July
29th
DEBT: No full faith and credit for workers
Re: “Debt-limit friction bad for future” (TNT, 7-29).
James Rosen’s article on “two kinds of debt” reveals the scam around the debt ceiling and “entitlement” crisis.
The hedge fund manager’s U.S. treasury bonds are backed by the “full faith and credit” of the U.S. Treasury because he is an “outsider.” A minimum wage worker ‘s Social Security payment borrowed by the government creates no obligation to pay it back since it is not a “real debt”; she is one of us. The full faith and credit of the U.S. government does not back money borrowed from American workers.
Suppose …