Bush,, Nichols, Snow : destroy US economy to end social security

[caligirl]

Nichols :"It was a bit shocking to hear Rob Nichols, assistant secretary for public affairs at the Treasury Department, actually say out loud that U.S. government bonds in the trust fund are just worthless IOUs, causing an uproar from the audience. (This guy works for the Treasury Department!?) He also was emphatic that there would be exactly zero transition costs for establishing private accounts. "After all, it is simply like pre-paying your mortgage." He said this prepayment would require only $700 billion for the first 10 years, and to shouts of what about the second 10 years, claimed that they hadn't run the numbers. The audience wasn't buying it judging from the catcalls. Finally, Sally Canfield, assistant to Denny Hastert, tried to throw out the line about how each year we delay costs another $690 billion, until brought to a screeching halt by a cry of "Liar" from someone in the crowd."http://www.talkingpointsmemo.com/


If Nichols/Snow/Bush see US Bonds as worthless IOU's, how will Bush borrow to pay back the deficit he has run up?

Are those bonds the same worthless IOU's the Treasury Dept holds?

Are the debt bonds worthless too?

If one government bond is worthless, aren't they all worthless?

IOU's only work if you know your going to get your money back.

[Selteri]

1. I think it's that

Bush is worthless


the rest is just a reflection.

[gordianot]

2. Utterly amazing. They tell so many lies it is difficult to discern when

.....they may actually tell the truth.

[FormerDittoHead]

3. ...end SS and force a (regressive) national sales tax as well... n/t

[indepat]

4. Neocons, IMHO, have no intent of ever paying back those nonnegotionable

IOUs held in the Social Security trust fund after having funded a multi-trillion dollar tax cut to be funded in large part by a raid on the lockbox. It's very simple, those who have paid payroll taxes on but little of their income get most of the tax cuts funded by reneging on those IOUs. That's what all this hullabaloo is all about.

[LiberalEsto]

5. Great, just great

How the #$%@ is my daughter going to afford grad school without the help of the savings bonds her godmother gave her as a child?


These people must be criminally insane!