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Logical, Economic Refutation Requested

March 16, 2004

In The SS TRUST Fund I conclude that even if the SSTF contained real economic assets instead of the non-marketable Treasury securities that it does, the distribution of those assets as a part of SS payments would have essentially the same economic effect as if the payments were made with a current equivalent number of newly printed paper dollars.

Ignoring the implications, please provide the logical economic reasoning required to convince me that my conclusion is wrong.

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