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The Social Security trust fund is not only in the black BUT the government borrows money FROM the trust fund and pays over 110 Billion a year just in INTEREST back TO the trust fund!!!!!
Hahaha, if you believe the little accounting trick that is being thrown out by some........well, I feel sorry for you.
The Government has debt in the form of SS obligations and it is gauranteeing that Government Debt with MORE GOVERNMENT DEBT in the form of WORTHLESS, NON-FUNGIBLE, CLASS SS T-BILLS.
See, if the backing of SS was kaboodles of REAL assets such as
tons of precious metals, various currency, priceless art, blue chip stock......well then, I would be in full agreement that SS has quite a viable future ahead due to all of this backing. But........erm, that is not the case.
I'm happy with my advanced degrees, thanks though!
Specifically, Bush came into office with a huge surplus, and a projection from the CBO that, if he kept Clinton's economic policies intact, we would erase the national debt in 10 years. As he famously said during the campaign, "I'm running against a record of peace and prosperity"
INSTEAD, Bush and his GOP big-spender cronies in Congress immediately issued a 1.2 TRILLION dollar tax break, the vast amount going to the very wealthy. THEN, he ignored "hair on fire" warnings, some fairly specific, from his CIA and NSA that Al Qeda was preparing to attack us.
THEN, he presided over the worst terrorist attack in US history, 3500 Americans killed on his watch.
THEN, in his anger and shame, Bush responded by going after... Saddam? He invaded the wrongcountry, an unneccesary struggle that cost the lives of 4,000 American troops, and an untold number of innocent Iraqis. AND, in order to pull this boner, Bush allowed bin Laden to escape at Tora Bora, by withdrawing our troops before the job was finished.
THEN, Bush appointed a horse show judge to be the head of FEMA, and watched helplessly as 1500 residents of New Orleans drowned.
THEN, Bush presided over the greatest collapse of our financial system since the Great Depression.
AND, all of his and his cohorts' crazy spending- 1.2 Trillion dollar tax cut for his rich buds, a three-trillion dollar war, a half-trillion dollar Medicare prescription program... ALL UNPAID FOR!!!
So yeah, it's gonna take Obama a while to clean up this mess- maybe he'll run out of time. We'll see. Like I've said, Obama relies on an informed electorate, the GOP relies on voter amnesia.
Sorry for the long post. I used complete sentences, instead of your goofy sentence fragments. But that's what being uneducated will get ya!
Don't apologize...it's so good it bears repeating. I heard an economist on C-SPAN say that it will take 50 years to recover from the Bush '43 admin
economically, and that was being optimistic. Obama has always said that economic recovery wouldn't happen overnight, so naturally that's what the GOP is clamoring for. Like a bunch of Rumplestiltskins, they slept while Bush did to America just what he did to Arbusto.
Mr. Obama’s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 102.6 percent of GDP — the first time since World War II that dubious figure has been reached.
And the budget projects the government will run a deficit of $1.645 trillion this year, topping 2009’s previous record by more than $230 billion. By contrast, 2007’s deficit was just $160 billion altogether.
Mr. Obama’s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 102.6 percent of GDP — the first time since World War II that dubious figure has been reached.
And the budget projects the government will run a deficit of $1.645 trillion this year, topping 2009’s previous record by more than $230 billion. By contrast, 2007’s deficit was just $160 billion altogether.
But, but, but......that's all because of . . . . . . . . Bush!
I heard an economist on C-SPAN say that it will take 50 years to recover from the Bush '43 admin
economically, and that was being optimistic..
No, you didn't hear anyone say that, you made that up and there is no truth to it. Just because you can hide behind that monitor doesn't mean people can't see through your wild tales... Even if we can't see you, the BS still smells...!!
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