Social Security trusts, including the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, held $2.86 trillion in Treasurys as of August 2021. The next largest agency was the Military Retirement Fund at $1.03 trillion. Other large holders of debt include the Office of Personnel Management Retirement, Medicare (which includes the Federal Supplementary Medical Insurance Trust Fund), then cash on hand to fund federal government operations.
If you were to add the debt held by Social Security and all the retirement and pension funds, almost half of the U.S. Treasury debt is held in trust for retirement.
Speaking of trust, a default would destroy any credibility the US had remaining and it would never be able to borrow, again, meaning it would have to operate off tax revenue and running a surplus. Can you say, "90%-plus tax rate"?
Alright, I scoffed near the beginning and was just going to move on but this article is just pissing me off.
the United States’ eventual, inevitable default. While it may seem unfathomable, and the results too catastrophic to imagine, in fact the likely damage to everyday Americans would be minimal in the short term and unquestionably a net plus in the long term.
In order to do that they'd have to default on the currency. Cash, any savings, any debt owed, retirements, public utilities, public services etc etc etc would have to be wiped out.
And that's fine if you're $200,000 in unsecured debt living in a condo with rent due next month you can't pay.
But if you have a home, who "owns" it? You or the bank? Who is going pay to who the balance and with what?
Then you have people in their 30's and 40's who have invested in retirements for the past 20-40 years with only 10-20 years left to start over? And those people who have already retired? They have nothing with no chance to make anything.
So how are they going to do it? Well, issue a new currency. And how are they going to pay for that? BY TAXING YOU ALL OVER and probably at a higher rate. Can anyone say hamster wheel?
George H.W. Bush and Bill Clinton both made deals to cut spending and raise taxes. By the time Clinton left office, the country was running a budget surplus and the national debt was projected to be paid off by the end of the decade.
Clinton left office, the country was running a budget surplus
This is a bald faced fucking lie. It's a lie they have spouted for years and years. It's jew trickery of three card monte.
Then you have people in their 30's and 40's who have invested in retirements for the past 20-40 years with only 10-20 years left to start over? And those people who have already retired? They have nothing with no chance to make anything.
Social Security is projected to be able to meet its obligations in full only into the mid 2030's. As if that weren't bad enough, it seems as though they're salivating at the prospect of simply pulling out the rug now, which would leave those older workers and retirees with absolutely no time to prepare, as opposed to the decade or so they have now.
I suppose I shouldn't be surprised after what they did to nursing home residents during Covid.
[ + ] La_Chalupacabra
[ - ] La_Chalupacabra 0 points 2.8 yearsJul 1, 2022 15:30:53 ago (+0/-0)
https://www.thebalance.com/who-owns-the-u-s-national-debt-3306124
https://archive.ph/6kUhz
Speaking of trust, a default would destroy any credibility the US had remaining and it would never be able to borrow, again, meaning it would have to operate off tax revenue and running a surplus.
Can you say, "90%-plus tax rate"?
[ + ] RMGoetbbels
[ - ] RMGoetbbels 0 points 2.8 yearsJul 1, 2022 12:10:49 ago (+0/-0)
In order to do that they'd have to default on the currency. Cash, any savings, any debt owed, retirements, public utilities, public services etc etc etc would have to be wiped out.
And that's fine if you're $200,000 in unsecured debt living in a condo with rent due next month you can't pay.
But if you have a home, who "owns" it? You or the bank? Who is going pay to who the balance and with what?
Then you have people in their 30's and 40's who have invested in retirements for the past 20-40 years with only 10-20 years left to start over? And those people who have already retired? They have nothing with no chance to make anything.
So how are they going to do it? Well, issue a new currency. And how are they going to pay for that? BY TAXING YOU ALL OVER and probably at a higher rate. Can anyone say hamster wheel?
Clinton left office, the country was running a budget surplus
This is a bald faced fucking lie. It's a lie they have spouted for years and years. It's jew trickery of three card monte.
When it is claimed that Clinton paid down the national debt, that is patently false--as can be seen, the national debt went up every single year. What Clinton did do was pay down the public debt--notice that the claimed surplus is relatively close to the decrease in the public debt for those years. But he paid down the public debt by borrowing far more money in the form of intragovernmental holdings -mostly Social Security.
I'm not reading anymore of this shit fucking article and wasting another minute of my life on it. Fuck off.
[ + ] La_Chalupacabra
[ - ] La_Chalupacabra 0 points 2.8 yearsJul 1, 2022 15:38:59 ago (+0/-0)
Social Security is projected to be able to meet its obligations in full only into the mid 2030's.
As if that weren't bad enough, it seems as though they're salivating at the prospect of simply pulling out the rug now, which would leave those older workers and retirees with absolutely no time to prepare, as opposed to the decade or so they have now.
I suppose I shouldn't be surprised after what they did to nursing home residents during Covid.