Soft privatization

John K. Taber jktaber at
Fri Jul 31 14:56:21 PDT 1998

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

Are you serious, "what trust fund"? It's about 63x billion (637 billion is in my mind, but I don't remember the exact figure) right now.

Do you mean that SSA does not have 63x billion in dollar bills stuffed in its mattress?

I happen to own treasuries, just like SSA does, except that SSA's are better than mine. Just like the SSA I don't have x dollars in my mattress. Instead I have a valuable asset. So does the SSA.

Sheesh! Doug, set him straight.

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