Quote:
Originally Posted by Guest
You seem to have a good understanding of this subject so could you explain what happens to deficiet and debt when Social Security trust funds are so-called cashed to pay benefits. There are no assets and I understand the borrowed funds are already included in debt. The money being paid out will be real so where will it come from and how is it accounted for. There has to be more borrowing somewhere, or spending cuts, or tax increase?
Thanks
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They spend more than they take in EVERY year. They robbed the SS "trust fund" until there was nothing left to take. So now they just borrow...OVER $1.5 TRILLION each year. That's $1,500,000,000,000 EVERY year.
Quote:
Originally Posted by Guest
Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted. But even if we remove Social Security from the equation, there was a surplus of $1.9 billion in fiscal 1999 and $86.4 billion in fiscal 2000. So any way you count it, the federal budget was balanced and the deficit was erased, if only for a while.
same link
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No, there was NO yearly surplus. That's the media telling lies again. Turn the TV off, throw away the newspapers, they're all propaganda. We've spent more than we get for MANY years. It keeps adding up.