If somebody owes you $10, the next best thing to having the cash itself is probably having a written IOU. After all, the IOU will make it harder to forget the liability, and also might give you evidence to use in court should the borrower attempt to shortchange you.
The Social Security system is loaded with a confusing mishmash of IOUs, both implicit and explicit. Reforms tend to rearrange the liabilities in this crazy quilt. Do the labels on the IOUs… more