What Republicans do

[David Horn]

(05-26-2017, 02:58 PM)Galen Wrote: As I have explained in the past the Social Security Trust Fund consists of non-negotiable Treasury bonds which are now called "special issues" treasury debt.  In other words the trust fund is one big IOU and the money has already been spent.  This is just one aspect of what Gary North calls the Great Default which means the promises will not be kept.

The SS Trust Fund is actually an accounting tool that tracks the advanced payments made by future retirees, but it still carries the full faith and credit of all US debt.  The only way that changes: the GOP fiscal zealots manage to stop an increase in the debt ceiling.  Otherwise, no.

Remember, we've carried a lot higher debt relative to the size of our economy in the past, but was temporary.  Note:  all the debt from WWII is still on the books.