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I hope social security does die.
Maybe then individuals will not plan their economic future based on an imaginary government safety net.
Safety net? 15 percent of every dollar I made was to be sat aside and I had no choice in the matter. It's not an entitlement program, it's a Ponzi scheme.
Nope... nothing was set aside, that's not how social security works, it's a pay as you go plan. Meaning you pay for the retirement of the old people and the young pay for you. Funded exactly like a pyramid scheme.
That is how Social Security worked for the first 40 years, and soon will be again. Today the Trust Fund contributes about 100 billion which equates to roughly 25 million workers who are not young.
There is no legitimate trust fund, it's just an accounting gimmick. In other words, if the trust fund would be gone tomorrow, nothing would be different. Government can create any amount of debt to itself without any issues, just like anyone can. It cancels out.
That is an opinion that does not have a basis in law. If you visit page 257 of the Trustees Report, they tend to discount this type of thinking because it does not conform to current law. There is nothing in current law that would create any revenue to pay the system's bill. Wake me when the law changes.
If the Trust Fund were gone today, the program would by current law face immediate reductions of benefits. Maybe the laws change, but once we get into maybes, the discussion is little more than candy and nuts. It would be Christmas all year round.
Ben Bernanke is selling the concept of negative interest rate policies. This is going to kill Social Security and the elderly who depend upon fixed incomes. It is a subject that no one is talking about, so feel free.
This is my article which basically says that the Fed's policy has lowered the return of the Trust Fund by 10s of billions every year. It is only part of the reason that SS's solvency has pulled back from 2041 to 2034. (2029 if you believe CBO).
It’s well past time that the full consequences of the Zero Interest Rate Policies are discussed.
The Great Trust Fund Robbery
Why do you think the Trust Fund exists?
Because it holds assets that are obligations of the Federal Government no different from those held by private pensions. Those bonds are legally enforceable obligations, unlike the promises that the system makes to workers.
Why do you think that the Trust Fund doesn't exist?
Because it holds assets that are obligations of the Federal Government no different from those held by private pensions.
Okay. Now if the SSA needs $10 billion to cover payments to beneficiaries, over and above the taxes they collect next month, what do they do?
Well taxes are only one revenue stream. If SSA needs $10 billion to cover payments to beneficiaries over and above the revenue that they collect? Benefits are reduced. No one knows the formula of the reductions at this point. Here is the CRS paper that answers your question.
FAS Project on Government Secrecycrs/misc/RL33514.pdf
Ben Bernanke is selling the concept of negative interest rate policies. This is going to kill Social Security and the elderly who depend upon fixed incomes. It is a subject that no one is talking about, so feel free.
This is my article which basically says that the Fed's policy has lowered the return of the Trust Fund by 10s of billions every year. It is only part of the reason that SS's solvency has pulled back from 2041 to 2034. (2029 if you believe CBO).
It’s well past time that the full consequences of the Zero Interest Rate Policies are discussed.
The Great Trust Fund Robbery
The Fed needs a top to bottom audit, it's assets taken and pout in trust and then nationalized. It's been nothing but a parasitic entity from the start.
What will an audit do? All of the information about ZIRP is public knowledge. Ben Bernanke has testified about the policy before Congress. There isn't much hidden there.
There is plenty being hidden. Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash. Are you a backer of a central banking system that extends credit from nothing? Are you a supporter of this entity whose shareholders are international bankers? If so, you are not much of an "economist"......
Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash.
Huh? No banks were "given" money. There were short term loans, long ago repaid.
And why would we be on the hook for these repaid loans?
I think you are talking about TARP loans. These were repaid in part with more loans at better terms. Outside my depth and recall, but I think that the Fed booked assets on the book at whatever the banks said that they were worth. There are a ton of different loan programs going.
Mmmm...same guy who came running through the door of the Oval Office near the end of Bush2's presidency ... all panic stricken and announcing to Bush that our economy was in end stage collapse. Bernanke KNEW ... with his financial background and position as head of the Federal Reserve ... he KNEW waaaaay before he stormed the Oval Office what HAD BEEN going on "in the inside" all along.
Mmmm...same guy who came running through the door of the Oval Office near the end of Bush2's presidency ... all panic stricken and announcing to Bush that our economy was in end stage collapse. Bernanke KNEW ... with his financial background and position as head of the Federal Reserve ... he KNEW waaaaay before he stormed the Oval Office what HAD BEEN going on "in the inside" all along.
