Wednesday, June 15, 2005

Bush Jokes about the Full Faith and Credit of the United States

TPM points out this nugget in the NYT story on Bush's visit to Pennsylvania yesterday:
The president drew a laugh when, in arguing that big changes are needed, he spoke disparagingly of "the paper i.o.u.'s in a file cabinet in West Virginia" that make up the $1.7 trillion Social Security trust fund. He did not point out those i.o.u.'s are Treasury securities backed by the full faith and credit of the United States, and that the government has never defaulted on its obligations.
Two months ago, Bush made the same point while standing in front of the building that holds the Treasury obligations that provide the assets for SS. Perhaps he slept through class the day the finance professor told students to never talk down your own securities.

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