If a balanced budget precludes the US from any future borrowing, then there will no longer be Treasury notes, bonds, or instruments of debt for pension funds and secure investments. All safe investments funds would be forced to seek insured securities on the private market. Without the US being a insurer of last resort or a guarantor to the private insurer, then we know from past experience with companies like AIG, any funds invested in the private sector would not be safe in a significant financial meltdown.

So it looks like the Republicans are making an end run to get Social Security funds.

Just a thought.

Norman Johnson


miksilvr 7 years 6 weeks ago

Norman, I think you have something there.

This needs to be repeated to everybody thinking about a balanced budget amendment. Ask them if they also want to privatize Social Security. If they say No, they either have not thoroughly fleshed out the effects of the balanced budget amendment, or they may be hiding behind the amendment as a way of sneaking Social Security privatization through the back door.

Add comment

Login or register to post comments

Come Cruise with Thom Hartmann in July 2020

Join me for an exciting Bermuda getaway aboard Oceania Cruises, the world’s leading culinary and destination-focused cruise line. Set sail on the reimagined Insignia for 7 nights beginning July 25th 2020. Take advantage of Oceania Cruises’ OLife Choice promotion, where you can choose shore excursions, a beverage package, or onboard credit – Oceania Cruises also includes Wifi! You'll also receive complimentary gratuities, a $50 onboard credit and two exclusive cocktail parties. Did I mention we are planning special onboard events with yours truly? Prices start at $1199.

Reserve your stateroom today by contacting Keene Luxury Travel, and mention the Thom Hartmann Group 800.856.1155

or go to https://www.keeneluxurytravel.com/th-bermuda/default.asp

"The Saddest Thing Is This Won't Be Breaking News"

Thom plus logo As the world burns, and more and more fossil fuels are being used every day planet-wide, atmospheric carbon dioxide levels passed 416 ppm this week at the Mauna Loa Observatory in Hawaii. In the 300,000 years since the emergence of modern humans, carbon dioxide levels have never been this high.