Jackson Lee:Social Security is Solvent

[beretta304]

According to Social Security's trustees, the program has operated in the red in each of the last two years.

Social Security will exhaust its so-called "trust fund" in 2033. But this "trust fund" is made up of IOU's that the Treasury has given to the Social Security Administration in exchange for money that the Treasury took historically from Social Security payroll tax revenues and spent other things than Social Security.

According to an April 2012 report from the Social Security and Medicare Board of Trustees, the program ran deficits in 2010 and 2011, and, in order to pay all Social Security benefits, the federal government needed to increase the federal debt by borrowing money in the market.

The trustees reported that, in its current state, Social Security will be in the red virtually in perpetuity.

“Social Security’s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period,” the report said. “Redemption of trust fund assets from the General Fund of the Treasury will provide the resources needed to offset the annual cash-flow deficits.”

Jackson Lee:

 

[CrusaderFrank]

Obama admitted there were no funds in the Trust fund

"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News."

Obama says he cannot guarantee Social Security checks will go out on August 3 - Political Hotsheet - CBS News

 

[NYcarbineer]

According to Social Security's trustees, the program has operated in the red in each of the last two years.

Social Security will exhaust its so-called "trust fund" in 2033. But this "trust fund" is made up of IOU's that the Treasury has given to the Social Security Administration in exchange for money that the Treasury took historically from Social Security payroll tax revenues and spent other things than Social Security.

According to an April 2012 report from the Social Security and Medicare Board of Trustees, the program ran deficits in 2010 and 2011, and, in order to pay all Social Security benefits, the federal government needed to increase the federal debt by borrowing money in the market.

The trustees reported that, in its current state, Social Security will be in the red virtually in perpetuity.

“Social Security’s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period,” the report said. “Redemption of trust fund assets from the General Fund of the Treasury will provide the resources needed to offset the annual cash-flow deficits.”

Jackson Lee:

Social Security is a creditor. The general fund is in debt to the Trust Fund. The Trust Fund buys US securities as an investment,

in order to generate interest income.

 

[CrusaderFrank]

According to Social Security's trustees, the program has operated in the red in each of the last two years.

Social Security will exhaust its so-called "trust fund" in 2033. But this "trust fund" is made up of IOU's that the Treasury has given to the Social Security Administration in exchange for money that the Treasury took historically from Social Security payroll tax revenues and spent other things than Social Security.

According to an April 2012 report from the Social Security and Medicare Board of Trustees, the program ran deficits in 2010 and 2011, and, in order to pay all Social Security benefits, the federal government needed to increase the federal debt by borrowing money in the market.

The trustees reported that, in its current state, Social Security will be in the red virtually in perpetuity.

“Social Security’s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period,” the report said. “Redemption of trust fund assets from the General Fund of the Treasury will provide the resources needed to offset the annual cash-flow deficits.”

Jackson Lee:

Social Security is a creditor. The general fund is in debt to the Trust Fund. The Trust Fund buys US securities as an investment,

in order to generate interest income.

The "Securities" it buys can only be sold to the US Government, they're Bernie Madoff bonds

 

[healthmyths]

According to Social Security's trustees, the program has operated in the red in each of the last two years.

Social Security will exhaust its so-called "trust fund" in 2033. But this "trust fund" is made up of IOU's that the Treasury has given to the Social Security Administration in exchange for money that the Treasury took historically from Social Security payroll tax revenues and spent other things than Social Security.

According to an April 2012 report from the Social Security and Medicare Board of Trustees, the program ran deficits in 2010 and 2011, and, in order to pay all Social Security benefits, the federal government needed to increase the federal debt by borrowing money in the market.

The trustees reported that, in its current state, Social Security will be in the red virtually in perpetuity.

“Social Security’s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period,” the report said. “Redemption of trust fund assets from the General Fund of the Treasury will provide the resources needed to offset the annual cash-flow deficits.”

Jackson Lee:

Social Security is a creditor. The general fund is in debt to the Trust Fund. The Trust Fund buys US securities as an investment,

in order to generate interest income.

