Msg. 57532 of 65535 (This msg. is a reply to
57531 by
oldCADuser)
Jump:
OCU> I think you will find that the Social Security Administration is required by federal law to invest any annual SURPLUS into the so-called 'trust fund', which consist of Treasury Notes.
And,
if the government defaults on those Treasury Notes?
If China stops buying our paper, what happens?
If the Saudi's (and the rest of OPEC) decide to
barter oil in something other than dollars . . .
what happens?
We have a government which is seriously addicted to
debt . . . you think the rest of the world can't see it?
I think you will find that the Social Security Administration is required by federal law to invest any annual SURPLUS into the so-called 'trust fund', which consist of Treasury Notes. As of the end of 2011, the Social Security 'trust fund' contained $2.7 trillion and was drawing 4.4% annual interest. This amount is expected to cover all projected benefit obligations thru 2033, at which point it actually would have to start paying out current benefits from current tax receipts. Until then there will be a surplus in the 'trust fund'. In other words, for at least the next 20 years, there is no way in hell that you could describe Social Security as a 'Ponzi' scheme.
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