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U.S. Treasury Bonds and Worthless IOUs
By Alan Lidstone


June 17, 2005

On June 14, 2005, the New York Times reported that "The president drew a laugh when, in arguing that big changes are needed, he spoke disparagingly of "the paper i.o.u.'s in a file cabinet in West Virginia" that make up the $1.7 trillion Social Security trust fund".

This comment always brings a laugh from the audience, whom I guess do not care if the Federal Government deliberately "borrows" taxpayer funds and then tries to avoid repayment by deprecating the nature of the Social Security assets and implying that there is no need to repay borrowed funds.

At least the June 14th quote "...paper IOU's.."that drew laughs has been changed from previous quotes on the line "...worthless IOU's."

Why is it that the President and the White House staff demean paying back funds borrowed from the Social Security Trust Fund, yet praise the Trillions of Dollars of bonds sold to the Administrations's friends, including China?

Apparently, the Administration is willing to pay back China but not the Social Security Trust Fund.

Alan Lidstone
Venice, FL - USA


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