Posted on 07/14/2011 7:11:01 AM PDT by bestintxas
President Obama said yesterday, "I cannot guarantee that [Social Security] checks go out on August 3rd, if we haven't resolved this [debt ceiling] issue. Because there may simply not be the money in the coffers to do it."
We've been told by Democrats and liberal economists that the Social Security Trust Fund exists.
The official Social Security Administration website claims, "By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government," and, "Far from being 'worthless IOUs,' the investments held by the trust funds are backed by the full faith and credit of the U. S. Government."
Let's ignore, for the moment, the president's many options, such as cutting payments to his cronies and government bureaucrats. Instead of starving grandma, why doesn't President Obama just tap into the Social Security Trust Fund like he recently tapped into the oil reserves?
You mean to tell me, the Social Security Trust Fund doesn't really exist? I'm shocked!
(Excerpt) Read more at community.history.com ...
I disagree. The full faith and credit behind the Special Issue Bonds are an even stronger full faith and credit than that backing the T-bills. ‘Cuz the interest rate paid on the two is different, the T-bill buyer should expect his higher interest T-bills are the riskier investment!
The total debt is the $14.5 trillion often mentioned. Lots of people talk about the unfunded liabilities that will come due in future years without specifying what number of future years they are counting. That's where those huge numbers come from.
The present debt owed to SS is about $2.5 trillion, and the system as is will be solvent until 2037 (assuming the government pays back the $2.5 trillion over the years when current year SS receipts aren't enough to meet current year payouts.
2010 was the first year that SS receipts feel short and the government had to pay back $30 - 40 billion to SS and will probably have to pay back some amount each year until 2037.
Medicare is the program that is really underfunded and will only get worse.
ok - have a nice life.
Plus, why are we giving $$ to terrorist countries, and Planned Parenthood, and other evil groups?
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