Social Security 2.5 trillion surplus minus 2.4 trillion GOP Tax break

Discussion in 'Economy' started by rdean, Aug 16, 2010.

  1. rdean
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    rdean rddean

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    Suddenly Social Security is in the news. The Republicans are worried it will be out of money. I knew it had a surplus of 2.5 trillion and was supposed to be fully paid for the next 27 years and able to pay at least 78% after that.

    Suddenly it's gone!

    Is this where the money from the Bush 2.4 trillion dollar "tax cuts" came from? Bush and the Republicans simply moved the nations entire retirement fund into the pockets of the wealthy?

    I thought they couldn't be any worse after working to move jobs overseas and blocking unemployment benefits for jobs they sent packing.

    Please, someone, tell me how this is "wrong".

    And please tell me, where did the 2.4 trillion dollars come from especially when fighting two wars costing 3 trillion.

    I'm looking for answers and with John Boerner poised to become the next Majority Leader, a man who wants to throw SS to Wall Street, frankly, I suspect it may all be true.

    Opinion: Social Security woes overhyped - POLITICO.com

    John Boehner, minority leader for the Republicans in the House of Representatives, gave an interview to a Pittsburgh newspaper in which he seriously proposed raising the social security retirement age so that more funds can be appropriated for our losing War in Afghanistan. No, this is not some kind of obscene joke, Boehner was totally serious.

    John Boehner’s Indecent Proposal: Let Social Security Fund the War Bear Market News
     
  2. Titanic Sailor
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    Titanic Sailor Senior Member

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    oh geezus, heavy duty propaganda alert for this one.
     
  3. rdean
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    rdean rddean

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    So it's not true? Why not?
     
  4. Oddball
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    Oddball BANNED Supporting Member

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    Because there never ever was a surplus in the Socialist Insecurity "trust fund".

    The money has been all siphoned out to pay for the socialistic welfare state and replaced with T-bills.
     
  5. johnrocks
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    johnrocks Silver Member

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    The welfare Statists got their share and the warfare statists got their share, two hogs feeding at the same trough.
     
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  6. Skull Pilot
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    Skull Pilot Platinum Member

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    There never was any money in the so called SS trust fund period.
     
  7. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Rdean is one of the most demented people I've ever come across. In many ways, he's the sickest individual I've ever encountered.

    There are people in mental hospitals with severe OCD far less predictable than Rdean and his frothing hatred for "republicans"
     
  8. rdean
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    rdean rddean

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    The Social Security trust funds have built up a $2.5 trillion surplus over the past 25 years. But the federal government has borrowed that money over the years to spend on other programs. The government must now start borrowing money from public debt markets — adding to annual budget deficits — to repay Social Security.

    Medicare fund will last extra 12 years - maybe | Lubbock Online | Lubbock Avalanche-Journal

    PARKERSBURG, W.Va. | The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.

    This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.

    Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds

    Aurora Sentinel > Archives > News > National > Social Security to start cashing Uncle Sam's IOUs

    In 1980, the top 20% of income earners captured 43.7% of all national income. By 1992, at the end of the first Bush administration, their share had risen to 46.9%. Today it is over 49%. Meanwhile, the lowest four fifths of all income earners have seen their share of national income decline. The lowest quintile�s share has shrunk from 4.2% to 3.5%. The second lowest quintile has fallen from 10.2% to 8.8%. The middle quintile has seen its share fall from 16.8% to 14.8%. And the second highest quintile has suffered a decline from 25.0 to 23.3%. It is empirically the case that the rich are getting richer while everyone else is getting poorer.

    The Bush Budget Deficit Death Spiral

    -----------------------------------------------

    Will Republicans ever admit their policies are total failures? They only attack, never point to a single imagined success.
     
  9. uscitizen
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    uscitizen Senior Member

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    There is a trust fund surplus on paper. Now the republicans do not want to pay off the Tbills that is owed to SS.

    Personal responsibility my ass.
     
  10. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    rdean, Americans maxed out their credit cards and now have to pay off the debt. Doesn't it ever occur to you that government should do the same?

    Americans stopped spending.
    Government should stop spending too.
     

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