Republicans have no answer to this simple chart

[cawacko]

What is the gimmick? Only the amount paid by SS taxes is used to pay SS benefits and only the surplus amount in special treasuries is used to cover the shortfall.

Congress began spending the surpluses from the start. They've been used since basically day one to fund other government programs. Additionally the trust fund contains no financial assets. These "bonds" the surplus is in are not tradable assets.

 

[Ralph]

What is the gimmick? Only the amount paid by SS taxes is used to pay SS benefits and only the surplus amount in special treasuries is used to cover the shortfall.

You are not very "informed" are you? Every year the general fund must pay out huge amounts simply to keep the Ponzi scheme known as Social Security solvent. It was Johnson and a democrat congress that first robbed the SS funds to implement their War on Poverty.

SS and Medicare/Medicad account for almost 50% of all central government payouts. Now the truth as documented from the Governments own records. Debunk them with objective, testable, reproducible facts.....the heritage foundation always presents the references and sources...the majority of which stem from the Governments own accounting practices.....as I said just prove the actual TRUTH to be incorrect.

Here is the actual truth of how Federal Spending breaks down. 49% of all sending goes to the majority entitlements of Social Security, Medicare and Medicaid...breaking down like this Medicare and Medicaid 25%, Social Security payments 24%, Next comes other BENEFITS 24%, then National Defense coming in at 18%...then of course the interest on all the borrowing must be accounted for at 6%.

The leftist attempt to say that SS has never been moved into the general revenue fund....its just an accounting practice of having one budget instead of one for SS and one for the Feds. If that is true....why does SS and SSI (federal welfare) account for 49% of ALL TAXES collected each year...total collected each year at the federal level around 3 Trillion dollars with the need for "deficit spending"?

Compare this plan to the Rail Road Retirement plan....which always has a surplus. Just where does the money go and why is SS not (as promised) kept separate from the general revenue budget? Why include it in the general budget if its not part of the general revenue budget? No.....its not easier to keep track of....its easier to take money from FICA payments and spend it by replacing it with worthless bonds. Worthless? Indeed.....if the US is some 20 Trillion in debt...just how can they secure a promise of any bond....if the markers are ever called? The monies collected are spent somewhere or there would be no need of Deficit Spending. These bonds are nothing but IOU's...and are anything but Secure.

But...But...but....these Bonds (billions promised each year) are secured by the good faith and Credit of the US Government...really? Why then was the US AAA credit rating lowered during the Obama Administration and threatened again?
www.heritage.org/budget-and-spendin...bers-2014-government-spending-trends-graphics

 

[Flash]

So many people have received emails with these Social Security myths the Social Security Administration published an explanation.

"MYTHS AND MISINFORMATION ABOUT SOCIAL SECURITY- Part 1)"

https://www.ssa.gov/history/InternetMyths.html

"MYTHS AND MISINFORMATION ABOUT SOCIAL SECURITY- Part 2)"

https://www.ssa.gov/history/InternetMyths2.html

Being informed does not mean reading emails from crazy sources.

 

[Nordberg]

Sorry man, someone has given you wrong information. The trust fund was created in 1939 when S.S. was created. The money was never put in any type of tradable bond. Again it's all an accounting gimmick.

Sorry man but you are wrong. The SS trust fund was made to pay for boomers. It was about 3 trillion dollars. Still over 2.5 trillion. But the bankers have had their eyes on that fund since it was created.

SS was paid out by a tax on paychecks. it worked perfectly fine until the boomers were on the horizon, so the fund was created. It was created in 1983.

 

[cawacko]

Sorry man but you are wrong. The SS trust fund was made to pay for boomers. It was about 3 trillion dollars. Still over 2.5 trillion. But the bankers have had their eyes on that fund since it was created.

SS was paid out by a tax on paychecks. it worked perfectly fine until the boomers were on the horizon, so the fund was created. It was created in 1983.

Not sure where you are getting your info from.


Q1. Which political party took Social Security from the independent trust fund and put it into the general fund so that Congress could spend it?

A1: There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."

https://www.ssa.gov/history/InternetMyths2.html



""The Social Security Trust Fund was established in 1939 to receive monies collected for Social Security through payroll taxes. The monies in this fund are managed by the Department of the Treasury;""

https://www.snopes.com/politics/socialsecurity/changes.asp

 

[iewitness]

"delawareliberal.net" ?fake news.

 

[Flash]

Next: A brief truthful history of Social Security....referenced from SNOOPS.

1. FDR (a democrat) introduced Social Security to the nation..i.e., FICA, making promises.

A. Participation in the retirement program would be on a strictly volunteer basis
B. Those who chose to participate would pay only 1% of the 1st $1400 dollars earned each year.
C. That money would be completely TAX DECUTIBLE when filing your income taxes.
D. That retirement money would be placed into a separate TRUST and never become part of the general revenue...and would be used only to pay SS benefits.
E. Also there was a "promise" that this annuity would never be subject to income taxes after one retired.