So do you think any lender would lend money to social security?

Lenders look at the assets that a borrower has assessing the quality.
Lenders also look at what potential expenses the borrower might have i.e. SS having MORE people taking money out then people putting money in.. i.e. more older the younger people... (side affect of Democrats abortion that costs 50 million TAX payers since 1973 RoeVWade...)

 

[martybegan]

According to Social Security's trustees, the program has operated in the red in each of the last two years.

Social Security will exhaust its so-called "trust fund" in 2033. But this "trust fund" is made up of IOU's that the Treasury has given to the Social Security Administration in exchange for money that the Treasury took historically from Social Security payroll tax revenues and spent other things than Social Security.

According to an April 2012 report from the Social Security and Medicare Board of Trustees, the program ran deficits in 2010 and 2011, and, in order to pay all Social Security benefits, the federal government needed to increase the federal debt by borrowing money in the market.

The trustees reported that, in its current state, Social Security will be in the red virtually in perpetuity.

“Social Security’s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period,” the report said. “Redemption of trust fund assets from the General Fund of the Treasury will provide the resources needed to offset the annual cash-flow deficits.”

Jackson Lee:

Social Security is a creditor. The general fund is in debt to the Trust Fund. The Trust Fund buys US securities as an investment,

in order to generate interest income.

And the only source for that "interest" is federal tax money from the general fund. There is NO investment here. Its basically taking money from one federal intake and using it to make up the negative difference in another.

 

[CrusaderFrank]

Romney didn't talk about, nobody talks about it until it blows up.

 

[Claudette]

SS should be taken out of the GF.

It was way more than solvent until LBJ needed money for the Vietnam War. He put it in the GF and those clowns have been raiding it ever since.

Congress doesn't put money into SS. They have their own fund. Color me surprised.

I'm not a big fan of either SS or Medicare. If I could. I would take every dime I have in both those systems. I can take better care of my money than one of those Clowns in DC ever will. My money would be making me money right now.

I also wonder just how popular either of those systems would be if folks were told they could only take out exactly what they had in the system. They couldn't use the money of folks coming behind them.

 

[blastoff]

If fatso Lee says it's so, it's gotta be so.

Isn't she the sage dimocrat congresswoman who during a NASA briefing about a Mars probe asked if it was going anywhere near where our astronauts landed?

 

[Mad Scientist]

If fatso Lee says it's so, it's gotta be so.

Isn't she the sage dimocrat congresswoman who during a NASA briefing about a Mars probe asked if it was going anywhere near where our astronauts landed?

Yep. Stupid people elect stupid leaders.

 

[NYcarbineer]

SS should be taken out of the GF.

It was way more than solvent until LBJ needed money for the Vietnam War. He put it in the GF and those clowns have been raiding it ever since.

Congress doesn't put money into SS. They have their own fund. Color me surprised.

I'm not a big fan of either SS or Medicare. If I could. I would take every dime I have in both those systems. I can take better care of my money than one of those Clowns in DC ever will. My money would be making me money right now.

I also wonder just how popular either of those systems would be if folks were told they could only take out exactly what they had in the system. They couldn't use the money of folks coming behind them.

The Vietnam war was paid for with a 10% income tax surcharge.

 

[CrusaderFrank]

SS should be taken out of the GF.

It was way more than solvent until LBJ needed money for the Vietnam War. He put it in the GF and those clowns have been raiding it ever since.

Congress doesn't put money into SS. They have their own fund. Color me surprised.

I'm not a big fan of either SS or Medicare. If I could. I would take every dime I have in both those systems. I can take better care of my money than one of those Clowns in DC ever will. My money would be making me money right now.

I also wonder just how popular either of those systems would be if folks were told they could only take out exactly what they had in the system. They couldn't use the money of folks coming behind them.

The Vietnam war was paid for with a 10% income tax surcharge.

Vinny Colaiuta is probably the world's best drummer.

Relevant?

As much as your comment

 

[NYcarbineer]

According to Social Security's trustees, the program has operated in the red in each of the last two years.

