I want to know. Let's do some fact checking here. Keep your opinions to yourselves and let's practice using logic and referenced data.
From
Social Security Facts - A Noir World
Virtually no one understands how Social Security works. We’ve allowed our politicians to label it an “Entitlement” program lumped in with welfare. Your Social Security is not welfare. There are no tax monies spent on Social Security. It all comes from your check. The information I’m presenting is from the government SS web site you can find here.
http://www.ssa.gov/finance/2010/Fina...Statements.pdf
*Keep in mind your Social Security is broken into two programs - Old Age and Survivors Insurance (OASI) and Disability Insurance (DI). These combine into the overall program, SSA. Now read this:
“Daily deposits received by the OASI and DI which are not required to meet current expenditures are invested in interest bearing obligations of the U.S. government”.
This tells us weekly surplus money is used to buy Treasury Bills. In other words, the government immediately removes extra money and replaces it with an I.O.U. No matter how much you pay into the system, only the EXACT amount needed to write checks this week remains.
Now read this under Section 5 of the report:
“The U.S. Treasury does not set aside financial assets to cover its liabilities associated with the OASI and DI trust funds. The cash received from the OASI and DI trust funds for investment in these securities is used by the U.S. Treasury for general Government purposes”.*
It’s telling us the money borrowed from your Social Security is spent as general tax revenue. You are paying money into a retirement system but the Government spends everything not needed this week by issuing you an I.O.U. The Government borrows your money, leaves you a Treasury Bill, and then immediately spends what they borrowed.
Section 5 goes on to say:
“When the OASI and DI trust funds require redemption of these securities to make expenditures, the Government finances those expenditures out of accumulated cash balances, by raising taxes, by borrowing from the public, or repaying less debt”.
It’s telling you they took your retirement money, left you an I.O.U. and will now have to divert Federal Income Tax money to pay you back.*
How much money has the Government borrowed from your retirement system? Section 5 tells us:
“SSA’s investment in Special-Issue U.S. Treasury Securities is $2.586 Trillion as of Sept. 30, 2010”.
Now you know the truth. Rather than being nearly bankrupt as our politicians claim, your Social Security system is over $2.5 Trillion over-funded. The Government borrowed that amount because it was not needed.*
Why are we being lied to about the dire financial shape of the system? Because the Government spent your retirement and they don’t want to pay it back. Neither party is willing to raise taxes or cut other spending to repay your I.O.U.s. Make no mistake, this money is yours. If you had a bond to cash but the bank said they’d rather spend your money on something else, would you allow it? No, you would not. You’d tell the bank they’d damn well better give you your money. We should not allow the Government to steal our retirement money either.
The Social Security System is in extremely strong financial shape. Anyone who says otherwise is lying by proof of the Government’s own SS financial reports. Our politicians are trying to steal it from us if we’ll allow it. Only a fool would pay into a retirement system for years and then let someone take it away. Are you are fool? Speak up when you hear the lies. Don’t let*bureaucrats attack a retirement you paid for with your hard earned labor.*
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