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Originally Posted by wdfifteen
What are the worthless IOUs? What form are they in? What are they officially called?
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They're called intra-governmental debt and are held in the form of T-bills. You know how it works. Congress spends whatever the hell it wants with no regard to actual federal revenue. What non-SS revenues don't cover, they borrow. Some of it called the deficit and the rest is covered by what they "borrow" from SS, but don't call it part of the deficit. Obviously, they're never going to pay back anything that isn't required to meet SS's obligations in a given year. Why would they? The problem comes when SS obligations exceed the trust fund's revenues plus the available surplus funds. We all know that day is coming.