Posted on 03/15/2010 6:52:20 AM PDT by TigerLikesRooster
Obama May Have to Borrow From Overseas to Pay Social Security IOUs
Monday, March 15, 2010 07:31 AM
The retirement nest egg of an entire generation is stashed away in Parkersburg, W.Va., a small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.
It's time to start cashing them in.
For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.
Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.
Sounds like a good time to start tapping the nest egg.
Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors.
In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg's municipal offices.
(Excerpt) Read more at moneynews.com ...
P!
Sooooooooooooooo......who is dumb enough to lend him the money?
Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors.
People spend years in jail for far less. It is time for payback. It is the old and overused myth of the social security trust fund.
It never was a fund, and trust and government shouldn’t ever be found in the same sentence, unless it is in the sentence of a court against house and senate members responsible for the continued raping of the “fund” and contributors, not to mention the financial faith, confidence, and well being of the richest nation on the face of the earth.
Isn't that more or less the same thing as a "regular" guy using his VISA card to pay off his MasterCard balance? (i.e. A REALLY stupid idea?)
Just give Parkersburg to Greece.
Problem solved.
The Social Security IOU’s are going to be paid? This IS good news!
But all these IOU’s will be owned by the Russians, Saudi Arabians and Chinese? Now that is troubling....
Actually, it's the government using your VISA card to pay off their MasterCard.
Well, you can’t really borrow money from yourself, even if you really do beleive your own line of BS.
Ultimately, if you are not going to carry the can yourself, you have to find someone else to carry it.
Now I know where that "lock box" is stored. ;-)
The SS bonds are backed by the full faith and credit of the Chi-coms.
Now I know where that “lock box” is stored. ;-) .......................... Haven’t you heard, that’s Obama’s stash.
There may be some short term borrowing, but long term I fully expect congresscritters to enact means testing, meaning if you make more than $10K a year, own your home or have a net worth over a dollar and a quarter, wave bye-bye to all the money you paid into Socialist (in)Security. You won't see one penny of it. They'll also raise the age of eligibility to the point where most folks die off long before they ever collect one red cent.
I'd gladly, nay, gleefully give the gubmint every dime I've paid into the Socialist (in)Security Ponzi scheme over the past 30 years if they would just let me out! I'm about to turn 47 and there is still time for me to significantly add to my own retirement funds if only I didn't have to pay both sides of Socialist (in)Security.
The bonds are really ledgerbook entries. (paper bonds aren’t issued much anymore, with the exception of savings bonds) But, some resident curmudgeon some years ago kept pestering the federal government about the social security trust fund and so on, and in answer to him, they printed up a few bonds and stuffed them in a file cabinet.
They aren’t negotiable so aren’t worth stealing, they aren’t marketable in the secondary market. In effect they are a ream of paper stating “We owe this much money”.
The sooner SS goes bankrupt, the better.
I am “deemed” to start collecting SS in 2035 (which I would not accept since it is stolen property in my opinion).
I hope by that time SS will be gone and we (and our paychecks) will be left alone to take care of our selves.
Dream on; if present trends continue, you will be deemed to be property of the state and required to work as long as you are determined to be productive. Your pay will mostly be taxed (confiscated) and you will be left with a pittance due to the largess of the state...
How much money is represented by the payrolls of those high pay jobs that are no longer??
Lay off thousands of people in Wall Street, and lose 12.4 % of that gross payroll as a contribution to Social Security==6.2% from each of the employee and the employer.
With over 5 million umemployed, this has to represent a very large amount of dollars not being sent to Social Security on a weekly or monthly basis.
Good thing he locked up that offshore oil drilling. Wouldn’t want to make any oil royalties when you can borrow.
Pray for America
Ping
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