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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.
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.
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.
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.
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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