US bonds are the safest investment in the world. Of course they are based on US tax revenue. I don't see your point. The bonds are not worthless.
What post #30 said...but let me also offer an analogy.
Suppose you have $1,000 and you put it in a "lock box".
Then suppose you take $100 out and put an IOU to yourself for $100.
Question: How much money do you have?
That's exactly what these bonds are. The government has slipped a piece of paper (bonds) into an accounting ledger and spent the "real money". They have promised to redeem their own debt with their own IOU.
Question #2: How do you think they will do that?
Sorry, but that is just not a good analysis. The reason for the government borrowing from the trust fund is to give the trust fund interest income, not to just steal it. It was designed that way.
Without this mechanism, the trust fund would lose value every year. In a way you are right though. It really just amounts to bookkeeping
Check out the link at post 44.
Just wait until the Federals make all distributions from private retirement accounts (IRAs, 401(k), and so forth) subject to tax. After all, it's for the common good, right? /sarc