[ExI] Usages of the term libertarianism

[BillK]

On Tue, Jun 14, 2011 at 11:50 PM, Damien Sullivan wrote:
> Running on empty?  US Social Security could pay 75% of benefits
> indefinitely, and small tax increases would maintain the usual benefits.
>


Yes, that is the official POV from government.

But outside observers say 'Pay? What with?'.

There is no Social Security fund invested for the future. The money is
given to the government in return for non-marketable long-term IOU's.
Note that term 'non-marketable'. It means that the government is
totally responsible for repaying the interest and the capital. So
Social Security and Medicare become like the Iraq and Afghanistan wars
- unfunded expenditure - which is solved by printing more dollars.

The US is running a huge deficit economy. At some time that will stop,
perhaps sooner than many people expect. *How* it will stop is a good
disaster scenario speculation. But if I was young, I would be a bit
concerned.


BillK