CBO – The Coming Raid on Social Security

BRUCE KRASTING ^ | 02/12/2013

[Lurker]

There is no “trust fund”.

There never has been a “trust fund”.

There never will be a “trust fund”.

[whitedog57]

Bruce Kasterling is a leftist blowhard. All his ideas are more of the same: tax the rich, don’t cut benefits. FU.

[freedumb2003]

Anyone under 55 who thinks he/she will see a DIME of SS is living in fantasyland.

When people are paying over 50% of their gross income for SS alone, it will end.

My worry is they will Federalize 401(K)s

[eyeamok]

I have an idea that will fix this problem and will restore Social Security, immediately SEIZE ALL ASSETS of Every last member of Congress, The Administration, and Their Families if any wealth was passed down, like the Kennedy’s, going back to the first Day they STARTED STEALING THE MONEY and REPLACING IT WITH WORTHLESS IOU’S.

[GeronL]

They gonna steal all those IOU’s?

[cripplecreek]

LOL aren’t the raiders going to be surprised.

[MisterArtery]

Well, actually there was. Don’t know if it was called that but the SS taxes collected were not touched and earning interest until Windy Lyndy Johnson and the band of usual Democrats decided to use them to fund the Great Society and pay SS benefits out of the general fund.

[cripplecreek]

Well, there’s always the highway fund.

Oh wait.

[RoosterRedux]

This is Obama's way to strike at old white people.

Those who know...know Obama is at war with America. And this is an easy way to strike at its core.

Strike the heart of America...and America will die (or at least, that is what Obama thinks).

Frankly, I am impressed that he has (or his handlers have) thought this through so thoroughly.

I'm impressed. They've done their analyses, they've implement their programs, they're now about to wage war against us.

And we just sit here...waiting to get hit.

Wake up...let's get ready to hit back.

Can I get an amen...will any of you freepmail me about this?

[sten]

if its drying up in 15 years... 10-14 yrs short for me... then why should I continue paying now?

[abb]

You are correct.

http://www.ssa.gov/history/BudgetTreatment.html

From the beginning of the Social Security program its transactions were reported by the administration as a separate function in the budget. This is sometimes described in present usage by saying that the Social Security program was “off-budget.” This was the budget representation of the Social Security program from its creation in 1935 until 1968.

“On-Budget”-

In early 1968 President Lyndon Johnson made a change in the budget presentation by including Social Security and all other trust funds in a”unified budget.” This is likewise sometimes described by saying that Social Security was placed “on-budget.”

[SeekAndFind]

RE: then why should I continue paying now?

If you are on a salary, it’s automatically taken off your salary anyway via the payroll tax.

If you have your own business, you have the IRS to contend with.

[sten]

so... either theft or a gun to my head is the reason

check

[Ruy Dias de Bivar]

Here is the promise from 1964!

http://www.ssa.gov/history/ssa/usa1964-2.html

Self-Supporting

“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.

Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”

And HERE is where your money went! Read and weep.

http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4

[DManA]

Good start. How about everyone he has EVER BEEN a member of congress. They really don’t cash in until they “retire”.

[muawiyah]

All SS FICA has been used to purchase US bonds ~ which means that the gub'mnt already borrowed it.

I was around at the time the last big change was made to SS ~ under Ronaldus Magnus. It was pointed out at the time there was the possibility that if America's workforce subject to FICA were sufficiently prosperous they could actually buy up 100% of the national debt.

Subsequently the big payout to the Baby Boomers began and that means the bonds must be sold (to others) to pay the benefits due.

The Great Obama Recession is restricting growth in private sector employment, and with that destroying the opportunity for Americans to be prosperous and make those FICA payments.

The solution is obvious ~ transfer ownership of federal property to the SS funds and begin selling it off to pay the benefits required by law.

In the end we'll end up with a federal government with dramatically reduced property.

[publius911]

The Obama Flying Monkeys keep hammering on the myth that Social Security, Disability and Medicaid are all inseperable and eternal. Until recently they weren't and the outlook was not bleak.

Disability has exploded in the last 8 years (there are no means testing or fraud investigators) permanent Disability is being abused beyond credibility. All it takes is an unethical doctor the purchase of a cane and the crooks no longer have to deal with nasty stuff, personal responsibility, employment, child support or any of the responsibilities of citizenship.

Try to find the annual numbers on permanent disability for the last 12 years. Good luck. My sense is it has tripled in the last 12 years, and it is 80% fraud. I personally know of a few cases where permanent disability has been "won" by unemployed (and unemployable) people who have never held a permanent job and, while on multiple welfare programs visit casinos and buy groceries I haven't been able to buy for years. If taxpayer money were not the only source of these abuses, I wouldn't care one iota.

If bare subsistence is too "demeaning to" expect from the indolent or the fraud-prone, where is my "equal protection?"

Same thing with Medicaid. Why was that shoved into medicare, although it is welfare with a catchy name? Totally non-contributory. I don't care how much Obama spends, just move it back to the welfare packages, where it is clear and can be debated without bankrupting "Social Security" (the original program that workers pay for 40 or more years.)

[VRW Conspirator]

There is no “trust fund”.

Lock box with no lock.

[publius911]

Given that discrepancy between the trust funds’ operation and the baseline’s assumption, CBO is not providing DI or combined trust fund totals for the year of exhaustion and thereafter.

Most people don't grasp the role of the CBO, nor its limitations. All analyses by the CBO MUST accept the baseline assumptions and projections provided to it by Congress. It may not challenge nor change them even if the assumtions and projections are absurd; WHICH THEY ARE, MORE OFTEN THAN NOT.

Let's put the blame where it belongs. On both the criminal constituents of Congress.