JDG wrote:
Nick, it is not just that the Social Security Administration is required by law to give its surpluses to the Federal Government to spend, it is also the reverse side of the coin - the fact that Social Security's obligations are backed by the Federal Government as well... all of which is combined with the fact that those so-called "bonds" can only be spent at the precise time and for the precise reason of the Federal Government's choosing.
Although I cannot disagree with anything you wrote here, the fact is that the government's own definition of Social Security assets is the one I described.
But perhaps I should have acknowledged that it's not exactly a normal use of the word. Surplus? Outflows? Government subsidy? ;-)
Nick
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