Originally Posted by
FAAFlyer
Why would anyone want to cut Social Security or Medicare? There is nothing to tackle with the federal debt, it's fiat money created exclusively by the federal government. If there was no federal debt there would be no private savings.
Could you clarify your point here? Clearly other countries are purchasing our debt because it’s backed by the full faith and credit of the US which is built on nothing more than reputation (reputation built over 250 years). We had private savings on the gold standard before we changed standards. What exactly is your point?