So redeeming the trust fund bonds and the accumulated interest on them will require Congress and a future administration to raise taxes, cut spending on other programs, issue new debt -- or some combination of those things -- to cover the trust fund's bill.
So all the whining you hear about how redeeming the trust fund will require a tax hike we can't afford is simply the sound of wealthy taxpayers trying to skip out on a bill about to come due.
C2 Business Digest C1 SPORTSMONDAY D1-10 EDITORIAL A18-19 Editorials: Election reform stalls; a brotherly feud over energy; redeeming a historic trust.
An open-ended fund (what the British called a unit trust) redeems any and all customers who want out, at net asset value (minus, in a few cases, a redemption fee).
It would also be costly for the government, which has promised to protect investors if a trust fails to redeem its shares at their current value.
But I still trust God to redeem mess, broken hearts, death, and destruction.
In, say, 2050, when payroll tax revenues fall short of benefit payments, the trust fund will redeem treasury debt.
Unit Trust will allow investors to redeem as many as 5,000 units, up from 3,000, at a price set earlier.
That spurred widespread concern among money fund investors who have long trusted that they could always redeem a money fund share for a dollar without the risk of losses.
Regardless, next year the trust will have the chance to redeem its image when it grants two $50,000 prizes to "early-career playwrights".