Social Security will exhaust its so-called "trust fund" in 2033. But this "trust fund" is made up of IOU's that the Treasury has given to the Social Security Administration in exchange for money that the Treasury took historically from Social Security payroll tax revenues and spent other things than Social Security.

According to an April 2012 report from the Social Security and Medicare Board of Trustees, the program ran deficits in 2010 and 2011, and, in order to pay all Social Security benefits, the federal government needed to increase the federal debt by borrowing money in the market.

The trustees reported that, in its current state, Social Security will be in the red virtually in perpetuity.

“Social Security’s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period,” the report said. “Redemption of trust fund assets from the General Fund of the Treasury will provide the resources needed to offset the annual cash-flow deficits.”

Jackson Lee:

Social Security is a creditor. The general fund is in debt to the Trust Fund. The Trust Fund buys US securities as an investment,

in order to generate interest income.

The "Securities" it buys can only be sold to the US Government, they're Bernie Madoff bonds

US government bonds are still the safest investment available. That's why SS is mandated to buy US bonds.

 

[TakeAStepBack]

Monetized debt is the safest investment available. Right after gold, silver and a host of other true stores of value.
They are mandated to buy govt. bonds because we need custeez for our monetizzed debt. And no scam is complete without stealing someones wealth, turning it into paper IOUs, and forcing it back on those you stole from.

 

[NYcarbineer]

SS should be taken out of the GF.

It was way more than solvent until LBJ needed money for the Vietnam War. He put it in the GF and those clowns have been raiding it ever since.

Congress doesn't put money into SS. They have their own fund. Color me surprised.

I'm not a big fan of either SS or Medicare. If I could. I would take every dime I have in both those systems. I can take better care of my money than one of those Clowns in DC ever will. My money would be making me money right now.

I also wonder just how popular either of those systems would be if folks were told they could only take out exactly what they had in the system. They couldn't use the money of folks coming behind them.

The Vietnam war was paid for with a 10% income tax surcharge.

Vinny Colaiuta is probably the world's best drummer.

Relevant?

As much as your comment

She doesn't know what she's talking about.

 

[Mad Scientist]

US government bonds are still the safest investment available. That's why SS is mandated to buy US bonds.

Backed by the "Full Faith and Credit of the US Gov't" right? A US Gov't that is actively trying to destroy the Dollar with QE Infinity?

Keep buying those bonds sucker, Hedge Fund Managers (Like the Mitt Romney or Bernie Madoff types) everywhere thank you!

 

[Claudette]

SS should be taken out of the GF.

It was way more than solvent until LBJ needed money for the Vietnam War. He put it in the GF and those clowns have been raiding it ever since.

Congress doesn't put money into SS. They have their own fund. Color me surprised.

I'm not a big fan of either SS or Medicare. If I could. I would take every dime I have in both those systems. I can take better care of my money than one of those Clowns in DC ever will. My money would be making me money right now.

I also wonder just how popular either of those systems would be if folks were told they could only take out exactly what they had in the system. They couldn't use the money of folks coming behind them.

The Vietnam war was paid for with a 10% income tax surcharge.

Google is your friend. Look up LBJ and Social Security.

 

[Si modo]

New SAT question:

Social security is to solvent as

A. US astronauts are to Mars
B. Guam is to capsizing boats
C. None of the above
D. All of the above.

 

[GoneBezerk]

Well, Jackson Lee being the typical liberal idiot asked NASA officials about when man planted the US Flag on......Mars.

She is an example of black voters in a gerrymandered district being able to vote the smartest one of their group to DC to get back at whitey. An IQ test should be required to run for office and to vote.....

 

[CrusaderFrank]

Social Security is a creditor. The general fund is in debt to the Trust Fund. The Trust Fund buys US securities as an investment,

in order to generate interest income.

The "Securities" it buys can only be sold to the US Government, they're Bernie Madoff bonds

US government bonds are still the safest investment available. That's why SS is mandated to buy US bonds.

But the Trust Fund does not buy the same bonds that are sold to the rest of the world.