Not ANOTHER Trust Fund? #2

We do not NEED another Trust Fund. Congressionally approved trust funds are nothing more than Congressionally approved slush funds.

I am currently tallying the list of current slush funds and will be posting soon, which will better illustrate my point that we have too many trust funds already.

Here's what the problem is: Every time there is a trust fund, money that is in the trust fund is not held in trust, nor is it invested in non-U.S. treasuries. It is siphoned off to the general fund, and replaced by a U.S. Treasury bill, bond or note that is interest bearing.

Currently, the Highway Trust Fund (Transit), has $7,491,723,000.00 worth of interest bearing U.S. Government IOUs, while the main non-transit Highway Fund is holding
$6,919,846,000.00 worth of paper.

If Oberstar gets his Bridge Trust Fund, it will be more of the same. Take money from the trust fund, spend it in the general fund on purposes other than rebuilding bridges, and replace the funds with a worthless IOU. I guess in the modern era, that's the Congressional way!