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Saying the government has looted Social Security is another favorite falsehood perpetrated by the right wing. The SS fund is transferred into US Treasury Bills which, for those not aware, is the safest and most coveted financial instrument on the planet. Even with the world economy in it's present dire straits, the demand for US TBills has never been higher on the world markets. What did you expect them to do with the SS revenue? Shove it under the matress in the White House?
Incorrect. In 1968 the Democrat controlled Congress began funneling all Social Security revenues directly into the General Fund. The General Fund is used to pay for all discretionary spending, and anything else Congress desires. The reason the Democrats did this was to pay for LBJ's "Great Society" and "War on Poverty."
It is a good question that should be defined considering the turn of the conversation here.
A Treasury Bill is an IOU from the U. S. Federal Government.
A government that is fast going broke.... with a president who believes the best way to keep the government from going broke is to borrow more money to pay the interest on the debt the government currently has....
Incorrect. In 1968 the Democrat controlled Congress began funneling all Social Security revenues directly into the General Fund. The General Fund is used to pay for all discretionary spending, and anything else Congress desires. The reason the Democrats did this was to pay for LBJ's "Great Society" and "War on Poverty."
Yes, but not until the amount deposited in the General Fund has been converted into US TBills and SS gets credit for that amount.
It is a good question that should be defined considering the turn of the conversation here.
A Treasury Bill is an IOU from the U. S. Federal Government.
A government that is fast going broke.... with a president who believes the best way to keep the government from going broke is to borrow more money to pay the interest on the debt the government currently has....
Correct. There are two pieces to the National Debt; 1) The publicly held portion; and 2) the intergovernmental debt. Currently, the publicly held portion of the $14.7 trillion National Debt is around $10.2 trillion and the intergovernmental portion is around $4.5 trillion. Social Security accounts for around $3 trillion of that intergovernmental portion of the National Debt.
It would have substained itself if the politicians would have left it alone and stopped "borrowing" from it and never paid back what they took (plus interest)
I know this is true in my case. I wouldn't believe anything Rick Perry said even if his tongue was notorized.
and that is really pretty sad: it is hard for me to beleive anyone is so narrow minded as to actually say they wouldn't believe a word someone said..Oh well, there is no changing you and you certainly have a right to your views.
You're quite welcome. Anytime I can be of further assistance please don't hesitate to ask.
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