Matt Bai is a Moron

Matt Bai is a moron who grew up under Ronnie and thought he was a great president simply because he was the only one he’d ever personally experienced and he’s not a very deep thinker.  He’s a preening poppycock of privilege who’s never had to work hard for anything in his life and thinks because he was born on third base he hit a triple.

Among his other idiocies is the opinion it’s ok to default on sovereign debt with the full faith and credit of the United States behind it because it’s owned by the ‘lesser people’.

NYT and Matt Bai Falsely Call Social Security Trust Fund a "Lottery"

By: Scarecrow Thursday August 26, 2010 1:30 am

So ignore Bai’s gratuitous insult that anyone concerned about protecting Social Security is merely worried about an outbreak of bipartisan agreement. Does the New York Times have editors? Surely someone there must know this entire framework is false, misstating how the Trust Fund works and even how bonds and debt are created.

More important, someone at the Times must surely know that a frequent canard of the Republican Party and Social Security opponents is to argue that the Social Security Trust Fund, which has a surplus of $2.5 trillion in US Treasury bonds built up since 1983 by higher payroll taxes paid by future retirees, is just worthless paper. And if it’s worthless paper, future beneficiaries will never be able to rely on the $2.5 trillion they paid into the system to help pay the Social Security benefits to which they’re entitled.

The canard was always designed to convince today’s and tomorrow’s elderly that they cannot rely on the US Government honoring its own Treasury bonds – in effect, arguing the US would be so irresponsible as to engage willy nilly in a sovereign debt default, not to mention breaking a sacred promise to its own people. The goal of the canard is to convince Americans they should not count on Social Security, or government in general, to help in their retirement. Give that money to Wall Street instead.

Social Security is “broke,” they claim; it’s “in crisis,” they continue, and if the Government were forced to pay off those bonds when the system needs to redeem them to pay benefits – just as the government planned – it would create a massive “debt crisis” for the United States. Everything about that story is false and malicious.

The Trust Fund’s bonds are just like other Treasury bonds except they aren’t traded. When the Trust Fund needs to “redeem” a bond to cover ongoing benefit payments, all that happens is that electronic entries reflecting the change appear on the respective governments accounts, and Social Security checks go out, as always, as scheduled. Calling this a “lottery” is stunningly false.

My emphasis.

Well fuck you Matt.  Next time we meet in person I’ll spit in your face like you deserve.