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Is anyone else as disturbed as I am when W goes around pushing his blow-the-retirement-fund-on-Wall-Street Social Security plan by claiming that the trust fund doesn't really exist?

I mean, geez, if the Treasury securities in the trust fund amount to "empty IOUs", as he's said, then what does that make T-bills? EE bonds? Cash? The entire US economy is built on the full faith and credit of the government. And he's running around saying that the government can't be counted on to repay its obligations.

Not to mention that if he thinks Treasury notes are funny money, I've got wonder just what improvement he thinks stocks bring to the table.

Is he really telling us that the Treasury is going to collapse soon? Why isn't anyone in the media asking these questions?

Ryan

Franken has been pounding on it lately...

Rspaight wrote:I mean, geez, if the Treasury securities in the trust fund amount to "empty IOUs", as he's said, then what does that make T-bills? EE bonds? Cash? The entire US economy is built on the full faith and credit of the government. And he's running around saying that the government can't be counted on to repay its obligations.

When I hear politicians say stuff like this, I ask myself, "Are they incredibly stupid, or are they simply mendacious?" (I'm thinking the latter). It doesn't take any brains at all to realize that money is an IOU...it says so right on it (Federal Reserve Note). I like Jon Corzine's comment -- "What did Bush expect to find in that filing cabinet? Gold?" In point of fact, the bonds are (in theory) even better than cash, since they pay interest.

Why isn't anyone in the media asking these questions?

That is the $64,000 question. Maybe most of them still think the dollar is backed by gold. And speaking of misconceptions, how many times have we heard the media refer to America as a "democracy"?

I'm glad you posted your comments, because it's disheartening when every single person you talk to doesn't get it and just gives you a blank stare (or patronizes you with a weak agreement). I don't even bother anymore actually.