Quote:
Originally Posted by Guest
This is not exactly true. There actually is a SS trust fund and it has $2.6T. Unfortunately, it contains $2.6T in IOUs from the Treasury Department to SS. These IOUs represent a commitment by the Treasury Department to go out on the global markets to borrow money to pay SS benefits. The reason the "trust fund" contains $2.6T is that SS took in more in SS tax then they paid out in benefits for a long period of time. The excess went into the General Fund (i.e. was spent) and Treasury gave SS IOUs in exchange. What should have happened was SS taxes should have been adjusted annually to match the benefits paid. In this case, we would have $2.6T less debt today.
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You explain that as anyone trying to convince someone bigfoot exist. Regardless of how much lipstick you apply to that pig there is no "trust fund" backed by assets. You can raise taxes or borrow (steal) from next generation. The "they" you refer to are the polititians we voted in because they promised us something for nothing. We have some bitter medicine to take and should start taking it now. I'm thinking the next generation will wake up someday and we'll be screwed, and deserve to be.