01 July 2025

Shite Site Remains Shitty

After an extended period of reasonableness, certain turds over at Hawkeye Lounge are at it again, teeing off on a straw man of me they've set up.  It all came down to a discussion of the underfunding of Social Security and the effect of Chimpy's raid on the trust fund to cover his Middle East wars.  And for the record, I know any surplus in the fund is held in nonnegotiable bonds and that there are constant draws against the trust for current accounts.  My points, and I did have them, were that 1) such draws are generally relatively short term, fully papered, and provide some return on investment; 2) Chimpy's raid was none of the above and was fully intended to allow Congress to pretend war costs were covered while in fact financing war grift by leaving a fat, eternal IOU on the trust's books; 3) they pulled this off by issuing new bonds, bonds that will have to be redeemed at some point; 4) OBTW, they redirected payment streams too; 5) since neither party can get its head out of its neoclassical economics and accept the reality of Modern Monetary Theory, they'll insist on massive taxes to cover this (unless they just fold Social Security up entirely); and 6) yes I know the book amount was $708 billion, but the actual cost will end up being something like $1.37 trillion, if we're lucky.  But Fletch, 26.2, and ThePracticalPundit would rather just call me stupid and unleash the ad hominems.

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