Keeping up with Krugs --
Some previous things we've learned from the esteemed Keynesian / NY Times Columnist:
-terrorists flying planes into buildings is good for the economy;
-people don't like to spend money to buy fun shit and therefore they need to be prodded in order to keep them from saving all of their hard earned dollars;
-congressman are excessively frugal and ill-disposed towards taking chances with taxpayer dollars.
Now we learn that
a file cabinet full of IOUs from a bankrupt borrower is a really really valuable thing.
Quote:
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...Social Security has been running surpluses for the last quarter-century, banking those surpluses in a special account, the so-called trust fund. The program won’t have to turn to Congress for help or cut benefits until or unless the trust fund is exhausted...
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You have to be a Nobel Prize winning Keynesian economist to imagine that money which has long since been spent is patiently waiting to be spent yet again. Anyone under the age of about 62 who is counting on Social Security to fund any meaningful portion of their retirement deserves the cracker and catfood diet which is their future.