The Fed needs a top to bottom audit, it's assets taken and pout in trust and then nationalized. It's been nothing but a parasitic entity from the start.
What will an audit do? All of the information about ZIRP is public knowledge. Ben Bernanke has testified about the policy before Congress. There isn't much hidden there.
There is plenty being hidden. Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash. Are you a backer of a central banking system that extends credit from nothing? Are you a supporter of this entity whose shareholders are international bankers? If so, you are not much of an "economist"......
Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash.
Huh? No banks were "given" money. There were short term loans, long ago repaid.
And why would we be on the hook for these repaid loans?
I think you are talking about TARP loans. These were repaid in part with more loans at better terms. Outside my depth and recall, but I think that the Fed booked assets on the book at whatever the banks said that they were worth. There are a ton of different loan programs going.
I think you are talking about TARP loans.
Nope. No TARP money was given to foreign banks.
but I think that the Fed booked assets on the book at whatever the banks said that they were worth.
Why are you conflating TARP and the Fed? And why do you feel the Fed would "book assets"?
Outside my depth and recall
Obviously.
What will an audit do? All of the information about ZIRP is public knowledge. Ben Bernanke has testified about the policy before Congress. There isn't much hidden there.
There is plenty being hidden. Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash. Are you a backer of a central banking system that extends credit from nothing? Are you a supporter of this entity whose shareholders are international bankers? If so, you are not much of an "economist"......
Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash.
Huh? No banks were "given" money. There were short term loans, long ago repaid.
And why would we be on the hook for these repaid loans?
I think you are talking about TARP loans. These were repaid in part with more loans at better terms. Outside my depth and recall, but I think that the Fed booked assets on the book at whatever the banks said that they were worth. There are a ton of different loan programs going.
I think you are talking about TARP loans.
Nope. No TARP money was given to foreign banks.
but I think that the Fed booked assets on the book at whatever the banks said that they were worth.
Why are you conflating TARP and the Fed? And why do you feel the Fed would "book assets"?
Outside my depth and recall
Obviously.
I would be very careful about throwing around "Obviously".
Here is the Wiki page on who receive TARP relief : Troubled Asset Relief Program - Wikipedia
Here is CNBC's article on the Fed's assets : What could the Fed buy with its $4.5 trillion?
The so-called "Trust Fund" is a fiction. There's nothing in it but worthless IOUs the government wrote to itself.Ben Bernanke is selling the concept of negative interest rate policies. This is going to kill Social Security and the elderly who depend upon fixed incomes. It is a subject that no one is talking about, so feel free.
This is my article which basically says that the Fed's policy has lowered the return of the Trust Fund by 10s of billions every year. It is only part of the reason that SS's solvency has pulled back from 2041 to 2034. (2029 if you believe CBO).
It’s well past time that the full consequences of the Zero Interest Rate Policies are discussed.
The Great Trust Fund Robbery
The so-called "Trust Fund" is a fiction. There's nothing in it but worthless IOUs the government wrote to itself.Ben Bernanke is selling the concept of negative interest rate policies. This is going to kill Social Security and the elderly who depend upon fixed incomes. It is a subject that no one is talking about, so feel free.
This is my article which basically says that the Fed's policy has lowered the return of the Trust Fund by 10s of billions every year. It is only part of the reason that SS's solvency has pulled back from 2041 to 2034. (2029 if you believe CBO).
It’s well past time that the full consequences of the Zero Interest Rate Policies are discussed.
The Great Trust Fund Robbery
Yes, there is a big difference with private pension plans. The later holds obligations payable by another party. The Trust Fund, a branch of the government, holds obligations payable by the government. In other words, the government is obligated to pay itself. In reality, you and I will be the ones paying.Ben Bernanke is selling the concept of negative interest rate policies. This is going to kill Social Security and the elderly who depend upon fixed incomes. It is a subject that no one is talking about, so feel free.
This is my article which basically says that the Fed's policy has lowered the return of the Trust Fund by 10s of billions every year. It is only part of the reason that SS's solvency has pulled back from 2041 to 2034. (2029 if you believe CBO).
It’s well past time that the full consequences of the Zero Interest Rate Policies are discussed.
The Great Trust Fund Robbery
Why do you think the Trust Fund exists?
Because it holds assets that are obligations of the Federal Government no different from those held by private pensions. Those bonds are legally enforceable obligations, unlike the promises that the system makes to workers.
Why do you think that the Trust Fund doesn't exist?
