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Economy

JDPriestly

(57,936 posts)

9. I posted this in response to someone else.

Reply to Tansy_Gold (Reply #3)

Fri Jan 6, 2012, 03:43 PM

Jan 2012

If you pay payroll or Social Security taxes, then some of the debt is owed to you.

The Social Security Trust Fund is loaned to the government. The Sec. of the Treasury is responsible for safeguarding it.

The Republicans spent a lot of money on war and tax cuts for the rich and do not want to have to pay the money back to the Social Security Trust Fund (or other creditors). That is why Republicans are at the same time so down on Social Security and the national debt.

Our Constitution grants to the Congress the authority to issue our money. The Fed is in that respect just an agent of the Congress. The US dollar was not created by God on the 8th day. It is created by our government.

Currencies come and go. Trade and business stay.

Don't worry about repaying the debt so much. Worry about how you will survive when you can no longer work if Wall Street grabs your personal savings and the Republicans destroy your Social Security.

The whole national debt hysteria is just a red herring.

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Debt Is (Mostly) Money We Owe to Ourselves [View all] phantom power Dec 2011 OP

Well, correct me if I'm wrong, but Tansy_Gold Dec 2011 #1

I own not one dime of government securities, which is how we finance the national debt. mbperrin Dec 2011 #2

Well, that's pretty much what I meant Tansy_Gold Dec 2011 #3

You've said it well, and flawlessly. mbperrin Dec 2011 #4

The Federal Government does not have to obtain money (American dollars) from any one. Sam1 Jan 2012 #6

Please cite the economist and formula that shows that government debt creates savings in the private mbperrin Jan 2012 #10

You have a degree in economics and have never heard (or studied) the chartalist perspective? jtuck004 Jan 2012 #18

I see now. It's the rather old fashioned notion that money is meant to be a store of value. mbperrin Jan 2012 #19

Yep, goods and services much more modern. Better go round up some goats jtuck004 Jan 2012 #20

Didn't read a word, did you? The money is a CLAIM for goods and services. mbperrin Jan 2012 #21

What really has value is human potential, not goods and services, and not jtuck004 Jan 2012 #22

I posted this in response to someone else. JDPriestly Jan 2012 #9

This is a little different because Tansy_Gold Jan 2012 #12

Money from the Social Security Trust Fund which was created because JDPriestly Jan 2012 #14

Exactly. And furthermore, Tansy_Gold Jan 2012 #15

So, if you can afford it, invest for yourself also. JDPriestly Jan 2012 #16

If you have paid your payroll taxes -- your Social Security taxes -- your old-aged JDPriestly Jan 2012 #8

I pay the Teacher Retirement System of Texas. mbperrin Jan 2012 #11

Repudiate the national debt and let the chips fall where they may. Or Blue Hen Buckeye Jan 2012 #5

I wonder what portion of the debt is owed to the Social Security Trust Fund. JDPriestly Jan 2012 #7

About 27-30% from memory dmallind Jan 2012 #13

SSA Trust fund = $2.6 trillion - total debt now over $15 trillion banned from Kos Jan 2012 #17