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In reply to the discussion: Social Security heading for insolvency even faster [View all]Igel
(35,274 posts)46. So don't "default."
Just order the SSA to rip them up.
Or issue a check to the SSA for the full amount, and then order SSA to turn the money over to Congress.
Same thing.
All the bonds we're talking about are held by the SSA and only by the SSA, by law. Given that, there are lots of ways of doing the same thing as "defaulting" which have the exact same outcome.
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Obama's "Deficit Commission" (Simpson-Bowles) recommended a $50,000 cut in lifetime benefits
MannyGoldstein
Apr 2012
#27
And wasn't that before Obama cooked up the 2% cut in Social Security taxes?
dflprincess
Apr 2012
#33
So appointing the two biggest foes of Social Security to run a "deficit commision"
MannyGoldstein
Apr 2012
#32
We simply need to raise the cap on SS funding, and eliminate the Reagan tax cuts.
grahamhgreen
Apr 2012
#30