Wednesday, April 06, 2005
Pelosi states:
This is the first time that a President of the United States has declared that we, the United States Government, will not put the full faith and credit of the federal government behind the Social Security trust fund. What this President is saying is, we have two kinds of debt. Let's see how we get the debt first. It is in deficit spending, so we have to go borrow in order to keep the government going.

So where does he borrow? He borrows from the Chinese. He borrows from the Japanese. He borrows from the trust fund. And what he is saying now to the American worker: "We will honor our debt to the Chinese and the Japanese, but we are treating you differently. We are not honoring our debt to you." These are funds that workers and their employers put in the account to have a trust fund to cover any shortfall that would be there to cover their retirement benefits. And this President is openly declaring that he has no intention of paying the trust fund back what he has taken from it.

First, I am pretty sure Bush never said that. Second, even if he did - he couldn't do anything about it. He will have been out of office for a decade by the time the decision needs to be made as to whether we pay back funds to the trust fund or not. Also, there is a bit of robbing Peter to pay Paul here that Pelosi doesn't understand or simply decides not to discuss. Who is the "we" paying back funds to "the American worker," it is the American worker.

What a pretty circle.
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I am an attorney in Chicago. Politically speaking, I am an indepedent that tends to lean conservative on fiscal issues and progressive on social issues. I try to remain as unbiased and open-minded as possible. Please email or post any comments, and especially criticisms. If something I say is wrong, or you disagree - let me know about it!



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