Posted on 03/14/2010 9:38:11 AM PDT by Oldeconomybuyer
PARKERSBURG, W.Va. — The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.
It's time to start cashing them in.
For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.
Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.
Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg's municipal offices.
Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn't be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.
(Excerpt) Read more at google.com ...
Sorry, I still have my doubts. I think this whole ponzi scheme is unsustainable.
This is another main impetus for Obamacare. The government can’t borrow from SS anymore to fund all kinds of new entitlements and programs-there’s nothing left to borrow. Instead, the money is going to have to start to be paid back.
Once that happens, there will be a huge in the deficit which will have to be shored up and the immediate way to shore it up is to start collecting premiums via Obamacare.
These politicians have killed and jumped on and kicked the golden goose.
Why is the AP reporting this now? Is it to help Obama raise taxes?
It’s part of the push for Obamacare. The piggybank is empty...
Yeah, but look at all the votes they bought in the meantime. With Congressional retirement plans, lifetime benefits, including a super health care plan, it's not such a bad deal. Now the Republicans will win in November and be left holding the bag. After 2 terms in the leadership, the dems will be back for another 40 years.
Pretty good work, if you can get it.
“....Those bonds are protected by the full faith and credit of the United States of America,” Kennelly said. “They’re as solid as what we owe China and Japan....” “
That last line was the kicker. Is that supposed to give us faith in SS?
But, But...I thought there was a trust fund with real money and everything...even an account with my name on it...
SS is just the government writing IOU’s to itself - in essence promising to tax the bejabbers out of some future generation. The future has arrived, and the taxation rightly won’t happen, and in any event would be counterproductive because it would shrink the economy and general revenues.
soon, the DEMS will declare victory (bankrupted America), and many of them will go home.
In your dreams, /S
Defeat Obamacare call list: List now contains the new MAYBES culled from FR posts.
KEEP THE CALLS UP! DC OFFICE LOCAL OFFICE
Code Red” - House Target List on Health Care
The National Republican Congressional Committee has published a target list on health care. In addition to continuing to contact the five Tennessee Democrat Congressmen, you can go http://www.votervoice.net/link/clickthrough/ext/94697.aspx to contact some of these targets. Much of the talk following Obama’s announcement has focused on how to defeat this second bill through reconciliation, but that is misleading because the first step to defeating Obamacare is not by concentrating on defeating the “fixer” bill but by defeating the Senate bill in the House when it goes to the floor for an up-or-down vote on Thursday, March 18th.
Rep. Lincoln Davis 202-225-6831 Columbia office: 931-490-8699
Rep. Jim Cooper 202-225-4311 Nashville office: 615-736-5295
Rep. Bart Gordon 202-225-4231 Murfreesboro office: 615-896-1986
John Tanner (202) 225-4714, Union City, (731) 885-7070, Jackson Phone: (731) 423-4848, Millington (901) 873-5690 TN (MAYBE)
Rep. Steve Cohen 202-225-3265 Memphis office: 901-544-4131
Harry Mitchell (202) 225-2190 (480) 946-2411 AZ 5th District
Gabrielle Giffords (202) 225-2542 (520) 881-3588 AZ 8th District
Ann Kirkpatrick (202) 225-2315 (928) 226-6914 AZ 1st District
Jerry McNerney (202) 225-1947 925-833-0643 CA 11th District
John Salazar 202-225-4761 970-245-7107 CO 3rd District
Jim Himes (202) 225-5541 (866) 453-0028 CT 4th District
Alan Grayson (202) 225-2176 (407) 841-1757 FL 8th District
