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Old 02-02-2012, 04:37 PM
 
Location: Great State of Texas
86,052 posts, read 84,113,493 times
Reputation: 27718

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Quote:
Originally Posted by MTAtech View Post
You are entitled to believe what you want, even if it does not correspond to actual facts. The fact is there is a SSA trust fund that has ample assets for the next 25-75 years.
The FACT is that it has no "assets". Non negotiable Treasuries which cannot be sold. They have no value in the open market. Only Congress can pay them back.
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Old 02-02-2012, 04:40 PM
 
Location: Long Island, NY
19,792 posts, read 13,871,832 times
Reputation: 5661
Quote:
Originally Posted by HappyTexan View Post
The FACT is that it has no "assets". Non negotiable Treasuries which cannot be sold. They have no value in the open market. Only Congress can pay them back.
and there is no doubt that they will be converted to cash when needed.
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Old 02-02-2012, 04:42 PM
 
Location: Great State of Texas
86,052 posts, read 84,113,493 times
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Quote:
Originally Posted by MTAtech View Post
and there is no doubt that they will be converted to cash when needed.
SS has been running in the red and has to BORROW to make it's monthly payments.

Seems to me it's needed by SS.
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Old 02-02-2012, 05:30 PM
 
Location: Long Island, NY
19,792 posts, read 13,871,832 times
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Quote:
Originally Posted by HappyTexan View Post
SS has been running in the red and has to BORROW to make it's monthly payments.

Seems to me it's needed by SS.
According to SSA:
Quote:
The amount bought in 2010 was $1,020 billion, while the amount sold was $929 billion.
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Old 02-02-2012, 05:47 PM
 
Location: Great State of Texas
86,052 posts, read 84,113,493 times
Reputation: 27718
Quote:
Originally Posted by MTAtech View Post
According to SSA:
That's not how much they take in vs how much they send out.
Those were short term certificates and long term bonds that come due each June. Note, it says "disposition", not "sale".
Investment transactions

Here:
Trustees Report Summary
Social Security expenditures exceeded the program’s non-interest income in 2010 for the first time since 1983. The $49 billion deficit last year (excluding interest income) and $46 billion projected deficit in 2011 are in large part due to the weakened economy and to downward income adjustments that correct for excess payroll tax revenue credited to the trust funds in earlier years.
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Old 02-02-2012, 08:30 PM
 
Location: Houston
26,979 posts, read 15,787,995 times
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The fact is SS, Medicare/ Medicaid and the rest of government spending are things that are paid for by a single entity, the US government, the SS trust fund only lasts as long as our democratic system favors its existance.

Cutting SS payments to boost the economy sets a dangerous precedence even if the "trust" fund is reimbursed with borrowed funds.

You do not reduce your credit card debt by transferring your debt to another account.
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Old 02-02-2012, 10:32 PM
 
Location: Charlotte
12,642 posts, read 15,531,729 times
Reputation: 1680
Lightbulb hmm...

Quote:
Originally Posted by HappyTexan View Post
What do yo mean "now" I worry ?
I worried all along.

I didn't want those Bush cuts extended. I didn't want the payroll tax cut.
They are cutting taxes while increasing spending ..where will that lead ?
So lower taxes isn't good?
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Old 02-02-2012, 10:33 PM
 
29,981 posts, read 42,770,513 times
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Quote:
Originally Posted by walidm View Post
Then why the vehement opposition by the GOP to give the folks a few pennies?
Because it robbed the already financially strapped Social Security fund.
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