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[quote=Anonymous][quote=Anonymous]What good is paying off bonds and obligations with printed and drastically devalued money.  Bernie madoff would be perfectly capable of paying back with worthless iou's[/quote]

Huh? Now you've shifted the argument to something about inflating our way out of our budget deficits, which is debatable and by no means assumed. But in any case it doesn't matter. If Social Security took $100 of FICA taxes and invested it by buying a USG bond with a face value of $100, then that's what the USG legally owes to Social Security. And as I said, there's no was the USG can default on this bond. I suppose that if you were right (which you aren't) about the dollar being "drastically devalued", then the USG would have no trouble printing up more money to give Social Security so there would be no problem with seniors getting their benefits. But this is a side track.

Could I ask again: how would a system where everyone saves only in IRAs work for people earning $30K, who can barely clothe their children, let alone sock away thousands in savings each year like you claim to do?[/quote]

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