On Jun 22, 2010, at 7:13 PM, Michael Pollak wrote:
> Alternatively, you can look at Social Security on its own. And as a
> practical matter, this has considerable significance too; as long as
> Social Security still has funds in its trust fund, it doesn't need
> new legislation to keep paying promised benefits.
What's it going to do with the useless T-bonds it owns? They can't be sold to the public - they're legally nonmarketable. Cash them in at the Treasury? What will the Treasury use to pay them off? Once you have a fat chair at Princeton and a column in the NYT you don't have to answer such pesky questions?
Doug