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To: taildragger

Thank LBJ for this when he supported and executed the raiding of the S.S. trust funds by mixing with the general funds.


3 posted on 06/11/2009 8:52:43 AM PDT by Old Badger (After this sorry election, boy do opportunities abound!)
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To: Old Badger
Thank LBJ for this when he supported and executed the raiding of the S.S. trust funds by mixing with the general funds.

Thank FDR for this government run debacle in the first place.

6 posted on 06/11/2009 9:03:44 AM PDT by EGPWS (Trust in God, question everyone else)
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To: Old Badger
That really isn't the problem with SS. The system is unsustainable as currently structured. In 1950 there were 16 workders for every retiree; today there are 3.3; and by 2030 it will be 2.

SS is a pay as you go system. After all of the revenue is collected from the payroll taxes and benefits paid, the so-called "surplus" is deposited into the General Fund. In return, Treasury issues non-market, interest bearing T-bills into the SS Trust Fund. So technically, the SSTF has assets, but they represent an unfunded liability because the USG must come up with the money to redeem them from the General Fund. This is why the SSTF is included in the national debt under Intragovernmental Holdings as distinguished from the publicly held debt.

In the early 1980s, SS went into the red, i.e., it was paying out more than it was taking in. Reagan and Tip O'Neill agreed to a bill that raised taxes and decreased benefits, including changing the age for full benefits from 65 to 67 on a phased in basis.

SS is a Ponzi scheme. We need to privatize most of it leaving a small defined benefit program to take care of survivors and those with disabilities. And the USG no longer has a liabilty program and the individual accummulates personal wealth.

7 posted on 06/11/2009 9:06:10 AM PDT by kabar
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To: Old Badger
Hey! Give LBJ a break. He needed to fund the Viet Nam war, and Barney Franks sodomites partners and ACORN criminals and ......on and on

When Senator Moynihan, (a Dem with a PHD in Economics) proposed managed Social Security Savings accts to update the system and improve it's perfromance Xlinton demurred 'cause he wanted to keep using Social Security as a political club to beat up the GOP! It used to be called FICA, Federal Insurance Company of America where a person would pay in order to have an insurance annuity for old age. Now Obimbo calls it an entitlement which needs to be directed to the hand out croud.

PHOOEY!

8 posted on 06/11/2009 9:10:41 AM PDT by Young Werther (Julius Caesar (Quae Cum Ita Sunt. Since these things are so.))
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