Tuesday, March 22, 2005

Deficits Treasury Notes Don't Matter

Treasury Notes are just "pieces of paper"?

Now, you probably think -- some of you may think there's what they call a Social Security trust: the government collects the money for you, we hold it for you, and when you retire, we pay it to you. But that's not how it works. You pay your payroll tax; we pay for the people who have retired, and if there's any money left over, we spend it on government. That's how it works. And what's left is an empty IOU, a piece of paper. Because it's a pay-as-you-go system, when more retirees start retiring, who are living longer, getting paid more, more money starts going out than coming in.

So, I'm calling my bank today, and telling them that I have no more money. Sorry guys, I can't pay you any more, thanks for the loan anyway.

Think that will go over well? No?

Think our "C-" Yalie Preznit ever studied the constitution in school?

XIV. Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.............

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