Wednesday, March 26, 2008

A Pile of IOU's

Yesterday I expressed concerns about Social Security's solvency. Merjet commented:
The only "asset" the fund holds is federal government debt, mainly U.S. Treasury bonds or notes. They can only be redeemed from future tax revenues or by replacing them with newer Treasury bonds or notes.
I thought my money was safely locked.
Please don't tell me my funds have been hocked!

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