What will an audit do? All of the information about ZIRP is public knowledge. Ben Bernanke has testified about the policy before Congress. There isn't much hidden there.
There is plenty being hidden. Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash. Are you a backer of a central banking system that extends credit from nothing? Are you a supporter of this entity whose shareholders are international bankers? If so, you are not much of an "economist"......
Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash.
Huh? No banks were "given" money. There were short term loans, long ago repaid.
And why would we be on the hook for these repaid loans?
I think you are talking about TARP loans. These were repaid in part with more loans at better terms. Outside my depth and recall, but I think that the Fed booked assets on the book at whatever the banks said that they were worth. There are a ton of different loan programs going.
I think you are talking about TARP loans.
Nope. No TARP money was given to foreign banks.
but I think that the Fed booked assets on the book at whatever the banks said that they were worth.
Why are you conflating TARP and the Fed? And why do you feel the Fed would "book assets"?
Outside my depth and recall
Obviously.
I would be very careful about throwing around "Obviously".
Here is the Wiki page on who receive TARP relief : Troubled Asset Relief Program - Wikipedia
Here is CNBC's article on the Fed's assets : What could the Fed buy with its $4.5 trillion?
There is plenty being hidden. Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash. Are you a backer of a central banking system that extends credit from nothing? Are you a supporter of this entity whose shareholders are international bankers? If so, you are not much of an "economist"......
Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash.
Huh? No banks were "given" money. There were short term loans, long ago repaid.
And why would we be on the hook for these repaid loans?
I think you are talking about TARP loans. These were repaid in part with more loans at better terms. Outside my depth and recall, but I think that the Fed booked assets on the book at whatever the banks said that they were worth. There are a ton of different loan programs going.
I think you are talking about TARP loans.
Nope. No TARP money was given to foreign banks.
but I think that the Fed booked assets on the book at whatever the banks said that they were worth.
Why are you conflating TARP and the Fed? And why do you feel the Fed would "book assets"?
Outside my depth and recall
Obviously.
I would be very careful about throwing around "Obviously".
Here is the Wiki page on who receive TARP relief : Troubled Asset Relief Program - Wikipedia
Here is CNBC's article on the Fed's assets : What could the Fed buy with its $4.5 trillion?
Yup... the Fed still has loads of mortgage backed securities on its balance sheet. More than 1 trillion if I recall correctly. They definitely participated in the bank bailout.
The so-called "Trust Fund" is a fiction. There's nothing in it but worthless IOUs the government wrote to itself.Ben Bernanke is selling the concept of negative interest rate policies. This is going to kill Social Security and the elderly who depend upon fixed incomes. It is a subject that no one is talking about, so feel free.
This is my article which basically says that the Fed's policy has lowered the return of the Trust Fund by 10s of billions every year. It is only part of the reason that SS's solvency has pulled back from 2041 to 2034. (2029 if you believe CBO).
It’s well past time that the full consequences of the Zero Interest Rate Policies are discussed.
The Great Trust Fund Robbery
There is plenty being hidden. Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash. Are you a backer of a central banking system that extends credit from nothing? Are you a supporter of this entity whose shareholders are international bankers? If so, you are not much of an "economist"......
Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash.
Huh? No banks were "given" money. There were short term loans, long ago repaid.
And why would we be on the hook for these repaid loans?
I think you are talking about TARP loans. These were repaid in part with more loans at better terms. Outside my depth and recall, but I think that the Fed booked assets on the book at whatever the banks said that they were worth. There are a ton of different loan programs going.
I think you are talking about TARP loans.
Nope. No TARP money was given to foreign banks.
but I think that the Fed booked assets on the book at whatever the banks said that they were worth.
Why are you conflating TARP and the Fed? And why do you feel the Fed would "book assets"?
Outside my depth and recall
Obviously.
I would be very careful about throwing around "Obviously".
Here is the Wiki page on who receive TARP relief : Troubled Asset Relief Program - Wikipedia
Here is CNBC's article on the Fed's assets : What could the Fed buy with its $4.5 trillion?
I would be very careful about throwing around "Obviously".
Why? You're obviously confused.
IOUs to Social Security are IOUs do the government, moron. Social Security is the government. The bonds are worthless because the are issued by the government to the government (Social Security). Since Social Security is the government, of course it owns the worthless bonds in the Trust Fund.The so-called "Trust Fund" is a fiction. There's nothing in it but worthless IOUs the government wrote to itself.Ben Bernanke is selling the concept of negative interest rate policies. This is going to kill Social Security and the elderly who depend upon fixed incomes. It is a subject that no one is talking about, so feel free.
