Out-to-Lunch
Thinks s/he gets paid by the post
Until the debt starts going unpaid (i.e. the general fund loses its ability to pay its bills).
Agreed. However, you are talking about violating the full faith and credit of the US. If the US reneges on its debts, we are in far worse shape than worrying about the 20% haircut.
My main point was that debt to the trust fund is no different than debt to any other debtor.
Personally I plan on a 20+% cut in my SS payments in eight years or so when the Trust Fund goes 'bust'.
Personally, so do I. But I was addressing the period before the trust fund is exhausted. During which time the general fund is legally required to pay back the trust fund for the monies it borrowed.