It Was Good Enough For Pres. Obama....

[Rose4Emily]

Tell me if I'm wrong... Most of the "National Debt" is owed to the Federal Reserve, in the form of "interest". I believe the long-range plan is to default.

A little out of date, but it gives the picture:

Of that "Federal Reserve and Intragovernmental Holdings," the biggest chunk, "13.3% of the total debt," belongs to Social Security. Almost as much is held by the Federal Reserve. I'm not sure what happens if we default on the Federal Reserve, but I doubt that it's good. I hate to think of the future if we default on Social Security.

 

[jp55665566]

A little out of date, but it gives the picture:

Of that "Federal Reserve and Intragovernmental Holdings," the biggest chunk, "13.3% of the total debt," belongs to Social Security. Almost as much is held by the Federal Reserve. I'm not sure what happens if we default on the Federal Reserve, but I doubt that it's good. I hate to think of the future if we default on Social Security.

Thank you. I'm afraid "we" would default on Social Security BEFORE the Federal Reserve. There is no happy ending here. Unless? >> any answer to the dilemma?

 

[DawnODay]

....

There is no happy ending here. Unless? >> any answer to the dilemma?

Yes. Return the Federal Government to its Constitutional limits, thereby slashing federal spending. We'd be able to significantly reduce federal taxes (allowing the states some leeway to raise revenues to pick up any services they felt necessary), and still run a sufficient surplus to pay down the debt.

 

[jp55665566]

Yes. "Federal" has become a ravenous beast.