This is my article which basically says that the Fed's policy has lowered the return of the Trust Fund by 10s of billions every year. It is only part of the reason that SS's solvency has pulled back from 2041 to 2034. (2029 if you believe CBO).
It’s well past time that the full consequences of the Zero Interest Rate Policies are discussed.
The Great Trust Fund Robbery
Thanks for the cliche. US securities are trading at record highs. So if you think that they are worthless please ship me all of the ones that you have. Since you aren't familiar with Social Security, the IOUs aren't to the government. They are to Social Security which is a pass through to individuals. The government has no liability for SS other than the bonds held by the program. The government does not own the assets of SS nor is an guarantor of liabilities. So the bonds my be many things but they are not 'to itself'.
Like which banks were given this worthless fiat currency that we are on the hook for to their banks in other countries during the 2008 crash.
Huh? No banks were "given" money. There were short term loans, long ago repaid.
And why would we be on the hook for these repaid loans?
I think you are talking about TARP loans. These were repaid in part with more loans at better terms. Outside my depth and recall, but I think that the Fed booked assets on the book at whatever the banks said that they were worth. There are a ton of different loan programs going.
I think you are talking about TARP loans.
Nope. No TARP money was given to foreign banks.
but I think that the Fed booked assets on the book at whatever the banks said that they were worth.
Why are you conflating TARP and the Fed? And why do you feel the Fed would "book assets"?
Outside my depth and recall
Obviously.
I would be very careful about throwing around "Obviously".
Here is the Wiki page on who receive TARP relief : Troubled Asset Relief Program - Wikipedia
Here is CNBC's article on the Fed's assets : What could the Fed buy with its $4.5 trillion?
I would be very careful about throwing around "Obviously".
Why? You're obviously confused.
"Nope. No TARP money was given to foreign banks." and "And why do you feel the Fed would "book assets"?
Pride and fall sport. You might want to read the links.
I think you are talking about TARP loans. These were repaid in part with more loans at better terms. Outside my depth and recall, but I think that the Fed booked assets on the book at whatever the banks said that they were worth. There are a ton of different loan programs going.
I think you are talking about TARP loans.
Nope. No TARP money was given to foreign banks.
but I think that the Fed booked assets on the book at whatever the banks said that they were worth.
Why are you conflating TARP and the Fed? And why do you feel the Fed would "book assets"?
Outside my depth and recall
Obviously.
I would be very careful about throwing around "Obviously".
Here is the Wiki page on who receive TARP relief : Troubled Asset Relief Program - Wikipedia
Here is CNBC's article on the Fed's assets : What could the Fed buy with its $4.5 trillion?
I would be very careful about throwing around "Obviously".
Why? You're obviously confused.
"Nope. No TARP money was given to foreign banks." and "And why do you feel the Fed would "book assets"?
Pride and fall sport. You might want to read the links.
Exclusive: The Fed's $600 Billion Stealth Bailout Of Foreign Banks Continues At The Expense Of The Domestic Economy, Or Explaining Where All The QE2 Money Went | Zero Hedge
IOUs to Social Security are IOUs do the government, moron. Social Security is the government. The bonds are worthless because the are issued by the government to the government (Social Security). Since Social Security is the government, of course it owns the worthless bonds in the Trust Fund.The so-called "Trust Fund" is a fiction. There's nothing in it but worthless IOUs the government wrote to itself.Ben Bernanke is selling the concept of negative interest rate policies. This is going to kill Social Security and the elderly who depend upon fixed incomes. It is a subject that no one is talking about, so feel free.
This is my article which basically says that the Fed's policy has lowered the return of the Trust Fund by 10s of billions every year. It is only part of the reason that SS's solvency has pulled back from 2041 to 2034. (2029 if you believe CBO).
It’s well past time that the full consequences of the Zero Interest Rate Policies are discussed.
The Great Trust Fund Robbery
Thanks for the cliche. US securities are trading at record highs. So if you think that they are worthless please ship me all of the ones that you have. Since you aren't familiar with Social Security, the IOUs aren't to the government. They are to Social Security which is a pass through to individuals. The government has no liability for SS other than the bonds held by the program. The government does not own the assets of SS nor is an guarantor of liabilities. So the bonds my be many things but they are not 'to itself'.
