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FACT CHECK: Social Security adds to budget deficit
Pioneer Press ^ | 8-12-12 | AP

Posted on 08/12/2012 10:27:08 AM PDT by TurboZamboni

WASHINGTON—Now that Social Security is paying more in benefits than it collects in taxes, there is a fierce debate among politicians, academics and advocates about whether those shortfalls are adding to the federal budget deficit. The issue is important because the federal government's annual deficit already exceeds $1 trillion, making any more borrowing tough to swallow. If Social Security is adding to the government's financial problems, it becomes even more urgent to fix it.

"Over 77 years and now through 13 recessions, Social Security has not added one penny to our deficit or our debt," Rep. Xavier Becerra, D-Calif., said at a recent hearing by the House Ways and Means Social Security subcommittee. Becerra is the top Democrat on the panel.

"I believe that Social Security has not contributed one nickel to the deficit because it is funded by the payroll tax," Sen. Bernie Sanders, a Vermont independent who heads the Senate Social Security caucus, said in an interview.

(Excerpt) Read more at twincities.com ...


TOPICS: Business/Economy; Crime/Corruption; Government; Politics/Elections
KEYWORDS: broke; budget; debt; deficit
Rats lying, as usual:

$24.5 Trillion In US National Debt, $144 Trillion In Unfunded Liabilities In... 2015

http://www.freerepublic.com/focus/f-news/2645360/posts

1 posted on 08/12/2012 10:27:24 AM PDT by TurboZamboni
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To: TurboZamboni
Now that Social Security is paying more in benefits than it collects in taxes, there is a fierce debate among politicians, academics and advocates about whether those shortfalls are adding to the federal budget deficit.

Only in Bizzaro World.

2 posted on 08/12/2012 10:29:34 AM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: TurboZamboni

Just imagine if the government followed GAAP like every US company is required to do.

Wouldn’t the truth be refreshing?


3 posted on 08/12/2012 10:32:45 AM PDT by MV=PY (The Magic Question: Who's paying for it?)
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To: TurboZamboni

Add to that the approx $2.5 Trillion that government has borrowed from SS......They don’t talk much about that do they?


4 posted on 08/12/2012 10:34:01 AM PDT by RC2 (http://www.youtube.com/watch?v=nDMeDmV0ufU)
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To: E. Pluribus Unum

I assume they are listening to the “experts” at AARP, LOL.


5 posted on 08/12/2012 10:36:54 AM PDT by nascarnation
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To: RC2

Add to that the approx $2.5 Trillion that government has borrowed from SS......They don’t talk much about that do they?

They will be taking the fifth soon.


6 posted on 08/12/2012 10:38:04 AM PDT by mountainlion (I am voting for Sarah after getting screwed again by the DC Thugs.)
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To: TurboZamboni
Rats also forget to mention that they have not been collecting 2% of those taxes for the last two years....wonder how much that was....that was stealing from the system...clever.

And SS is for the first time running a deficient?? Geez....can you say "Obama made that happen"???

7 posted on 08/12/2012 10:41:32 AM PDT by Sacajaweau
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To: TurboZamboni

Becerra and Sanders are fools.

Remember all of those IOUs stuffed into the “Lockbox”?

Each one is a liability of the U.S. Government and each one MUST be paid for out of current receipts to the U.S. Treasury.

At least that is what Obama’s Chief of Staff (and former director of the OMB) Jack Lew has said. That is how it is described in the Budget of the United States (2008, the last one published).


8 posted on 08/12/2012 10:41:46 AM PDT by plangent
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To: TurboZamboni

With millions of potential taxpayers killed in the womb by abortion and now the Obama depression severely reducing the amount coming into SS because of unemployment, SS will not last the thirty years that was projected. And the nation will suffer its self-inflicted punishment.


9 posted on 08/12/2012 10:47:44 AM PDT by txrefugee
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To: TurboZamboni

Socialist Security and Medicare are the two greatest Ponzi schemes in the history of human civilization and they will be the millstones around our necks which will sink us.

The only way to ‘fix’ this problem is to STOP these programs now. Sure people will be screwed, because they “paid in”, but their money has already been spent. They have been robbed. We shouldn’t rob the future earnings from others and their children to cover up for earlier robbery by the politicians.


10 posted on 08/12/2012 10:53:17 AM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: Sacajaweau

SS has been running a deficit since 2010. It ran deficits in the early 1980s until Reagan struck a Faustian bargain with Tip O’Neill that increased taxes and reduced benefites—including raising the age for full benefits from 65 to 67.


11 posted on 08/12/2012 11:08:56 AM PDT by kabar
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To: TurboZamboni

For years, there was a surplus of social security taxes taken in vs benefits paid out. Politicians, being the scum of the earth that they are, used this surplus to partially finance their deficits. Now, they will have to actually have to borrow from someone to fund their deficits (as opposed to raiding the (ahem) ‘lock box’. Won’t stop them though.


12 posted on 08/12/2012 11:09:27 AM PDT by fhayek
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To: Sacajaweau

is this what you’re referring to?

http://www.freerepublic.com/focus/f-news/2823719/posts


13 posted on 08/12/2012 11:10:37 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: TurboZamboni
If corrupt dems force "ObamaCare' on us they'll do the same thing with that as they did with Social Security.

Democrats will tax us for 'health care' then take the money out of 'the box' as soon as it's dropped in. Just like they did with Social Security.

In a few years when boomers hit the age where health care costs skyrocket, they'll bemoan the fact that there's no money left. They'll act shocked that boomers health care costs more when they get older. They knew all along, but they'll lie.

