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Author: jjmiami Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75379  
Subject: Re: Social Security Date: 5/23/2000 1:13 AM
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crusing is right. When the Social Security fund goes bankrupt, the U.S.Govt will be bankrupt. When the SSA was first created, any funds collected by the Govt were supposed to be kept separate and not used for any other purpose. But along the way, the legislators just couldn't keep their hands off this burgeoning fund and they said, "we'll just borrow from the SSA fund and put IOU's in their account." In the meantime there has always been the General Treasury account which was supposed to be used to pay for all other Federal Govt expenditures; but the legislators wanted to spend more, like people do when they buy things on time, like on credit cards. So, some day the General Treasury account will have to cough up the money for the IOU's that are sitting in the Social Security fund. If they have to sell bonds or Treasury notes to do it, they will. If they can't find buyers, then we'll all be standing in soup lines.
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