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View Diary: Giving a Right Winger Pause (56 comments)

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  •  No, the trust fund was not "raided"; because that (4+ / 0-)

    implies that the fund is held in some sort of account to be saved, that was then drawn from for purposes of spending.

    The Trust Fund exists only in treasury notes. All proceeds from treasury notes sold in a given year are spent, to be repaid from future revenues. There is nothing special or nefarious about what happened to the trust fund.

    There is no, and never was any, possibility of a true savings account that could get raided - because governments that create currency by fiat can not "save" in the way a household does.

    The "raiding" is the attempts to cut SS benefits so that said trust fund need not be drawn down. The raid hasn't happened yet, but part of the propaganda campaign to facilitate it is the meme - shared by right and left alike - that the trust fund is "raided", "spent", and gone.

    Non enim propter gloriam, diuicias aut honores pugnamus set propter libertatem solummodo quam Nemo bonus nisi simul cum vita amittit. -Declaration of Arbroath

    by Robobagpiper on Wed Nov 21, 2012 at 09:20:31 AM PST

    [ Parent ]

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