@dilanesper@kdkharma@RiegerReport The problem is that who would buy the bonds with bond yields so low right now. I don’t think they could issue bonds at more than 3% interest and no one‘s going to buy them. The only way out of this is a tax on the ultra wealthy and a massive cut to defence spending.
@tombrowne@RiegerReport The surplus has always been spent. By our government.
From the general fund.
Which is where SS contributions are sent & then spent.
Here, it's worded as "used for non-SS purposes".
@tombrowne@RiegerReport For instance- here they are called non-marketable. They achieve that by making special $0 face value t-bills. Exclusively used for SS.
@tombrowne@RiegerReport If we officially adopted MMT, instead of just functionally; we could eliminate the charade of the $0 face value t-bonds.
But, here we are.
And- to return to a SS surplus would just require we #ScrapTheCap on SS income.
It's around $130k, now. It should be infinity.
@tombrowne@RiegerReport And the surplus we did have in SS did nothing but pay for wars & subsidies & corporate welfare.
Nothing to the citizenry.
@AnnabelleT53@RiegerReport The treasury holds special $0 face value t-bonds.
It is an accounting trick. The 3 trillion or so that is supposed to be there for this moment when the boomers need it most- every penny has been spent.
It is actually part of the 25 (?) trillion deficit.