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You're not going to believe this....
Writing in the April 20 edition of Investors Business Daily, economists James Carter and Pete Davis suggest that the current construction of the federal debt limit “has no basis in economic reality.”
Oh really? What is being proposed here?
What Congress could choose to do is send legislation to the president that actually cuts—not increases, but cuts—the debt limit by several trillion dollars simply by making clear that the limit only applies to publicly held debt. [See editorial cartoons about the budget and deficit.]
Oh that's nice. Read between the lines folks - Social Security and Medicare would be taken off-sheet - that is, their legal status as "not really debt" would be turned into reality from a debt perspective.
There's nothing like admitting in public and advocating for what I've said for the last four years in this column: Social Security and Medicare are not debts to from a standpoint of the government and you have no right to one thin dime of that alleged benefit.
Now you're seeing actual proposals to formalize that legal reality into actual policy in the form of cooking the books of the Federal Government.
First Ben Bernanke steals all the retirees income with his ZIRP policies, then the government ratifies in formal policy what has been the case in the law for 30 years - they steal all the Social Security and Medicare funds by declaring them not debt.
This, incidentally, is exactly what Greece did - they hid the costs of retiree programs through outright fraudulent edifices in their accounting, claimed to be running deficits that were in line with EU requirements, and when the truth showed up they detonated.
Oh, and that hasn't been fixed either, despite the bleating out of Europe. Have you looked at Greece's 2yr borrowing rate lately?
Welcome to Greece and outright budgetary fraud - here, in the United States.
Originally posted by thisguyrighthere
Isnt that where Clinton's "surplus" came from?
Fancy bookkeeping and pushing around SS?
Not that it matters. SS is just an excuse to horde stolen property into a general fund to be wasted at will.