"In a govt shutdown, Social Security checks still go out on time... If we don't raise the debt ceiing they don't..."
Thursday, October 3, 2013
The President Just Blew Up the Myth That the Social Security Administration Has Money To Make SS Payments
Part of the money needs to be borrowed by the Treasury to make total payments. That is the meaning of the President Obama when he said during a speech at the M. Luis Construction Company in Rockville, Md., earlier today:
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While we are focusing on fear, worry, or hate, it is not possible for us to be experiencing happiness, enthusiasm or love. Bo Bennett
ReplyDeleteThanks, Victor. That is a good point. Don't worry, be happy!
DeleteThey have assets to make the payment. The assets are govt bonds. They don't have a pile of cash.
ReplyDeletePlease explain for us how a bond would be considered an asset rather than a liability?
DeleteExactly. They don't have piles of cash, they have mountains of debt obligations. But even these are insufficient to pay their bills, so they have to build more mountains of debt.
Deletethey have a huge pile of iou's, thats all they have
DeleteJerry Wolfgang as Lloyd Christmas: "That's as good as money, Sir. Those are IOU's. Go ahead and add it up. Every cent's accounted for. Look. See this? That's a car. $275 thou. Might want to hang on to that one."
DeleteDumb and Dumber is a great way to describe Jerrys economic thinking.
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