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Anyone who relies upon Social Security, or plans too in the future, needs to look at the current budget situation as a warning..
They continue to tell you all of the money is locked away in a trust fund, secured until, last date published 2037, but ask yourself.. is it?
If there was enough money in the Social Security trust fund to last another 26 years, then why are there warnmings that if the budget and debt ceiling isnt raised, Social Security checks might not be issued?
Social Security is a DIFFERENT budget than the general operating fund, so one budget deficit, shouldnt stop another budget from issuing checks.
Take this as a warning to everyone planning to rely upon SS for their reitrement. THERE IS NO TRUST FUND..
Anyone who relies upon Social Security, or plans too in the future, needs to look at the current budget situation as a warning..
They continue to tell you all of the money is locked away in a trust fund, secured until, last date published 2037, but ask yourself.. is it?
If there was enough money in the Social Security trust fund to last another 26 years, then why are there warnmings that if the budget and debt ceiling isnt raised, Social Security checks might not be issued?
Social Security is a DIFFERENT budget than the general operating fund, so one budget deficit, shouldnt stop another budget from issuing checks.
Take this as a warning to everyone planning to rely upon SS for their reitrement. THERE IS NO TRUST FUND..
The SS trust fund is filled with TREASURY NOTES that can be redeemed when needed and MUST be paid according to the 14th Amendment as legitimate DEBTS of the United States.
Because the Trust Fund is full of non-negotiable Treasury bonds..IOU's put there when Congress "borrowed" the surplus revenue that came in there. Since Clinton Congress has been "borrowing" the surplus SS revenue after monthly payments went out.
Now that we are broke, Congress is deciding to cut back on SS because there is no assets in there.
Like it's our fault ?
The SS trust fund is filled with TREASURY NOTES that can be redeemed when needed and MUST be paid according to the 14th Amendment as legitimate DEBTS of the United States.
Obama himself said that Social Security checks might not be sent out because THERE IS NO MONEY to pay them. If the national debt defaults, the treasury notes are WORTHLESS..
Because the Trust Fund is full of non-negotiable Treasury bonds..IOU's put there when Congress "borrowed" the surplus revenue that came in there. Since Clinton Congress has been "borrowing" the surplus SS revenue after monthly payments went out.
Now that we are broke, Congress is deciding to cut back on SS because there is no assets in there.
Like it's our fault ?
Wow! I didn't know Clinton was Pres in the early 60s. Seems like only 12-14 years ago.
The SS trust fund is filled with TREASURY NOTES that can be redeemed when needed and MUST be paid according to the 14th Amendment as legitimate DEBTS of the United States.
Those are non-negotiable Treasuries, special bonds that cannot be sold on the open market.
it is peoples fault if they rely upon SS for their retirement and not make other arrangements.
SS is supposed to be a supplement. So one would count that as part of their complete retirement. Would you NOT count on $15-24K per year ?
That's like saying..you put into your 401K regularly but don't count on it to be there when you retire.
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