Several readers mentioned this: Social Security to start cashing Uncle Sam’s IOUs. This does not bode well. The most telling statement is in the sixth paragraph. In summary, we’ll be borrowing from foreigners to pay our Social Security benefits. This article certainly makes it clear that Al Gore’s “Lock Box” rhetoric during a presidential campaign a few years back was absolute nonsense. Congress has been busily spending your Social Security “contributions”, for many years. Here is a quote from the article: “In all, the agency has about $2.5 trillion in bonds, all backed by the full faith and credit of the U.S. government.” Doesn’t that give you a warm, fuzzy feeling? L’empereur est sans culottes.
GG sent this: Ratings agency warns on US public finances. L’empereur est sans culottes.
Reader H.J. sent this: Another Record Month of Red Ink: Government Racked Up Record Monthly Deficit of $220 Billion in February. L’empereur est sans culottes.
Frank. L. flagged this: Is There Gold in Fort Knox? L’empereur est sans culottes.
From Darryl Robert Schoon: Will the US Devalue the Dollar? L’empereur est sans culottes.
Items from The Economatrix:
Stocks Fall On Concern About US Credit Rating
Industrial Production Rises 0.1% in February
Oil Falls Near $79 On US Crude Demand Worries