Friday, February 11, 2005

new IOU's to fix "worthless IOU's"??????

huh????? the bonds with reagan's picture on them are no good but the one with smirks are???what the hell.....?????? incompetence is the nicest thing i can say about these thugs. wake up America, they're stealin' !!!!

The government itself must be on the verge of collapse.
Bush Talks Trash About U.S. Bonds
by Joe Conason
........For at least five years, George W. Bush has been muttering about his determination to "reform" Social Security, but he may never get around to articulating a specific plan until the question is moot. The sketchy notions floated by the White House sound so unappealing that even legislators of the President’s own party are backing away from his campaign against the nation’s great social-insurance system.
In this instance, the bogus threat conjured by Mr. Bush and his conservative supporters is the U.S. government’s abandonment of its commitment to generations of workers who paid taxes into the Social Security system. They tell us that the system is going bankrupt, that the system is "flat broke"—by which they mean that the bonds held by the Social Security trust fund are worthless. The catch phrase they use is "worthless I.O.U.’s."
..............This scare-the-rubes rhetoric is what makes the President’s Social Security scheme so darkly comical. He is talking down the same bonds that would have to be marketed to pay for his plan’s transition costs. So while he warns us that those old bonds held by the trust fund are worthless, he is simultaneously proposing to sell trillions of dollars more in new bonds to finance his privatization plan.
........The Democrats standing united to protect Social Security should demand forthright answers, and they should enunciate their own response loudly: There is no reason, and no chance, that we will default on our obligations.

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