My default

I saw this quote, but then got inconvienently knocked off line. Now that I'm back, I see Kevin Drum has done a post I was thinking I should write. So I'm not going to do it. I will, however, emphsize this part:

The bottom line is this: the trust fund is not an accounting trick. It's a genuine obligation, both morally and legally. At the same time, it's not a stack of gold bars, either. Redeeming it will require some kind of tax increase. (It doesn't have to be an increase in personal income taxes of course. It could be anything: corporate taxes, inheritance taxes, carbon taxes, whatever.) There's no point in pretending this tax increase won't be a burden, but equally, there's no point in pretending that our obligation to devote tax revenues to paying back the trust fund bonds is just a fiction.

I'll leave it at that.