tag:blogger.com,1999:blog-11210638.post3143573893098230391..comments2009-03-27T09:05:24.210-04:00Tom Noyeshttp://www.blogger.com/profile/05304960210838414244noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-11210638.post-66889873666437019642008-01-28T23:48:00.000-05:002008-01-28T23:48:00.000-05:00Wait a minute. The article says it was published 1-25-1996!<BR/><BR/>I don't think Clinton is still President. I am fairly sure that Newt is not Speaker of the House anymore.<BR/><BR/>Forgive me for not catching this the first time.Dorightnoreply@blogger.comtag:blogger.com,1999:blog-11210638.post-11171348058367085842008-01-28T23:25:00.000-05:002008-01-28T23:25:00.000-05:00Of course the USG will pay off its debts...with paper dollars, also known as Federal Reserve Notes.<BR/><BR/>Coca-Cola in 1975= 10 cents; Coca-Cola in 2008= $1<BR/><BR/>Further, the statement that the US has not defaulted in "more than two centuries" is not really true. See<BR/>Perry v. United States, 294 U.S.330 (1935), when the default on T-Bonds was upheld by the Supremes.Dorightnoreply@blogger.comtag:blogger.com,1999:blog-11210638.post-68066585159403943282008-01-15T05:09:00.000-05:002008-01-15T05:09:00.000-05:00We all knew, that if ever our debt rating were to decrease, it would be during the time the Republicans were in charge of steering the ship of state.<BR/><BR/>Their economic plan is just stupid.kavipshttp://kavips.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-11210638.post-72210073237582556612008-01-11T11:49:00.000-05:002008-01-11T11:49:00.000-05:00Great post, wonk. Too bad it is so freaking depressing.Nancy Willinghttp://www.blogger.com/profile/05874107554093904872noreply@blogger.comtag:blogger.com,1999:blog-11210638.post-26608040890773048302008-01-11T10:56:00.000-05:002008-01-11T10:56:00.000-05:00Our government pays its debts, whether that debt is held by foreign investors or by Social Security on our behalf. The i.o.u.'s are useless if the federal government is unable to make good on them, which hasn't happened in more than two centuries.TommyWonkhttp://www.blogger.com/profile/05304960210838414244noreply@blogger.comtag:blogger.com,1999:blog-11210638.post-70784883092669943222008-01-11T10:49:00.000-05:002008-01-11T10:49:00.000-05:00I don't think that laughing over the Social Security trust fund's IOUs is entirely talking down US securities. The problem is that future social security obligations will be the obligation of the US tax payer, and the "paper i.o.u.'s" will be the obligation of the US tax payer, so the i.o.u.'s are useless as a surplus to pay future social security obligations.Anonymousnoreply@blogger.com