Let us not forget who dipped into SOCIAL SECURITY

Discussion in 'Congress' started by RodISHI, May 20, 2017.

  1. Moonglow
    Offline

    Moonglow Diamond Member

    Joined:
    Jun 27, 2011
    Messages:
    103,034
    Thanks Received:
    9,755
    Trophy Points:
    2,070
    Location:
    sw mizzouri
    Ratings:
    +42,257
    Social security was set up as an off budget item, yet it is currently an online budget item which means they can play with funds if need be..
     
  2. Supposn
    Offline

    Supposn VIP Member

    Joined:
    Jul 26, 2009
    Messages:
    1,099
    Thanks Received:
    37
    Trophy Points:
    71
    Ratings:
    +66
    KosherGrl, "Rodishi is right" concerning what? Respectfully, Supposn
     
  3. Supposn
    Offline

    Supposn VIP Member

    Joined:
    Jul 26, 2009
    Messages:
    1,099
    Thanks Received:
    37
    Trophy Points:
    71
    Ratings:
    +66
    MoonGlow, has any taxes or funds allocated to Social Security been diverted for other purposes? You can provide authoritative links?

    Respectfully, Supposn
     
  4. JoeTheEconomist
    Offline

    JoeTheEconomist VIP Member

    Joined:
    Sep 4, 2015
    Messages:
    429
    Thanks Received:
    50
    Trophy Points:
    80
    Ratings:
    +116
    It was initially off-budget. I was moved on-budget in 1969 because the system was a pay-as-you-go system that didn't accumulate any cash to play with. As part of the 1983 Social Security reform, it was moved off-budget again as of 1990. It remains off-budget.

    Budgets by the way do not move money or play with money. Budgets explain where money went. Social Security was moved off budget because the 1983 reforms moved the higher tax rates forward in time which did generate billions of excess dollars. It was moved off budget so that Congress would not be tempted to play with the money.
     
  5. JoeTheEconomist
    Offline

    JoeTheEconomist VIP Member

    Joined:
    Sep 4, 2015
    Messages:
    429
    Thanks Received:
    50
    Trophy Points:
    80
    Ratings:
    +116
    Having done considerable research on the issue, I can provide the links that say there hasn't been any excess money to divert. This is my article, which provides links to data from the SSA on the revenue and expense of the program.

    The Myth of the Missing Social Security Trust Fund : FedSmith.com

    It was written in 2015. The conclusion was the Trust Fund is mostly interest and interest on interest. That is the purchase of time, and does not enable the government to spend the money on anything but time. That was about 60% of the fund, and that percentage is now closer to 70%. Of the remaining money, more than half of it comes from general fund subsidies, meaning that every penny that has EVER been borrowed from Social Security was spent on one program : Social Security.
     
  6. Penelope
    Offline

    Penelope Gold Member

    Joined:
    Jul 15, 2014
    Messages:
    23,122
    Thanks Received:
    1,893
    Trophy Points:
    265
    Ratings:
    +9,357
    Reagan begun taxing SS and under Clinton the higher earners were also taxed, I mean why should the lower earners just be taxed??
     
  7. Penelope
    Offline

    Penelope Gold Member

    Joined:
    Jul 15, 2014
    Messages:
    23,122
    Thanks Received:
    1,893
    Trophy Points:
    265
    Ratings:
    +9,357
    AND MY FAVORITE:

    #A: That's right!

    #Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, they began to receive Social Security payments! The Democratic Party gave these payments to them even though they never paid a dime into it!

    #Damning stuff, eh? Too bad it isn't remotely true, according to Snopes:

    #No one — whether he be a citizen, immigrant, or illegal alien — is eligible to collect Social Security benefits unless he (or someone else, such as a parent or spouse) has paid into the system. Someone has confused Social Security itself with Supplemental Security Income (SSI) — the latter is a federal welfare program "designed to help aged, blind, and disabled people, who have little or no income" by providing "cash to meet basic needs for food, clothing, and shelter." Immigrants can qualify for SSI benefits under certain conditions, but SSI is financed by general revenues and not Social Security taxes. SSI was not enacted by the administration of President Jimmy Carter (a Democrat); it was created and signed into law in 1972, during the administration of President Richard Nixon (a Republican).

    ‘Social Security' E-mail Debunked By Snopes
     
  8. RodISHI
    Offline

    RodISHI Gold Member

    Joined:
    Nov 29, 2008
    Messages:
    16,804
    Thanks Received:
    4,415
    Trophy Points:
    280
    Ratings:
    +11,125
  9. JoeTheEconomist
    Offline

    JoeTheEconomist VIP Member

    Joined:
    Sep 4, 2015
    Messages:
    429
    Thanks Received:
    50
    Trophy Points:
    80
    Ratings:
    +116
    I am writing a piece on these taxes this AM, and if you would like an answer to your question let me know and I will send you the link when it is published. Long article short, because Social Security would hit insolvency a heck of a lot faster and the cuts would be even larger than they are projected today.
     
  10. Penelope
    Offline

    Penelope Gold Member

    Joined:
    Jul 15, 2014
    Messages:
    23,122
    Thanks Received:
    1,893
    Trophy Points:
    265
    Ratings:
    +9,357
    Yes that would be great. Thank you. Personally I have no issue with the taxes on SS. Too keep up with the times, the tax on SS AGI should be raised, and there should be a tax at 100% of SS income as well.
     
    Last edited: Oct 4, 2017

Share This Page