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The Social security funds WOULD be "untouchable" IF congress adhered to the 1991 Budget Enforcement Act which provides an essential lockbox - keeping SS monies apart from general revenues. What's happening now is a special clique (mainly under the aegis of Peter J. Peterson) is exploiting this as an excuse to try to cut benefits, privatize the program or both. We cannot let them do this, no matter how much squalllering they emit.
Another thing, those T-bonds banked at WVa are as real as any other bond. Don't let them fool you! They are not just
worthless "IOUs". As my Swiss friend in Zurich put it: "If the U.S. government refuses to honor those bonds, no matter they claim they're "different" from bonds to outside creditors, then foreign creditors will regard ALL bonds as worthless and call in all markers . You won't like it!"
There is no such finance critter as a "non-redeemable" bond. (There are non-negotiable bonds, but that doesn't mean the same thing).
Once a bond is issued, it has to be redeemed at some future date, in order for the bond issuer to sustain credibility - particularly in the financial markets, and especially with overseas holders of its other bonds!
If SS bonds were truly "non-redeemable" then its issuer (U.S. Gov't) would have to be insolvent. That means all its other bond issues, say to foreign investors, would have to be "non-redeemable" too. If that were true, the implications would be horrendous.
Read also Micheal Hiltzik's 'The Plot to Kill Social Security' including all the ruses the scaremongers have used and plan to use - including the one that "there aren't enough workers to support it." And the choice one: "The Boomers wil bankrupt Social Security" (Point of fact, this is impossible, since only an entity which has creditors can go bankrupt. By which I meant INTERNAL, national...American...creditors. There are NONE! There may be Chinese creditors (holding T-bonds), but every area of the U.S. gov't has those, including the Pentagon which should be cut before SS- since for so many yrs. Presidents from Reagan to Bush have raided SS monies to pay for defense- in order to dissguise budget deficits)
People need to be informed then they can respond. Also, join the National Committee to Preserve Social Security & Medicare.
Thank you so much for the information and resources you provided. Thank God for your knowledge.