Daniel Patrick Moynihan said:
> When the Trust Fund tries to redeem its bonds starting in 2016, where
> will the Treasury get the money? The Clinton administration's 2000
> budget summed up the problem perfectly:
>
> "Balances are available to finance future benefit payments and other
> trust fund expenditures -- but only in a bookkeeping sense. . . . They
> do not consist of real economic assets that can be drawn down in the
> future to fund benefits. Instead, they are claims on the Treasury
> that, when redeemed, will have to be financed by raising taxes,
> borrowing from the public, or reducing benefits or other expenditures.
> The existence of large trust fund balances, therefore, does not, by
> itself, have any impact on the Government's ability to pay benefits."
What? You meaning "putting money in the trust fund" has all been one enormous fraud? That's it's been used to milk extra taxes out of working people in order to pay for huge tax cuts for the rich, once under Reagan and now again under Bush? Without doing *one goddam thing* to save Social Security? What pompous ranting fraud ever convinced the American public this was a good idea? Was it . . Daniel Patrick Moynihan? And was it because it because he was a complete ignoranums or a lying sack of shit?
That last one was a serious question that I still wonder about. Just once I'd like to hear this over-rated bloated whore say mea culpa instead of pontificating like it was everyone else who didn't understand.
And boy, doesn't he seem like the perfect guy to put in charge to fix it this time. I guess he is in the eys of those who think of the first time as a success.
Michael
__________________________________________________________________________ Michael Pollak................New York City..............mpollak at panix.com