There won't be money left because corrupt democrats will pretend the future isn't knowable - they'll spend every dime as it comes in and their shills in the MSM will pretend along with them... They destroy everything they touch.

14 posted on 08/12/2012 11:11:20 AM PDT by GOPJ (Freeper Neveronmywatch's convinced: Put a compass in the hands of a liberal it'll point south.)
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To: KoRn
The only way to ‘fix’ this problem is to STOP these programs now.

And the elderly living on them now. Do we kill them immediately or let them die slowly of exposure and stavation?

15 posted on 08/12/2012 11:24:23 AM PDT by Starstruck (Only the wealthy and the poor can afford socialism)
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To: KoRn; fhayek; Starstruck
First, stop 99% of Social Security Disability. That's the newest democrat scam to rob citizens. To rob the elderly and those who really are disabled in order to shunt the money over to inner city folks who have no intention of working - ever. The perpetual dependent ones. The people democrats hooked on dependency in the 60's and 70's.

Our team - conservatives - work to be fair. Fair IS NOT throwing those who gave into the system off the bus... Dems bankrupted the system - by taking money put in and spending it on their pet projects ( hint: project that pay off their pet victim group voters). There never was a 'lock box' just a place money dropped into and an IOU replaced it as it was falling.

People under 30 can be given a choice of privately funding their own retirement in an account that can't be touched or staying with what we have now... slowly we drop the current system and replace it with something honest. Something that will starve democrat hucksters who want to use every legitimate program to feed their addicted dependent ones... and pay their trolls to lie.

16 posted on 08/12/2012 11:52:00 AM PDT by GOPJ (Freeper Neveronmywatch's convinced: Put a compass in the hands of a liberal it'll point south.)
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To: TurboZamboni

when they stole the money from the social security fund, sloshed it into the general fund, and then spent every last dime of America’s savings...

THAT’S when it became attached to the yearly expenditure.

DO NOT let them separate the two. CONSTANTLY remind everyone that the yearly spending is all inclusive.

we bring in 2 trillion in tax revenues... yet our debt has been increasing by $2 trillion/yr for the last 3 1/2 yrs.

even the kids in remedial math will tell you .. 2 + 2 = 4

$4 trillion PER YEAR is what they are spending. regardless of whether or not it’s being spent on social security and other entitlement programs (which is 65% of the federal spending)


17 posted on 08/12/2012 12:00:04 PM PDT by sten (fighting tyranny never goes out of style)
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To: GOPJ
I agree. Social Security should never have come into being. Adding provisions like disability and dependent benefits should not have happened. I always had enough insurance to provide for my dependents even though I knew they were elgible for SS if something happened to me. I don't begrudge anyone who is legitimately entitled to anything the government makes available (including tax loopholes etc) even though I don't think the government should be redistibuting the wealth.

We need to elect people who truly want to start paring these programs back. Pick a reasonable age and start telling these people the truth. The ride is coming to the edge of the cliff so you better get off and walk on your own two feet.

18 posted on 08/12/2012 12:21:28 PM PDT by Starstruck (Only the wealthy and the poor can afford socialism)
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To: Starstruck
The problem isn't what's offered. Taking care of dependents when the primary bread winner dies might be something Americans want. Fine. But it needs to be run like insurance - which means it must be paid for.

My beef is with the usual scammers who have turned Social Security into a life long check for gang bangers, alcoholics, drug addicts, criminals etc. NOW THAT'S something Americans don't want their Social Security being used for. Few of us begrudge Social Security being used to help out a widow and her children. But we do object to supplying walking around money for dependent drug addicts who spend more on drugs than than most working people make... then use Social Security to pay the rent ( if that's not being paid by Uncle Sam already)

I have no idea Starstruck why you attack the things that people care about about Social Security and ignore the blind sick payoffs dems use Social Security for to buy votes from the ones they keep dependent and broken ...

19 posted on 08/12/2012 12:42:24 PM PDT by GOPJ (Freeper Neveronmywatch's convinced: Put a compass in the hands of a liberal it'll point south.)
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To: GOPJ
Where am I attacking what people care about in Social Security. You are the one who said it needs to be run like insurance - which means it must be paid for.How is that different than my suggestion that the breadwinner needs to have life insurance. Life insurance for a person who has children under 18 that would replace the social security amount they would get is not that much. The money you and your employer pay into SS is more than enough. What I am suggesting is not to end this program abruptly but in a series of changes.

The disability payments for those who have chosen a disabled lifestyle should end immediately.

20 posted on 08/12/2012 1:13:24 PM PDT by Starstruck (Only the wealthy and the poor can afford socialism)
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To: TurboZamboni

Social Security is not paying more in benefits than it takes in taxes. It is only true if you do not take everything Social Security tax brings in, but only that which they outlay to paying benefits. Social security now takes in more than 50% that goes into the general fund. The democrats do not count that. They now consider that theirs to play with. If Social Security was forced to leave that which they put into the general fund to benefits, we would be good for at least 30 years yet.


21 posted on 08/12/2012 3:21:12 PM PDT by maxwellsmart_agent
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To: Starstruck

Ryan said it best - we don’t destroy what people are depending on and have paid for - we make changes to the future program:

“My mom is a Medicare senior in Florida,” Ryan said. “Our point is we need to preserve their benefits, because government made promises to them that they’ve organized their retirements around.

http://www.freerepublic.com/focus/f-news/2917729/posts


22 posted on 08/12/2012 8:58:07 PM PDT by GOPJ (Freeper Neveronmywatch's convinced: Put a compass in the hands of a liberal it'll point south.)
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