Only an IOU?

[The Jacobin]

Sweet Jesus the president is a moron.

Does that moron have any idea what he said last night? He claimed that the Social Security Administration doesn't really have any money - just a bunch of IOUs.

A bunch of IOUs?

They hold Treasury Bonds for Christ's sake! Those are just a bunch of IOUs?

Has the president really suggested that the best backed treasury security in the entire world is just a piece of paper that may or may not be payable (depending on if the repugs feel like it)?

I pulled out a savings bond and a $20. That moron does realize that neither are backed by gold, right? He does realize that they are just backed by the "full faith and credit" of the United States, right?

He does realize that he just claimed that the "full faith and credit" of the United States is nothing but an IOU, a scrap of paper?

Idiots on rapture radio can spew this to their choir all day without any serious harm, but the president?

When will China start to agree with him and stop buying all our Iraqi War debt?

[atreides1]

1. What did you expect, intelligence?

Bush doesn't realize the sun rises, unless someone tells him.

[Worst Username Ever]

2. Yes, t-bills are IOUs

All bonds are. They are a loan, an IOU to pay you back with interest. The social security fund does not actually hold cash, the government spends it, puts t-bills in instead (Basically loaning ITSELF money from the fund, promising to pay it back later) and then pays it back with income taxes at a later date.

People have a tendancy to put too much faith in government securities. The full-faith and credit of the US doesn't mean much if Bush bankrupts it.

[LSparkle]

3. Absolutely (especially the part about bankrupting it)

Wonder if his own personal savings are in EUROS or YEN.

[Career Prole]

4. But...but...but...he *said* he wouldn't let the government spend that

in January of 2000!

JIM LEHRER: Yesterday, Governor George W. Bush had a town meeting in Londonderry, New Hampshire.

GOV. GEORGE W. BUSH: We're in a tax debate here in this state and around the country. And let me explain my position as clearly as I can. First, unspent surpluses in Washington, D.C. will be spent, you mark my words, you leave money sitting around the table in Washington, Washington politicians will spend it. Now, I believe there's enough money. If you lockbox the payroll taxes, there is $2 trillion to make sure the Social Security system is safe and secure-- $2 trillion.

I intend to lockbox the payroll taxes and spend them only on what they're supposed to be spent on, and that's Social Security.

http://www.pbs.org/newshour/bb/politics/jan-june00/gop_stump_1-14.html

How did they spend two trillion from shrub's lockbox without shrub's permission?

[Worst Username Ever]

5. LOL

Great find, who woulda thunk that GWB would be lackadaisical with the truth.

[Toby109]

6. And in his next breath

last night he said that those who do not prefer to invest in the stock market for their private accounts could buy Treasury Bonds which, he said, were backed by that "full faith and credit" bullshit.

You can't have it both ways.