[american spirit]

I can't do that because I don't think there's anything in any lockbox except some fedgov IOU's which is more debt that'll need repaid down the road.

[Toddsterpatriot]

I can't do that because I don't think there's anything in any lockbox except some fedgov IOU's

Interesting. You admit there are no assets in the lockbox.

On a balance sheet if you zero out an asset on the left side you have to reduce liabilities by the same amount on the right side. That's why our debt is $4,796,439,080,289.52. The Republicans (well not the ones in power now) benefit from using the larger $8,416,174,438,670.69 figure because they can say, look, the debt is enormous, we should spend less. The Democrats benefit from using the larger number because they can pretend the Social Security Trust Fund hasn't been spent (stolen). They can point at the $8,416,174,438,670.69 figure and say we should tax more.

Don't believe either one of them.

[ancient_geezer]

I can't do that because I don't think there's anything in any lockbox except some fedgov IOU's which is more debt that'll need repaid down the road.

Definitely no lockbox, it has all been spent as it comes in.

Any SS payroll tax revenues in excess of current benefit payments are spent on non-Social Security programs and activities by according to the Social Security Trust Fund trustees.

 

 

All social security monies have been spent. That's why Social Security obligations add to the government debt by the way, Congress borrows from the "Lockbox" by selling the Trustees certificates of indebtedness to draw against future general revenues and uses the SS payroll tax revenues to pay for other programs and functions of government.

As a consequence Social Security benefits, required to be paid by law, must be appropriated from the general revenues on and annual basis instead from the Social Security revenues in the trust fund established, supposedly, from payroll taxes.