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only obama isn't spending like a drunken sailor on the people. how much of that pork laden stimulus package actually reached the peoplePlunging the country into debt was the republican ideal & means to stopping social programs. That idea back fired when Obama said we can spend like drunken sailors on the people like cons spend on corporations & big business.
The rest of your BS is a diversion.
On average, people are getting an extra $12/week... which ironically, is because Obama reduced contributions to the SS fund.
Yee Dawg!
I'd gladly take the blame for not plunging the country another $1,000,000,000,000+ in debt. Anyhoo, didn't you guys tell us SS was fine? Now, it;s we need another $1,000,000,000,000 of borrowed money just to make current payments? Which is it, is it broke or is it fine?
Plunging the country into debt was the republican ideal & means to stopping social programs. That idea back fired when Obama said we can spend like drunken sailors on the people like cons spend on corporations & big business.
The rest of your BS is a diversion.
Speaking of diversions.... is SS fine or is it broke? You're liberal brethren have claimed both, like, simultaneously.
it;s we need another $1,000,000,000,000 of borrowed money just to make current payments? Which is it, is it broke or is it fine?
SS is fine, in the same sense that your savings account at your bank is fine: Fine unless there's a bank run or borrowers no longer pay their loans, in which case you can't be repaid.
Plunging the country into debt was the republican ideal & means to stopping social programs. That idea back fired when Obama said we can spend like drunken sailors on the people like cons spend on corporations & big business.
The rest of your BS is a diversion.
Speaking of diversions.... is SS fine or is it broke? You're liberal brethren have claimed both, like, simultaneously.
I guess you will know when you open up your mail box on August 1st. If you watched the video of Obama saying that, was he referring to SS or to disability?? We report, you decide~
If the Debt Ceiling isn't raised, & a default (or a partial default) is the result, who will the American public blame?
only obama isn't spending like a drunken sailor on the people. how much of that pork laden stimulus package actually reached the peopleI'd gladly take the blame for not plunging the country another $1,000,000,000,000+ in debt. Anyhoo, didn't you guys tell us SS was fine? Now, it;s we need another $1,000,000,000,000 of borrowed money just to make current payments? Which is it, is it broke or is it fine?
Plunging the country into debt was the republican ideal & means to stopping social programs. That idea back fired when Obama said we can spend like drunken sailors on the people like cons spend on corporations & big business.
The rest of your BS is a diversion.
Speaking of diversions.... is SS fine or is it broke? You're liberal brethren have claimed both, like, simultaneously.
I guess you will know when you open up your mail box on August 1st. If you watched the video of Obama saying that, was he referring to SS or to disability?? We report, you decide~
He said Social Security... he didn't differentiate. No worries I have a long way till SS.. I doubt I'll see much if any of it.
it;s we need another $1,000,000,000,000 of borrowed money just to make current payments? Which is it, is it broke or is it fine?
SS is fine, in the same sense that your savings account at your bank is fine: Fine unless there's a bank run or borrowers no longer pay their loans, in which case you can't be repaid.
Then why is Obama telling people that if he can't borrow an aditional $1,000,000,000,000 he won't be able to pay seniors their SS checks on August 3rd?
only obama isn't spending like a drunken sailor on the people. how much of that pork laden stimulus package actually reached the peoplePlunging the country into debt was the republican ideal & means to stopping social programs. That idea back fired when Obama said we can spend like drunken sailors on the people like cons spend on corporations & big business.
The rest of your BS is a diversion.
Hey, ask your republican governors who got their share how they spent it, and blame them if it wasn't spent to your liking. Here in CA., we are using it to rebuild our infrastructure, and everything is going along smoothly. We have shovel ready jobs all over the state.
http://www.gao.gov/new.items/d10231.pdf
SS is fine, in the same sense that your savings account at your bank is fine: Fine unless there's a bank run or borrowers no longer pay their loans, in which case you can't be repaid.
Then why is Obama telling people that if he can't borrow an aditional $1,000,000,000,000 he won't be able to pay seniors their SS checks on August 3rd?
Because that's how the system works. The trust is owed money by the general fund. If the general fund can't or won't pay, then the trust can't make payments.
Analogous to your savings account: If you and a bunch of other customers tell your bank you want to withdraw savings, but the borrowers don't make payments, then you won't get your withdrawal.
Then why is Obama telling people that if he can't borrow an aditional $1,000,000,000,000 he won't be able to pay seniors their SS checks on August 3rd?
Because that's how the system works. The trust is owed money by the general fund. If the general fund can't or won't pay, then the trust can't make payments.
Analogous to your savings account: If you and a bunch of other customers tell your bank you want to withdraw savings, but the borrowers don't make payments, then you won't get your withdrawal.
By definition, that isn't a trust. That's just another fund. A trust is just that, it can't be touched.
If I as a CPA, manage a trust fund, I can't touch that money and if I were to, I'd loose my license and be jailed for fraud and theft.
And BTW.. banks have asset ratios that must be maintained.
Because that's how the system works. The trust is owed money by the general fund. If the general fund can't or won't pay, then the trust can't make payments.
Analogous to your savings account: If you and a bunch of other customers tell your bank you want to withdraw savings, but the borrowers don't make payments, then you won't get your withdrawal.
By definition, that isn't a trust. That's just another fund. A trust is just that, it can't be touched.
That will come as quite a surprise to all those people with trusts invested by various financial institutions.
If I as a CPA, manage a trust fund, I can't touch that money and if I were to, I'd loose my license and be jailed for fraud and theft.
So, where do you put the money?
And BTW.. banks have asset ratios that must be maintained.
Banks do. Investment banks don't - or at least, didn't. And in neither case do they keep enough to pay all creditors.
By definition, that isn't a trust. That's just another fund. A trust is just that, it can't be touched.
That will come as quite a surprise to all those people with trusts invested by various financial institutions.
So, where do you put the money?
And BTW.. banks have asset ratios that must be maintained.
Banks do. Investment banks don't - or at least, didn't. And in neither case do they keep enough to pay all creditors.
I open up "Trust Accounts".. they are psecial bank accounts. Like escrow accounts.
I promise you... if spend $1 on anything other than trust expnses or the trustee.. I have MAJOR problem on my hands.
I'd never take a trust account and put into investment banks... that'd be dumb and frankly, reckless.
That will come as quite a surprise to all those people with trusts invested by various financial institutions.
So, where do you put the money?
Banks do. Investment banks don't - or at least, didn't. And in neither case do they keep enough to pay all creditors.
I open up "Trust Accounts".. they are psecial bank accounts. Like escrow accounts.
And when they go to the bank, does the bank create a special vault with actual bills to store the trust? or do they....Lend out those funds to others?
That's what the SS trust has done - it has lent most of its deposits to someone else.
I promise you... if spend $1 on anything other than trust expnses or the trustee.. I have MAJOR problem on my hands.
Right, but you're not the bank receiving the deposits.
I'd never take a trust account and put into investment banks... that'd be dumb and frankly, reckless.
well, if you put it in a depository institution you face the same problem - the funds will only be available in the future if the people who borrowed from that bank also repay their loans.
of course, depository insurance get a bonus protection from the FDIC to prevent this, but short of that government-backed insurance the facts are the same.
There's no need to fear.
