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Friday, October 15, 2004

Additional Thoughts About “Paying Off the National Debt”

A couple of additional points should be made regarding yesterday’s posting on The Debates: a Twice-Repeated Lie.

In the 2000 election campaign, one of Al Gore’s pledges, repeated ad nauseum, was that he would save Social Security by “putting it in a lock box.”  The Treasury statistics linked in yesterday’s posting show that to be a flat lie, given the Federal government’s heavy reliance on Social Security funds for purposes other than benefit checks to Social Security and Medicare beneficiaries.  President Clinton’s administration, of which Vice President Gore obviously was a member, had been systematically raiding the Social Security accounts to pay current government expenses. 

When Enron did this, it was called cooking the books by using off-balance-sheet financing to deceive lenders and stock market investors.  When corporate executives engage in such practices, they are rightly condemned for heinous crime.  When liberals do it, “mainstream” media call them champions of the people.

Posted by Thomas E. Brewton on 10/15 at 07:20 PM
Economics • (0) Comments
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