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Do you believe the over $2.5 trillion dollars in US treasury bonds held in the Social Security trust fund are worthless? If so, do you believe that all US treasury bonds are worthless?
(If that's the case, please send any and every US treasury bond you have to me. I will even give you some money for these worthless "IOUs." How does half of the face value sound to you? Pretty fair, right? After all, an asset that is only backed by the full faith of the US government, which is generally recognized as the safest investment in the world, is just trash, right?)
SS is a slush fund ofr government projects. Always has been, just like the fund for the Federal Fuel tax. I think everyone is pretty much aware of this.
We have several threads on SS and the fraud that has been perpetuated on Americans since FDR.
SS is a slush fund ofr government projects. Always has been, just like the fund for the Federal Fuel tax. I think everyone is pretty much aware of this.
We have several threads on SS and the fraud that has been perpetuated on Americans since FDR.
I know we have lots of threads on this. Those threads have made it very clear that many don't quite understand what the Social Security trust fund is. The purpose of this thread is to specifically focus on the trust fund. Words like "slush fund", "Ponzi scheme", etc. sound good, but do you know what assets SS actually has? Please vote on whether or not you think these assets are worthless.
They may not be worthless now, but they will be after we go into hyperinflation.
If we went into hyperinflation, they'd be worthless. I agree. But then so would dollar bills. So are you using your dollars to start fires now? I'm not. I'm holding onto them on the very outside chance that we dont' go into hyperinflation. For now, I want to protect that very valuable trust fund from raiders. I have to hand it to them. It's very clever of the would be raiders to try to convince people that it's already been raided so they can get at more easily.
There is no trust fund, there never was. It was a slush fund that the politicians raided for every pet project under the sun. SS is worse than a Ponzi scheme, because at least a Ponzi scheme isn't mandatory, SS is.
There is no trust fund, there never was. It was a slush fund that the politicians raided for every pet project under the sun. SS is worse than a Ponzi scheme, because at least a Ponzi scheme isn't mandatory, SS is.
Birch, please back up what you're saying with a source. There is a trust fund of over $2.5 trillion dollars of US treasury bonds. You can argue that these are "worthless" and explain your reasoning, but you're not going to find anyone with even a modicum of real knowledge on this topic who says it doesn't exist.
There is no "trust fund", the money that was collected by social security taxes and not spent as part of SS operating expenses, has been spent as general revenue. This money was replaced with IOUs in the form of US treasury bonds. These bonds will need to be paid back by the US taxpayer.
I'm thinking I need to start an investment company on this principle. You give me money, that I go spend on whatever I want. Then when you want you're money back, I take more from you, plus interest, to do so.
Birch, please back up what you're saying with a source. There is a trust fund of over $2.5 trillion dollars of US treasury bonds. You can argue that these are "worthless" and explain your reasoning, but you're not going to find anyone with even a modicum of real knowledge on this topic who says it doesn't exist.
The SS bonds are NOT regular US Saving bonds.
They are for SS alone.
The problem is the Treasury is redeeming then now and the money has to be borrowed because the gov't is broke.
Each time they borrow the U.S. debt INCREASES.
We are on the edge where the revenues are not enough to cover our expenditures.
There is no "trust fund", the money that was collected by social security taxes and not spent as part of SS operating expenses, has been spent as general revenue. This money was replaced with IOUs in the form of US treasury bonds. These bonds will need to be paid back by the US taxpayer.
I'm thinking I need to start an investment company on this principle. You give me money, that I go spend on whatever I want. Then when you want you're money back, I take more from you, plus interest, to do so.
It's not general revenue. Since 1983, SS has purchased US treasury bonds with the surplus it takes in from payroll taxes. It currently holds just over $2.5 trillion dollars worth.
Yes, a US treasury bond is in some ways an IOU from the US government. IOUs from the US government are globally recognized as the safest investment one can make. That's why China has purchased over $2 trillion worth of IOUs. Apparently they think they have some value.
I take it you want to forfiet yours? Do you happen to own any other US treasury bonds? If you do, would you be so kind as to mail them to me? I will pay you for the postage and your troubles.
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that we dont' go into hyperinflation. For now, I want to protect that very valuable trust fund from raiders. I have to hand it to them. It's very clever of the would be raiders to try to convince people that it's already been raided so they can get at more easily.
