“He is only talking here about the problems that political gamesmanship between Democrats and Republicans might temporarily cause in the Treasury selling debt. But the danger is the same, if not greater, when markets won’t allow the Treasury to raise funds at cheap rates. It will mean cutbacks in Social Security and other entitlement programs or it will mean the Federal Reserve stepping in and printing more money to buy the Treasury securities that no one else will want. Either way, it won’t turn out well for the retirees who depend on Social Security, either there will be immediate cutbacks or price inflation will cut into the purchasing power of the payments.”

http://www.economicpolicyjournal.com/2013/08/truth-from-treasury-secretary-social.html

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