Wednesday, April 06, 2005
Bush Says that Soc Sec is Just IOUs
Talk about having a set of brass ones... Bush told an audience in W. VA that the Social Security Trust Fund is a work of fiction... Bush said "There is no trust fund-- just IOUs". The HUGE ramifications Bush statement makes: He is saying that the US govt may default on its Treasury obligations. A default on the Treasury notes held by the Soc Sec system would amount to a theft of at least $1.7 trillion (and counting) from all of us middle & working classes who have paid SS taxes w/every freakin paycheck! What about all of the nations who have bought our Treasury notes so Bush could pay for wealthy tax cuts, and his pre-emptively CHOSEN war in Iraq? They will dump our bonds while they are still worth something and make the Great Depression look like a picnic. PLEASE understand how MAJOR this is folks: Our prez told the world that the Treasury notes they bought to allow our prez to rack up his massive deficits, may NOT be paid. Our Treasury securities are backed by FULL FAITH & CREDIT, so by telling the world that we will default, he's saying that it is OK for the entire govt to not pay their bills, but that we consumers must pay our bills off even when forced to declare bankruptcy. Nice, Bush get to reneg on the massive debt HE racked up.