THERE IS NOT SOME FEDERAL BANK ACCOUNT WITH A FEW TILLION LAYING IN IT!!!
this whole thing is a lie. All SS has are a bunch of BIG FAT IOUs
“the Social Security trust fund”
There lies the deceit. There is no Trust Fund. It was raided long ago. Now its a pay as you go IOU.
The problem isn’t the amount in the fabled Trust Fund, it’s the cash flow. When SS taxes exceeded the amount needed to pay benefits, SS gave the money to the government in return for IOUs. It didn’t invest in anything with market-determined value; it got a guarantee out of the “full faith and credit” of the Treasury. So, funding SS, regardless of the state of the Trust Fund, is an exercise in how large a deficit we are willing to run.
The size of the deficit we run is more than a matter of decency. It is linked, ultimately, to the US’ credit rating, to interest rates and to the value of the dollar. That will be completely unaffected by the book account known as the Trust Fund.
97% of the economics community agree that SS is and will remain solvent. Those “deniers” who say otherwise are *obviously* in the pay of greedy corporations that want SS to fail so they can hurt people.
That just means they’ll pop the cap sooner.
Social Security owns 16% of the National Debt ( http://www.forbes.com/sites/mikepatton/2014/10/28/who-owns-the-most-u-s-debt/ ) I wonder how this will play out if they are determined insolvent,
And whose fault is that? Social Security, as first conceived, was supposed to be a minimum, basic, last line of defense against total abject poverty in old age, and for the first few years of its existence, that is exactly what it was. Social Security was never meant or intended to be a substitute for a pension or savings, but as a transfer from the Federal Government to the “poor farms” where the very old or indigent were sent, and located in every county of the nation, as well as “alms-houses” in larger cities that were usually run by a non-profit organization.
The big deal was, that only a small part of the population ever lived long enough to collect Social Security, and once they had, their life expectancy was measured in months or maybe a few years. Now, routinely, we have people living well up into their 90’s or beyond, collecting from Social Security for more years than they ever spent in the workplace.
We are fast reaching a point where it is as if Social Security never existed.
I personally know a construction worker who has been drawing disability for years when he could easily be working a desk job or any other job that doesn't involve heavy labor. Although I should say that this guy belongs to a gym and works out regularly, so even the "no heavy lifting" restriction is in question.
It's too easy for somebody to go to the doctor claiming "back pain" or whatnot and getting strung out on pain pills (which can lead straight to heroin) paid for by Medicaid and SSI. Millions upon millions of our young people are existing this way and that is no exaggeration.
Add 33 million illegals to the roles and recalculate.
Not at all. Bringing 12 million illegals onto the books will solve it.
The Democrats aborted all their children and gladly accept the able bodies from central America to fill the void.
Go to any Social Security office and black gang bangers will outnumber seniors...
What percentage of Baltimore is ‘disabled’?
Socialist ponzi schemes always run out of money eventually.
Usually sooner rather than later.
The disability fakers accelerated its death.
Don’t bother with Rick Moran’s ripped off excerpt from CNBC. Read the whole article here: http://www.cnbc.com/id/102659216
I’ve heard that there is a huge amount, perhaps as much as $10 trillion, which Americans have saved in IRA accounts, and other retirement accounts such as 401K accounts.
I’ve heard that there are long range plans, for laws regarding these accounts to change. And the plan is that we will all be compelled to invest these types of savings in government bonds of some sort.
Under such a plan, Social Security will be “saved” for a time with the savings each of us has put aside for our retirement.
I haven’t heard much talk of this sort of thing recently, but, with trillions set aside in retirement accounts, and with Social Security becoming insolvent, something like this could happen. Both Democrat and Republican politicians may see it as irresistible, to take over all of our retirement savings.
As to how they do this, I’m not sure. But my guess would be that you will lose your tax deductions for these types of savings, unless you invest in government bonds. They will take away the incentive for retirement savings which is currently in the tax code, unless you give your money to Uncle Sam for “safekeeping”.
What nonsense. Social Security is a federal program like any other as far budgeting is concerned. Congress will fund it and that will be that.
As a side note to this thread, consider that if the 17th Amendment had never been ratified then the bill that established Social Security would probably been killed by the Senate as per the following explanation.
Although I question the motives of FDR era justices, these justices had evidently made the same mistake in interpreting the Constitution’s General Welfare Clause (GWC; 1.8.1) in deciding the constitutionality of Social Security that the 14th Congress had made in trying to use the GWC to justify its federal public works bill.
More specifically, President Madison, generally regarded as the father of the Constitution, had vetoed Congress’s bill to build roads and canals which Congress had used its “specific power” of the GWC to justify. But as Madison had put it, the problem with Congress using the GWC to justify building roads and canals is that the GWC was not intended to be interpreted as a delegation of specific power to Congress.
”To refer the power in question to the clause "to provide for common defense and general welfare" would be contrary to the established and consistent rules of interpretation, as rendering the special and careful enumeration of powers which follow the clause nugatory and improper. Such a view of the Constitution would have the effect of giving to Congress a general power of legislation instead of the defined and limited one hitherto understood to belong to them, the terms "common defense and general welfare" embracing every object and act within the purview of a legislative trust.” —President James Madison, Veto of federal public works bill, March 3, 1817.
So based on Madison’s words, the GWC is nothing more than an introductory clause for the clauses which follow it in Section 8 which do enumerate specific powers.
Also note that both the FDR era 74th Congress which wrongly passed the bill that established Social Security without constitutional justification, and the 111th Congress which likewise wrongly passed Obamacare without justification, had also wrongly ignored the option to lead Congress to propose appropriate amendments to Constitution to the states to establish such spending programs. And if the states had chosen to ratify such amendments then Congress would have the constitutional authority that it needs to establish these programs.
The 17th Amendment needs to disappear, and a bunch of corrupt senators along with it.
Here are 2 articles on how to solve the stealing of our money. Congress naturally wants no part of it as they have you pay their pensions.
http://www.nytimes.com/2011/09/18/us/how-privatized-social-security-works-in-galveston.html
But.....but.....what about the “Lockbox”?