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Reply #46: There is one large failure in his arguments [View All]

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ThomWV Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-02-10 01:36 PM
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46. There is one large failure in his arguments
He makes several arguments, and they are well stated, however, one of them fails. It is the argument that Social Security is strictly a transfer not involving any actual new Government spending. In fact the Agencies "borrow" from the "Social Security trust fund" and then spend that money so it is not just a transfer with no net effect on GDP. In fact every "borrowed" dime is, according to his later argument, the result of spending by the Government that has already taken place and which then drives the demand for US bonds. He should account for this in his argument and he does not. Its not the biggest thing in the world, but its far from the smallest.
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