>Again, for the benefit of others, since this commenter has an agenda and won't be convinced - commenter also can't answer the question about how he can actually get money out of his own savings account. That account is empty and is quite literally only made of IOUs from the bank it is held at.
These are two completely separate concepts, but if you insist on equating them, here we go:
Imagine you borrowed money to a business. That business then spent the money and gave you an IOU.
How is the business going to repay you when you want to withdraw? Like I said in my original comment, it will have to:
A) Raise their prices.
B) Cut spending (like employee benefits).
C) Borrow from somewhere else.
So much nonsense here in the rest of you comment. I think the best part is where you claim I have an agenda because I'm being factual, but you keep trying to shift the topic into taxing the rich.
The nonsense is that your comparison again has no relevance to the social security trust fund. Your scenario is based on the assumption that "the business spent the money" and "gave you an IOU". When the fact is that the government did not "spend the trust fund", and there is no such thing as a social security IOU.
As far as the general fund being in deficit, how they resolve that has nothing to do with social security, which has a healthy trust fund to draw upon until 2034, after which benefits will automatically shrink until payroll contributions are enough to fund the trust fund again.
If on the very small chance you are not in favor of cutting social security in any sense, know that the argument that there "is no trust fund" and "it's just IOUs" is a right-wing argument, a right-wing frame, that is typically only advanced to justify cutting social security in some way. If you are not in favor of cutting social security, find different language. If you are, then be intellectually honest about your views that government has no role in doing what social security does, rather than engaging in myths about non-existence of trust funds.
These are two completely separate concepts, but if you insist on equating them, here we go:
Imagine you borrowed money to a business. That business then spent the money and gave you an IOU.
How is the business going to repay you when you want to withdraw? Like I said in my original comment, it will have to:
A) Raise their prices.
B) Cut spending (like employee benefits).
C) Borrow from somewhere else.
So much nonsense here in the rest of you comment. I think the best part is where you claim I have an agenda because I'm being factual, but you keep trying to shift the topic into taxing the rich.