Quote:
Originally Posted by tuccillo
You can certainly debate whether the program should have been setup differently, for example a system where the money is actually in an account with your name attached vs. the pay as you go approach. However, to suggest that the money was raided is a bit misleading. Money collected in excess of benefits paid (and subsequently spent to fund Government operations) was actually credited to the SS Trust Fund. This Trust Fund is invested in a special form of Government Treasuries and does earn a return each year. The Government is essentially prohibited from investing the excess FICA taxes in anything other than this special form of Government Treasuries. It's current value is just shy of $3 trillion. This $3 trillion in Treasures is just starting to be cashed in and the balance will go to zero over the next 12 years or so as benefits paid exceed FICA taxes collected. The cashing in of the SS Trust Fund will be funded by issuing new debt. Sigh ...The real problem is the Government chooses to spend more than they take in from taxes, of any kind. And so we go round and round ...
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How much is paid in the form of SSI (AKA Crazy Checks)?