Sen. Wayne Allard of Colorado has an interesting approach to the Social Security and the Trust Fund.
He says that the US government will simply go into default and never <$NoAd$> pay the money back.
You’d think that would make some news.
From today’s Greeley Tribune …
“I believe we have a problem with Social Security that will emerge in 2018,” he said. “At that point in time, Social Security pay out will be more than what is in the fund put in by working people or employers.”
Allard said there are no reserves in Social Security because what is there is automatically transferred into the general fund, leaving a debt of $28 trillion. But he doesn’t believe the money will ever be repaid to the fund.
“The money is spent,” he said. “I don’t believe in my own opinion we’ll be able to raise the funds to pay it back.”
Do other Republicans think default is the solution? Does the president?
And since the portion of our national debt owed to the Social Security Trust Fund makes up (I believe) less than a third of our total debt, are we going to default on the rest of those bonds too?
