A simple question that should be asked of Scott McClellan tomorrow and the president whenever the next opportunity arises …
The Social Security Trust Fund now has accumulated roughly $1.8 trillion worth of US Treasury bonds. That total debt of the United States government is, if memory serves, just over $7 trillion. US Treasury bonds are owned by Americans, foreigners, individuals, pension funds, everybody under the sun. Most of the president’s personal wealth appears to be tied up in them. They’re universally considered to be the safest investment in the world. George W. Bush is the President of the United States. So the question is to him. Are the Treasury notes in the Social Security Trust Fund backed by the full faith and credit of the United States every bit as much as the bonds everyone else owns?
Everything the president is saying implies that they are not, that there is a very big question about whether those notes can or will ever be redeemed. So if they’re not, the president should say so now.
