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Response to allenwsmithphd (Reply #138)

Wed Apr 25, 2012, 03:10 PM

148. Err... the whole point of this was that it's easier to borrow

Either the government will have to take money from the general budget to supplement the inadequate payroll tax revenue, or it will have to cut benefits.

*bang head on desk*

No.

Those two options are not exhaustive of the possibilities. Congress can also borrow money to redeem the bonds held by the Trust Fund... and do so without increasing the overall debt, since it will be a dollar-for-dollar issuance for retirement of bonds (and in fact, currently the cost of borrowing is negative, so Treasury would make money out of that deal).

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