Cash in those Treasury Bonds!
President Bush today...
Some in our country think that Social Security is a trust fund -- in other words, there's a pile of money being accumulated. That's just simply not true. The money -- payroll taxes going into the Social Security are spent. They're spent on benefits and they're spent on government programs. There is no trust. We're on the ultimate pay-as-you-go system -- what goes in comes out.
Cash em in folks, and the dollar convert em to euros. The dollar is about to be worth as much as the Vice Presidency, prior to Cheney of course, a warm bucket of spit! The President seems intent on defaulting on our debts. If all that surplus we have, by law, invested in Treasury Bonds over the years is defaulted on, others who have invested in our debt buying Treasury Bonds are going to start jumping off America like the Titanic. Hell, a wise investor realizing that W intends to default on the debt the country has to its own citizens, might start running scared very soon.
Now as to the constitutionality of all of this; let's just point out that it is probably unconstitutional.
Amendement 14 Section 4
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Of course why should a little thing like the Constitution stop him, it didn't keep him from getting handed the Presidency the first time. He has been able to have two Attorney General's now who wouldn't know the Constitution if it slapped them in the face, and it just must be one of life's minor annoyances as far as he is concerned.
Some in our country think that Social Security is a trust fund -- in other words, there's a pile of money being accumulated. That's just simply not true. The money -- payroll taxes going into the Social Security are spent. They're spent on benefits and they're spent on government programs. There is no trust. We're on the ultimate pay-as-you-go system -- what goes in comes out.
Cash em in folks, and the dollar convert em to euros. The dollar is about to be worth as much as the Vice Presidency, prior to Cheney of course, a warm bucket of spit! The President seems intent on defaulting on our debts. If all that surplus we have, by law, invested in Treasury Bonds over the years is defaulted on, others who have invested in our debt buying Treasury Bonds are going to start jumping off America like the Titanic. Hell, a wise investor realizing that W intends to default on the debt the country has to its own citizens, might start running scared very soon.
Now as to the constitutionality of all of this; let's just point out that it is probably unconstitutional.
Amendement 14 Section 4
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Of course why should a little thing like the Constitution stop him, it didn't keep him from getting handed the Presidency the first time. He has been able to have two Attorney General's now who wouldn't know the Constitution if it slapped them in the face, and it just must be one of life's minor annoyances as far as he is concerned.
posted by Rugo at 7:09 PM
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