“And Grandma can sleep well, knowing that foreign bondholders are first in line during our bankruptcy reorg, and getting her check is dependent on borrowing money overseas from those same bondholders.”
The most simple explanation I have seen, and ended on the most succinct summation of the predicament. Spot on.
Well, it’s not like we (public/society) weren’t warned, and it’s absurd at this point for the public not to hold politicians responsible - they are masters at blowing smoke but they can’t wriggle out of THIS mess.
Who wants to explain (gently) to Grandma, that while the “trust fund” monies are counted as debt, there is no legal requirement that they be paid out? That’s right boys and girls - your foreign lenders are first in line.
Of course, so were GM bondholders, and we saw how _that_ turned out.
But this “feature” of the social security program has been known for a long time - and so at least we get to see the pols squirm and try and explain how and why they spent the monies ostensibly set aside for the most vulnerable, so that they don’t starve or be set out in the streets.
The BS meter is pegged with all the rhetoric out of Washington, good luck with that guys.