True that this information was referenced from Snopes. However, this includes the claims made which Snopes goes on to point out are mostly false.

https://www.snopes.com/politics/socialsecurity/changes.asp

Or, see the Social Security Administration attempt to correct these myths:

https://www.ssa.gov/history/InternetMyths.html
https://www.ssa.gov/history/InternetMyths2.html

So, the Social Security trust fund was never put in the general fund, Social Security payments were never deducted from income taxes, the law never said SS benefits would never be taxed, SS was first taxed under Reagan (50%) and increased under Clinton (85%).

 

[iewitness]

True that this information was referenced from Snopes. However, this includes the claims made which Snopes goes on to point out are mostly false.

https://www.snopes.com/politics/socialsecurity/changes.asp

Or, see the Social Security Administration attempt to correct these myths:

https://www.ssa.gov/history/InternetMyths.html
https://www.ssa.gov/history/InternetMyths2.html

So, the Social Security trust fund was never put in the general fund, Social Security payments were never deducted from income taxes, the law never said SS benefits would never be taxed, SS was first taxed under Reagan (50%) and increased under Clinton (85%).

fake news fag, fail.

 

[Flash]

fake news fag, fail.

Where is the real news? Those crazy conspiracy sites or emails? The real facts are easy to confirm. It is easy to check the original SS law to see if it allows tax deductions, prohibits taxing benefits, etc.

I don't think your post is serious--you obviously have no knowledge of the SS system and can only call names like a child.

 

[Leonthecat]

Where is the real news?

 

[PostmodernProphet]

It was about 3 trillion dollars. Still over 2.5 trillion.

it is a $2.5T promise to pay out of your taxes over the next ten years......

 

[Eagle_Eye]

This chart summarizes the economic history of the US workers since the Republican tax cuts for the rich, showing how it began giving all new economic growth in the rich for decades now, causing our record inequality.

http://www.delawareliberal.net/wp-content/uploads/2012/05/productivity.png

Gee do you think this might have something to do with it?



https://www.technologyreview.com/s/515926/how-technology-is-destroying-jobs/

 

[Flash]

it is a $2.5T promise to pay out of your taxes over the next ten years......

True. So is the entire $20 trillion debt.

 

[Flash]

Congress began spending the surpluses from the start. They've been used since basically day one to fund other government programs. Additionally the trust fund contains no financial assets. These "bonds" the surplus is in are not tradable assets.

There hasn't been much of a surplus until the 1980s SS tax increases. Putting any surplus in treasuries is required by the original SS act. It is better to have any surplus getting interest than just sitting there. It does not matter if the bond is a tradeable asset since nobody is going to be trading it. The government must still pay those treasuries when required just like they do the other $20 trillion in debt. 2% of $2.5 trillion is $50 billion (I think). That is a lot of SS benefits.

It is an advantage to borrow intragovernmental funds when possible because otherwise they would have to borrow by selling treasury bonds/bills/notes to the public which puts pressure on interest rates and borrowing.

 

[Nordberg]

it is a $2.5T promise to pay out of your taxes over the next ten years......

Nope. The money was put in government bonds. They are audited every tear. They are there.

 

[PostmodernProphet]

Nope. The money was put in government bonds. They are audited every tear. They are there.

lol.....you realize a government bond is just a promise to pay the holder money out of the general treasury, right?.......and where the money in the general treasury comes from?......are you with us so far?.......

 

[Flash]

lol.....you realize a government bond is just a promise to pay the holder money out of the general treasury, right?.......and where the money in the general treasury comes from?......are you with us so far?.......

Sure, but that is what all $20 trillion in U. S. debt means--a promise to pay. The money in the treasury comes from taxpayers which is true of all governmental functions. The money we borrow for defense, social welfare, transportation, education, health, etc. are all promises to pay. As long as the government can make those payments the money is safe. Actually, the government only pays the interest on that debt. When treasuries mature they are just rolled into new borrowing. As long as government can tax it can pay its obligations.

Since trillions of dollars in treasuries owned by foreign nations, mutual funds, investment firms, state and local governments, retirement accounts, etc. have always been paid there is not reason to think they won't continue to be paid. If not, we are bankrupt; if that happens, the money in the SS surplus is the least of our worries.

 

[PostmodernProphet]

Sure, but that is what all $20 trillion in U. S. debt means--a promise to pay. The money in the treasury comes from taxpayers which is true of all governmental functions. The money we borrow for defense, social welfare, transportation, education, health, etc. are all promises to pay. As long as the government can make those payments the money is safe. Actually, the government only pays the interest on that debt. When treasuries mature they are just rolled into new borrowing. As long as government can tax it can pay its obligations.

Since trillions of dollars in treasuries owned by foreign nations, mutual funds, investment firms, state and local governments, retirement accounts, etc. have always been paid there is not reason to think they won't continue to be paid. If not, we are bankrupt; if that happens, the money in the SS surplus is the least of our worries.

Nordnerd thinks nobody has to worry about paying them.....apparently he thinks they will pay themselves.......