…unwind its account with the Fed (the SFP listed on the liabilities side of the Fed balance sheet). This is almost surely going to end up as excess reserve balances…

…billion or so shortfall in tax income this year and potentially more next. Social Security is still running large surpluses and Trust Fund balances will continue to increase until around…

…that there are complete markets so that all conceivable financial assets exist and ar traded. Clearly it makes no sense to study financial innovation starting with the assumption of complete…

…we examine outcome I we see that line exiting the window at above 2000. Oddly it is politically hazardess for Social Security if its Trust Fund balances remain permanently north…

…tasked with holding town hall meetings around the country and then submitting a report that balances long-term spending and revenue scenarios for the nation. If Congressional leaders fail to introduce…

…Debt Clock includes total Trust Fund balances including interest earned as of Dec 2008. The Trust Funds’ interest are thus included in what I am calling ‘Headline debt’. And those…

…In each case the lines track Trust Fund balances as a percentage of annual cost over time meaning that when they hit bottom Trust Fund assets are depleted, meaning that…

…benefit cuts anyway. Nor are they likely to be moved by arguments that crisis should be measured not by TF balances but instead by the time transfers from the General…

…annuities. Annuities would be 10-year certain annuities to provide payouts to heirs of those who die soon after annuitization. The total balances in the accounts of the two spouses in…

…in particular how small the balances were under Johnson and Reagan, the notion that the former used Social Security to fund the Great Society or that the latter raided it…