The Amazing Disappearing Social Security Trust Fund

Excerpt: "President Bush slipped something new into his Social Security pitch on Wednesday. And it was there again twice yesterday. He says Social Security's $1.8 trillion trust fund doesn't really exist." (The Washington Post; one-time registration required)

http://www.washingtonpost.com/wp-dyn/articles/A16984-2005Feb11.html

Remember when that was a joke? It doesn't seem to be so funny now.

And he's spending it on his tax cuts.

I cant remember when it was done, but the IOU,s that are there now are stacking up.
Everyone knows that you cant keep spending and cut taxes at the same time-OR do they ?

around 1980 to a "unified" budget because the drain on the private capital markets equals the deficit on the "unified" budget (in other words the total defit reduced by the part financed by Soc Sec must be financed by the private capital markets.

There has never been a private Soc Sec fund not part of the General Fund cash in/cash out accounting - and the Soc Sec Fund has never been allowed to invest in other than gov IOU's - those Government Bonds that the http://www.401khelp.com/tsp/tspchoices.html Federal Government Thrift Savings Plan Plan privides as one of its Choices:
"G Fund The G Fund invests in short-term U.S. treasuries that are specially issued to the TSP" - so I guess Bush has Federal Employees investing in worthless IOU's..