The Government Has Borrowed $1.7 Trillion From The Social Security Trust Fund. The government has borrowed the total value of the Trust Fund to pay for other government spending.
SS benefits could be the first to go in a matter of days if the US defaults
- Thread starter Guno צְבִי
- Start date
The Government Has Borrowed $1.7 Trillion From The Social Security Trust Fund. The government has borrowed the total value of the Trust Fund to pay for other government spending.
Exactly my point which you blew off with your rant about how the Republicans take no responsibility and everything is the fucking Democrats fault.
Plebes? Is that what the WSE militias call their new
SmarterthanYou
rebel
and those who use lame memes
A person who uses lame memes is a plebe? Do you have a Special Agent dictionary that is different from Merriem-Webster's, Special Agent STY?
https://www.merriam-webster.com/dictionary/plebe
a freshman at a military or naval academy
Bigdog
Harris - make America a 3rd world shithole
Yep, it was that Socialist pig LBJ and the greedy Democrats that destroyed the SS lockbox and merged SS money with the general funds.
I'm so glad you posted that.
Yep, it was that Socialist pig LBJ and the greedy Democrats that destroyed the SS lockbox and merged SS money with the general funds.
I'm so glad you posted that.
Are you planning to shoot up your retirement home, pup? I hear they are full of liberals. All those do-gooders caring for bitter old farts like you.
No conservative would ever work in a charity, a shelter or a old folks home. They're all liberals.
T. A. Gardner
Serial Thread Killer
In the case of Social Security, it is the Democrat's fault. LBJ looted the trust fund to pay for his massively failed "Great Society" and "Model Cities" programs. Ever since, Congress has used Social Security as a slush fund to pay for their pet projects. That's the only reason there isn't money in the fund to pay out to people. Instead, it is now a pay-as-you-go program and running out of money.
That was initially and entirely the Democrats fault. Now both parties do it, but the lion's share of the blame goes to Democrats and LBJ.
Terry, LBJ is not only dead, but hasn't been President since 1968. That's well over 50 years ago. How many Republican Presidents and Congresses have we had since then?
You're free to blame dead Democrats all you like along with legislation from over half a century ago. I'm free to say you look both silly and desperate doing it.
NiftyNiblick
1960s Chick Magnet
I wonder how many people who depend on government entitlements or whose parents depend on them
nonetheless voted for Republican congressmen.
The abject stupidity that intellectually cripples so many Americans today
makes it completely impossible
to have any faith in the future of this republic.
With partition, we could let the red states go down by themselves.
Without it, the whole thing goes down, and relatively soon.
nonetheless voted for Republican congressmen.
The abject stupidity that intellectually cripples so many Americans today
makes it completely impossible
to have any faith in the future of this republic.
With partition, we could let the red states go down by themselves.
Without it, the whole thing goes down, and relatively soon.
T. A. Gardner
Serial Thread Killer
Many of the worthless and costly programs he started are still with us today. Problems in government aren't usually ones that started yesterday...
That is somewhat of a distortion. The original SS law provided that any surplus in the SS trust fund would be placed in special treasuries and earn interest. It was basically a pay-as-you-go system with no surplus revenues. In the 1980's government realized when the baby boomers began retiring (2010-2030) SS benefits would exceed revenues and raised SS contributions to 6.2%.
Over the years it accumulated a $2.7 trillion surplus. The money was both invested (treasuries drawing interest) and borrowed since money that buy treasuries is used for general operations. The alternative would be for the government to borrow the money by selling treasuries on the open market and the trillions in surplus funds sitting there drawing no interest.
SS benefits now exceed revenues and the treasuries in the trust fund are being redeemed to cover the difference. That redemption requires more borrowing to pay the treasuries. It is part of the intergovernmental debt rather than the public debt. Congress cannot borrow from SS revenue since there is no surplus to borrow.
By about 2035 the surplus will be depleted and revenues will only cover about 70% of benefits.
So, nobody did anything improper or cause problems with SS benefits by borrowing the money. The main problems were caused by a decline in the birth rate (fewer workers per retiree), longer life span, and Congress being too generous by continuing to add new benefits and beneficiaries (spouses, widows and orphans, cost-of-living increases, early retirement at 62, etc.).
It is no different than the other $30 trillion government borrowed through selling bonds, bills, notes.
Not true. See post #32. All the money is still there in government treasuries just as if you included treasury bonds in your retirement account. Government borrowed that money for you and pays it back with interest.
Yep, it was that Socialist pig LBJ and the greedy Democrats that destroyed the SS lockbox and merged SS money with the general funds.
I'm so glad you posted that.
LBJ just included SS in the total budget. Funds were not merged in the general fund and the trust fund only gets revenue and pays for benefits from SS taxes. See the SS trust fund reports.
Why would Romig state a blatant lie as that when it’s so easily debunked?
And why would Insider report that as if it’s true? Did they join the Fake News corps?
I get at least $2500 a month.
The post refers to SSI (Supplemental Security Income) and not Social Security retirement benefits. SSI is for disabled.
floridafan
Verified User
The passing of a debt ceiling increase should and must be automatic, with no strings attached. Like we did multiple times during the Trump years.
Guno צְבִי
We fight, We win, Am Yisrael Chai
SSI not SS
Supplemental Security Income (SSI)
The Supplemental Security Income (SSI) program provides monthly payments to adults and children with a disability or blindness who have income and resources below specific financial limits. SSI payments are also made to people age 65 and older without disabilities who meet the financial qualifications.
floridafan
Verified User
SSI, is supplemental SS income. It has nothing to do with regular SS.
Interesting that you think the Republican Party has no responsibility for our government over the past 50+ years. Is that how you approached your duties in the United States Navy, Terry? "I'm not responsible"?
I can see how an elderly, demented person might think so but not a 20 year Navy Chief Petty Officer.
Maybe it's all the Bud Light drinking that changed you?