired, hard working public servanst. tnx