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Date Posted: 07:27:54 07/16/11 Sat
Author: Paul Davis
Subject: Back from vacation

Spent a month in the US and Canada, built a new deck and so forth.

The budget mess is still unchanged. The plan now seems to be to default on the bonds held in trust by SSA, and cut SS to the point where those bonds are never redeemed. That means those bonds don't add to the deficit, because of the way SS accounting has been handled since Reagan changed things. Nor does the interest paid on them add to the deficit, again, due to Reagan accounting rules.

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