When Did We First Start Looting Social Security?

[freedombecki]

LBJ the most hideous individual to ever occupy the White House.

In my book, that title goes to WJC.

 

[freedombecki]

Seems like it's been going on for decades. Does anyone know when we first started raiding it?

Congress started looting it the day FDR signed the legislation.

Please elucidate. I understand it was collecting interest until LBJ cornered other legislators and talked them into using the funds to cover community improvement expenses. Maybe I heard wrong? How were peoples' savings looted from the forties to the sixties, when LBJ allegedly put his axe to it?

 

[eflatminor]

LBJ the most hideous individual to ever occupy the White House.

If not the "most", DAMN close!

 

[Oddball]

LBJ the most hideous individual to ever occupy the White House.

Though LBJ certainly makes the top (or bottom, if you will) five, the ignominy of the most hideous individual to occupy the WH would be Woodrow Wilson.

 

[Oddball]

Seems like it's been going on for decades. Does anyone know when we first started raiding it?

Congress started looting it the day FDR signed the legislation.

That is true as well....FDR looted the cynically dubbed "trust fund" to prosecute the war, only to replace the funds after the fact with the proceeds from war bonds and massively increased taxes to cover his tracks.

 

[bitterlyclingin]

Long before Senator Bill Frist (R-TN) presented the details of George W Bush's Social Security Privatization proposal to then Senator Hillary Clinton (D-Carpetbagger) who began screaming hysterically at once"You can't do that! The Government wouldn't have that money to spend!"

"We have to tax more so we can spend more!" Charles Rangel (Communist Party-NY)

 

[JakeStarkey]

Seems like it's been going on for decades. Does anyone know when we first started raiding it?

Congress started looting it the day FDR signed the legislation.

That is true as well....FDR looted the cynically dubbed "trust fund" to prosecute the war, only to replace the funds after the fact with the proceeds from war bonds and massively increased taxes to cover his tracks.

So he covered the transaction is what you are saying. Good. Was it illegal?

 

[bripat9643]

Seems like it's been going on for decades. Does anyone know when we first started raiding it?

Congress started looting it the day FDR signed the legislation.

Please elucidate. I understand it was collecting interest until LBJ cornered other legislators and talked them into using the funds to cover community improvement expenses. Maybe I heard wrong? How were peoples' savings looted from the forties to the sixties, when LBJ allegedly put his axe to it?

SS started paying benefits the day it was created. Where did this money come from if not the so-called "Trust Fund?" it's always been a pay-as-you-go operation. Current taxpayers have been paying the benefits for current retirees since its inception.

FDR claimed everyone would have their own personal account. That was a bald-faced lie.

 

[bripat9643]

Congress started looting it the day FDR signed the legislation.

That is true as well....FDR looted the cynically dubbed "trust fund" to prosecute the war, only to replace the funds after the fact with the proceeds from war bonds and massively increased taxes to cover his tracks.

So he covered the transaction is what you are saying. Good. Was it illegal?

Government bonds are just worthless I.O.U.s when they are used to cover government obligations.

 

[JakeStarkey]

Bripat, I suspect you are wrong yet again. Tell us who was the first person who received the SS check and the year in which it was received.

 

[JakeStarkey]

That is true as well....FDR looted the cynically dubbed "trust fund" to prosecute the war, only to replace the funds after the fact with the proceeds from war bonds and massively increased taxes to cover his tracks.

So he covered the transaction is what you are saying. Good. Was it illegal?

Government bonds are just worthless I.O.U.s when they are used to cover government obligations.

Really? You are wrong because you can't prove it. I take it that the xfr of funds back and forth was legal?

 

[bripat9643]

So he covered the transaction is what you are saying. Good. Was it illegal?

Government bonds are just worthless I.O.U.s when they are used to cover government obligations.

Really? You are wrong because you can't prove it. ?

I have proved it over and over again in this forum.

[I take it that the xfr of funds back and forth was legal?

The entire program is illegal. That doesn't mean the old fraud didn't get away with it anyway.

 

[bripat9643]

Bripat, I suspect you are wrong yet again. Tell us who was the first person who received the SS check and the year in which it was received.

Social Security (United States) - Wikipedia, the free encyclopedia)

As with Ponzi’s scheme, this turns out to be a very good deal for those who got in early. The very first Social Security recipient, Ida Mae Fuller of Vermont, paid just $44 in Social Security taxes, but the long-lived Mrs. Fuller collected $20,993 in benefits

1937 was the first year benefits were paid.

 

[NYcarbineer]

We are not raiding Social Security that's idiocy.

SS receipts have been put into US treasuries ever since SS began. The whole POINT of saving and investing for the future is to put the money somewhere where it will grow. US treasuries are the safest investment in the U.S.

 

[freedombecki]

Long before Senator Bill Frist (R-TN) presented the details of George W Bush's Social Security Privatization proposal to then Senator Hillary Clinton (D-Carpetbagger) who began screaming hysterically at once"You can't do that! The Government wouldn't have that money to spend!"

"We have to tax more so we can spend more!" Charles Rangel (Communist Party-NY)

Screamers do not belong in a Senate that is a Republic. I don't care if they were once a First Lady. That's inappropriate behavior when it removes the Republic's ability to keep a free market economy running smoothly which always benefits the people by providing them with jobs that give them a little something for their trouble of going to work every day and producing benefits for other people who pay for those services/products brought forth. She's worse than Weiner.

 

[NYcarbineer]

Government bonds are just worthless I.O.U.s when they are used to cover government obligations.

Really? You are wrong because you can't prove it. ?

I have proved it over and over again in this forum.

[I take it that the xfr of funds back and forth was legal?

The entire program is illegal. That doesn't mean the old fraud didn't get away with it anyway.

You're an idiot. That's all you've proven.

 

[eflatminor]

We are not raiding Social Security that's idiocy.

You think there is actual money in that fund as the program originally intended? Sorry, IOUs is all you'll find today.

 

[Paulie]

We are not raiding Social Security that's idiocy.

SS receipts have been put into US treasuries ever since SS began. The whole POINT of saving and investing for the future is to put the money somewhere where it will grow. US treasuries are the safest investment in the U.S.

This goes out the window when the government is 15 trillion in debt and running 100 billion dollar deficits monthly. When the money owed in Treasuries has to come from the printing press or borrowing, what good is the IOU?

The entire idea of such a thing is counter productive at best. I'm supposed to feel GOOD that my SS benefits are only going to indebt the nation even more?

 

[Dick Tuck]

That is true as well....FDR looted the cynically dubbed "trust fund" to prosecute the war, only to replace the funds after the fact with the proceeds from war bonds and massively increased taxes to cover his tracks.

So he covered the transaction is what you are saying. Good. Was it illegal?

Government bonds are just worthless I.O.U.s when they are used to cover government obligations.

Government bonds are a legally incurred debt, that our Constitution requires be payed. Failure to pay bonds when due would result in default.

 

[Oddball]

So he covered the transaction is what you are saying. Good. Was it illegal?

Government bonds are just worthless I.O.U.s when they are used to cover government obligations.

Government bonds are a legally incurred debt, that our Constitution requires be payed. Failure to pay bonds when due would result in default.

Yeah...And they'll pay it all back if it means inflating the currency to the level of Zimbabwe, in order to see to it that you get your Socialist Insecurity check!