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 | | From: | Marinus van der Lubbe | | Subject: | Re: Bush's "Piratization" of Social Security | | Date: | Fri, 21 Jan 2005 14:37:49 -0500 |
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 | Alan Lichtenstein wrote:
> Chuck Feney wrote:
>
>> On Wed, 12 Jan 2005, Werner Hetzner wrote:
>>
>> >There is no money in the Trust fund.
>>
>> Typical Bushite, lying by telling the literal truth.
>>
>> Of course there is no "money."
>> The surplus is not in cash, but in special-issue Treasury bonds.
>
> Regardless, The Government will make good on those bonds and Social
> Security will pay full benefits until 2042.
>
I will agree with Hetzner on this, even if he is some sort of bizarre
libertarian, that those T-Bonds are not savings. They have been spent. We
will have to buy them back in the future plus pay interest along way.
Pay-as-you is the solution they are switching to in the UK and Chile who
both tried out the investment accounts path to its final desolation.
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