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Charles Krauthammer only adds to the confusion by his outrageous statement that there is no Social Security Trust Fund. The assets of the trust fund are invested in U.S. government bonds, which are backed by the full faith and credit of the United States, and are a promise of the government to all of its citizens who are covered by the system.
Would Krauthammer tell China or any of our other creditors that the bonds they hold are worthless pieces of paper? Of course not. Why does he flippantly write off a promise to U.S. citizens? True it will be necessary to raise funds to pay off these bonds just as it will be necessary to raise funds to pay for the Iraqi war. There ought to be no difference in how these obligations are met.
