Yes, a technical paper. The bankruptcy does refer to the inability of the US to pay those creditors which are its own citizens, but does not talk about its ability to pay the interest on treasury bills.
However, since when can you say, “I am not really bankrupt because although I am unable to pay my credit cards and auto loans, I still have enough money to pay my mortgage”. Does that make sense?
If you have to take away promised benefits to seniors, then you can avoid bankruptcy, just as the person in my example above can avoid bankruptcy if the auto dealer and credit card companies are happy to let the debt slide.
This kind of violates the definition of bankruptcy, no?
Also, what will happen to the tens of millions of seniors in poverty, who need the promised SS payments to avoid homelessness, and the promised Medicare benefits to get basic medical care? Will our seniors be cast aside like some useless old tires? Please don’t call me a socialist, but if we are not going to pay these promised benefits, let’s just say so right now, so people can plan their future accordingly.
SS was a great idea when only 5% of people lived to collect it. Now 60% of people live to collect it, and the government is spending it, instead of saving and letting it earn interest.
