"THERE IS NO SHORTAGE OF FUNDS TO PAY SOCIAL SECURITY AND MEDICARE UNDER THE EXISTING DEBT CEILING. IN FACT, TREASURY COULD PAY THOSE BENEFITS EVEN IF THERE WAS ZERO TAX COLLECTED FROM ANYONE IN THIS COUNTRY FOR SOCIAL SECURITY AND MEDICARE - SUCH AS IF UNEMPLOYMENT WAS 100% - FOR A PERIOD OF MORE THAN THREE YEARS, AND NOT VIOLATE THE DEBT CEILING."
Karl Denninger, "Social Security Is NOT At Risk On Debt Ceiling"
Wednesday, July 13, 2011
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