Soft privatization

Tom Lehman uswa12 at
Fri Jul 31 08:04:35 PDT 1998

Dear Jordan, What we are talking about is a macro-economic" tool" called the social security trust fund. This tool can be used or misused by our democratically elected government. According to congressional testimony the bonds held by the trust fund are currently paying on average a little over 7% interest. I have been trying to obtain copies of this testimony.

I think it would be a real mistake to take this macro-economic tool out of the hands of the government and place it in private hands. Doug is probably thinking of the military Keynesian misuse of this trust to finance foreign adventures and the military industrial complex. Sincerely, Tom

Jordan Hayes wrote:

> Seth Ackerman wrote:
> > I can accept that there might be undesirable consequences
> > from pouring billions into the stock market, and that ...
> what i can't understand is why people think there's some
> pile of money out there that's presently _not_ being invested
> somewhere. i mean, they call it a 'trust fund' but it isn't
> really in any sense an actual fund, right? fica payments go into
> the treasury and the treasury makes payments to current recipients.
> what trust fund?
> /jordan

More information about the lbo-talk mailing list