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To: JRandomFreeper
our money was stolen and spent. It's not there. It sucks, but that's reality.

Nonsense. Here is the way SS works. It is a pay as you go system. Today's workers pay for today's retirees. The money collected thru the payroll tax is deposited into the SSTF in the form of non-market, interest bearing T-bills. After benefits are paid, the "surplus" is left in the SSTF. SS has been running in the red since 2010. The SSTF has about $2.4 trillion in T-bills. The SSTF is part of the $17 trillion national debt and held in the account of "Intra-governmental Holdings." The SSTF T-bills are essentially the same as the T-bills China bought from us or the Fed.

Even if these T-bills in the SSTF were held in cash, SS would still be running a deficit and will eventually run out of money. SS is actuarily unsustainable. It is a Ponzi scheme. Benefits have to be cut or taxes raised or some combination thereof to make it sustainable.

73 posted on 10/08/2013 8:04:04 AM PDT by kabar
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To: kabar
SS money collected goes into the general fund via a swap for IOUs from the government.

/johnny

75 posted on 10/08/2013 8:05:50 AM PDT by JRandomFreeper (Gone Galt)
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