Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This is correct from what I have read, both the so-called "trust funds" have FUNNY MONEY in them.
See, the rub is the government owes money to SS and has Obligations to Medicare, it is backing this debt with the SS and Medicare Trust fund (and income from taxes).
The problem is the SS and Medicare trust funds are just more government debt in the form of placemarkers showing what is owed to these government programs. THERE IS NO SALEABLE ASSETS THAT CAN BE DRAWN ON TO HELP FUND BOTH OF THESE GOVERNMENT PROGRAMS.
So when insane people say "Hey look, both Social Security and Medicare have HUGE trust funds".......well, erm....in a literal sense that is true. But in reality, this is just a political/accounting trick meant to.......I don't know what it is meant to do.....appease the masses???
Time to grow up and deal with our huge problems, this is one that must be dealt with. WHAT IS THE BEST FIX FOR THESE BROKEN PROGRAMS???
The poorest way to "fix" SS is to cut the amount that is paid in by earners as has been done the last year and is not about to happen another 2 months.
I think that you have failed to read much of worth about SS. Back when the Brain Trust of FDR had him get it instigated they set dates in the future when people would get to pay a higher percent of their wages into the fund. All worked fine for a number of years but in the early 1950s the Congress started using what was considered "surplus" SS money to pay off foreign loans to "friends" of the US. That went on for a number of years, at least 40 while the Dems controlled Congress and was finally just the normal way of doing business. Of course that foreign aid had stopped but they just ept spending that "surplus" money. The "surplus" resulted from the fact that there weren't too many retirees and still plenty of people paying in. In 2010 we reached the point where there was no "surplus" because the population had aged.
OK, the government only owes the SS fund about $3 trillion. Would we have been in the hole now if the Congress had been just a little bit honest? I think we could have kept going several years if they hadn't spent all the money like they did. We could even survive the payroll cuts we have given to all earners the past year with another year of the same coming on.
No, the SS fund is not worthless at all but our Congress for the past 60 years has been totally worthless where SS is concerned. They have screwed the people because they didn't have the guts to raise income taxes instead of spend money paid in for Social Security.
They want you to lose faith in the program so you will allow them to kill it. And it's working. Your kids will be taking a 20% cut in benefits because to few people know the truth that SS is sound but has a correctable long term deficit that could be eliminated by lifting the tax cap on high incomes.
This is the honest to God truth. I believe it's likely the best example of how stupid American voters are.
What happened last week as to the money not being paid into SS by the workers of this country is almost as stupid as the Congress spending what they called Social Security surplus for over 60 years. They spent over $3 trillion of that SS money in that period and that is why SS is in the hole today. They did insert worthless IOUs into the fund box but who ever believed they would pay it back? I knew they wouldn't raise taxes to pay off that debt but many of the Democrat persuasion never did manage to see it happening.
You know that $14 trillion debt you wingnuts like to pount at. The trust fund debt are part of that. Please don't try to imply that debt is in addition to the national debt.The programs are not broken as you claim, minor tinkering with funding fixes them. Mismanagement of the debt of this country has no effect on the viability of either program.
You wimgnuts sound a bit like deadbeats, when you borrow money you repay it. Stop talking about ways to stiff repayment to the trust funds.
Do you think there is a way for our Congress to pay back the over $3 trillion that they spent from SS taxes over a period of 60 years. I just don't understand you people. The minor tinkering you speak of would be taking the hands of the Congress out of the Social Security taxes that we pay every year and not let them spend any more of it. That is not going to happen as long as the present dishonest politicians we have are in control.
What happened last week as to the money not being paid into SS by the workers of this country is almost as stupid as the Congress spending what they called Social Security surplus for over 60 years. They spent over $3 trillion of that SS money in that period and that is why SS is in the hole today. They did insert worthless IOUs into the fund box but who ever believed they would pay it back? I knew they wouldn't raise taxes to pay off that debt but many of the Democrat persuasion never did manage to see it happening.
?????????????? franks and beans ....franks and beans...
You know that $14 trillion debt you wingnuts like to pount at. The trust fund debt are part of that. Please don't try to imply that debt is in addition to the national debt.The programs are not broken as you claim, minor tinkering with funding fixes them. Mismanagement of the debt of this country has no effect on the viability of either program.
You wimgnuts sound a bit like deadbeats, when you borrow money you repay it. Stop talking about ways to stiff repayment to the trust funds.
Sorry, I am not a WINGNUT.............and I blame both filthy, insane parties for the sad shape this once fine country is in.
The national debt..........uh, try 15.2 trillion.......scheduled to be 20-22 trillion by the end of 2016.
If they could FIX things with some MINOR TINKERING, well...they better get crackin.
The SS Trust fund.........well, in the true sense of the word it does not exist. A trust fund is a fund, with tangible assets, that is in place to support said program when needed. LOL, the SSPHONYTRUSTFUND has no tangible assets. The government is gauranteeing government debt..........with..........wah-lah, more government debt.
They want you to lose faith in the program so you will allow them to kill it. And it's working. Your kids will be taking a 20% cut in benefits because to few people know the truth that SS is sound but has a correctable long term deficit that could be eliminated by lifting the tax cap on high incomes.
This is the honest to God truth. I believe it's likely the best example of how stupid American voters are.
So, when you lift the cap, are you going to also pay out a proportional increase to those who are forced to pay in more??? If not....well then. nice way to establish yet another welfare-type program.
From what I have read, the raising of the income level capped would only be a drop in the bucket of what is needed.....would still need to make other adjustments.
Soc Sec is solvent, and will be for a while. However, there will have to be adjustments made soon, to keep it that way. For those of you who want to know about it, read the reports from people who actually know something about it, rather than some random poster's rant about it.
So, when you lift the cap, are you going to also pay out a proportional increase to those who are forced to pay in more??? If not....well then. nice way to establish yet another welfare-type program.
From what I have read, the raising of the income level capped would only be a drop in the bucket of what is needed.....would still need to make other adjustments.
Well then POST where you heard it's a drop in the bucket?????? You will not be able to because what you BELIEVE is pure B.S.
Here is the Washington Post agreeing with what I claimed. In detail, with various benefit options.
completely eliminating the cap without increasing benefits actually creates a long-term surplus, and eliminating the cap while increasing benefits comes close.
Last edited by padcrasher; 12-26-2011 at 07:32 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
