tag:blogger.com,1999:blog-5880610.post110615757973868397..comments2024-01-13T18:57:18.243-05:00Comments on Information Processing: Transfer paymentsSteve Hsuhttp://www.blogger.com/profile/02428333897272913660noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-5880610.post-1106323291520431722005-01-21T11:01:00.000-05:002005-01-21T11:01:00.000-05:00http://www.nytimes.com/2005/01/16/magazine/16TAXES...http://www.nytimes.com/2005/01/16/magazine/16TAXES.html?8br<br /><br />A fine article on the federal tax system. Again, worth careful reading.<br /><br />AnneAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106323194016732602005-01-21T10:59:00.000-05:002005-01-21T10:59:00.000-05:00http://www.nytimes.com/2005/01/16/magazine/16SOCIA...http://www.nytimes.com/2005/01/16/magazine/16SOCIAL.html?pagewanted=all&position=<br /><br />A superb article on Social Security. Worth careful reading.<br /><br />AnneAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106323121953993662005-01-21T10:58:00.000-05:002005-01-21T10:58:00.000-05:00Essentially the Treasury has presicely the same ob...Essentially the Treasury has presicely the same obligation and will honor the obligation bond for bond for all the assets held by the Social Security trust fund. The bonds are to be treated as all Treasury debt. Those who confuse the issue are doing so simply to undermine a sense of the soundness of Social Security. [Phooey.] There is no Social Security crisis; likely there is no problem. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106271817740817422005-01-20T20:43:00.000-05:002005-01-20T20:43:00.000-05:00Thanks for the information on social security hold...Thanks for the information on social security holdings of treasury debt. Based on the input from others I still wonder about these securities. Does "not traded" mean they cannot be traded, or simply that the social security administration chooses not trade them.<br /><br />I am interested in the distinction because of its bearing on the current SocSec debate. Many right-wing pundits (not to beAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106264419264071862005-01-20T18:40:00.000-05:002005-01-20T18:40:00.000-05:00the trust fund bonds are not traded, but they have...the trust fund bonds are not traded, but they have all the other trappings of a bond. maturity, coupon, etc. right now they pay out a decent coupon too -- the trust fund bought lots of relatively long-term bonds in the 90s that pay more than treasury bonds currently yield. the bureau of public debt and i think the trustees even have an itemized list of the bonds held by the trust fund, with allAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106245573570248452005-01-20T13:26:00.000-05:002005-01-20T13:26:00.000-05:00The Social Security trust fund is made up of Treas...The Social Security trust fund is made up of Treasury bonds, but bonds that are not traded. So, the system holds Treasury debt which is an IOU, take your choice. However, the trust fund bonds are as sound as all Treasury debt.<br /><br />AnneAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106245291761656822005-01-20T13:21:00.000-05:002005-01-20T13:21:00.000-05:00"Relevance, relevance," she wondered. I could pre..."Relevance, relevance," she wondered. I could pretend there was a special relevance, but rather thought the article interesting in light of the mixed economic and political implications of Japanese-Chinese relations. There should be a resonance for us. Essentially funding our structural federal deficit has made us increasingly reliant on international capital flows, or on Japan and China and Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106199488133545912005-01-20T00:38:00.000-05:002005-01-20T00:38:00.000-05:00I do not understand the relevance of Anne’s commen...I do not understand the relevance of Anne’s comment regarding “The Japan-China Stew”. I guess we should be thankful that Japan and China are buying treasury bills, but how do these countries and their evolving relationship relate to Transfer Payments?<br /><br />I could imagine that one way out of the current budget mess (assuming the deficits are brought under control...by a responsible adult) Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106186214952212572005-01-19T20:56:00.000-05:002005-01-19T20:56:00.000-05:00We have a serious structural deficit, and your cha...We have a serious structural deficit, and your chart shows clearly why. Politically, however, I perceive no chance of a limiting of debt accumulation in the near term. So, I worry a bit.<br /><br />AnneAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106175574028177752005-01-19T17:59:00.000-05:002005-01-19T17:59:00.000-05:00http://www.nytimes.com/2005/01/19/international/as...http://www.nytimes.com/2005/01/19/international/asia/19letter.html <br /><br />The Japan-China Stew: Sweet and Sour <br />By NORIMITSU ONISHI <br /><br />TOKYO - Like many Japanese businessmen these days, but particularly as co-chairman of the 21st Century Committee for Japan-China Friendship, Yotaro Kobayashi is worried about the state of affairs between Asia's two most powerful nations. <br /><Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106172323674958302005-01-19T17:05:00.000-05:002005-01-19T17:05:00.000-05:00If you look at the General Fund deficit (~$600 Bil...If you look at the General Fund deficit (~$600 Billion) the deficit is closer to 5.5% of GDP. The annual surplus from Social Security masks the severity of the fiscal crisis.<br /><br />http://calculatedrisk.blogspot.com/2005/01/general-fund-deficit.htmlCalculated Riskhttps://www.blogger.com/profile/08664541332908374389noreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1106170025813157472005-01-19T16:27:00.000-05:002005-01-19T16:27:00.000-05:00Steve,
Obviously you belong to the reality-based ...Steve,<br /><br />Obviously you belong to the reality-based community.<br /><br />Haven't you heard that deficits don't matter? ;)<br /><br />MFAAnonymousnoreply@blogger.com