Bill Foster (202) 225-2976 630-406-1114 IL 14th District
Baron Hill 202 225 5315 812 288 3999 IN 9th District
Mark Schauer (202) 225-6276 (517) 780-9075 MI 7th District
Gary Peters (202) 225-5802 (248) 273-4227 MI 9th District
Dina Titus (202) 225-3252 702-256-DINA (3462) NV 3rd District
Carol Shea-Porter (202) 225-5456 (603) 743-4813 NH 1st District
Tim Bishop (202) 225-3826 (631) 696-6500 NY 1st District
John Hall (202) 225-5441 (845) 225-3641 x49371 NY 19th District
Bill Owens (202) 225-4611 (315) 782-3150 NY 23rd District
James Matheson Toll-Free Number 1 (877) 677-9743 (202) 225-3011Mike Arcuri (202)225-3665 (315)793-8146 NY 24th District
Dan Maffei (202) 225-3701 (315) 423-5657 NY 25th District
Earl Pomeroy (202) 225-2611 (701) 224-0355 ND At-Large District
Steven Driehaus (202) 225-2216 (513) 684-2723 OH 1st District
Mary Jo Kilroy (202) 225-2015 (614) 294-2196 OH 15th District
Zach Space (202) 225-6265 (330) 364-4300 OH 18th District
Kathy Dahlkemper (202) 225-5406 (814) 456-2038 PA 3rd District
Patrick Murphy (202) 225-4276 (215) 826-1963 PA 8th District
Christopher Carney (202) 225-3731 (570) 585-9988 PA 10th District
Paul Kanjorski (202) 225-6511 (570) 825-2200 PA 11th District
John Spratt (202) 225-5501 (803)327-1114 SC 5th District
Tom Perriello (202) 225-4711 (276) 656-2291 VA 5th District
Alan Mollohan (202) 225-4172 (304) 623-4422 WVA 1st District
Nick Rahall (202) 225-3452 (304) 252-5000 WVA 3rd District
Steve Kagen (202) 225-5665 (920) 437-1954 WI 8th District
Bart Stupak (202) 225 4735 MI (MAYBE)
Brian Baird (202) 225-3536, Vancouver, (360) 695-6292. Olympia, (360) 352-9768, (MAYBE)
senator mark begich (202) 224-3004 toll free. (877) 501 - 6275 just became a MAYBE
Jason Altmire 202-225-2565, Aliquippa, 724-378-0928,
Natrona Heights, 724-226-1304 (MAYBE)
On the Bubble (Major developments from the “yes” and “no” columns in the House)
http://www.freerepublic.com/focus/news/2467046/posts
Congressional Dems on Twitter
http://www.arrghpaine.com/congressional-dems-on-twitter
And here are toll-free numbers we can use to call any Senators or Reps.
At the first number below you must wait through a tape recording urging you to tell your Rep or Senator to vote “yes” for the health care bill. Just hang on and when the recording is over, you will get the Capitol operator. Just ask for your Rep or Senator’s office. Then you will either talk to an aid or have the chance to leave a message for him/her to vote NO on the health care bill.
When you use the second number and the Capitol operator comes on, just ask for your Rep or Senator’s office. Every time I use this number I get the Rep or Senator’s answer machine, so it may be set up that way all the time...to go to their answer machine. Either way you can leave a message to vote NO on the health care bill!
We need to use these toll free numbers that have been set up for the health care/ BO supporters and illegals to use! After all they are FREE!
1-800-828-0498
1-866-220-0044
**Too bad the federal government already spent that money over the years on other programs,**
From a 1964 SSA publication...
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.
Bottom line, the money is gone. SS was a revenue source for the Feds when they could issue their BS IOU’s, it is now a net cash drain. This is huge. Look for SS/Medicare taxes to probably double within five years tops. Also, radical slashing of benefits and implementation of means testing. The whole system is imploding rapidly.
or maybe this is the AP helping to divert attention from the Obamacare debacle.
It’s here.
Somehow I just know the extreme left will point to Reagan and blame this on his “lack of foresight”, even though he had the corrections applied to fund it this long.
If the extremists in charge dig into my pockets any deeper, they’ll be playin’ pocket pool.
Ickes is still on the wagon sucking the Union tit in a second generation
It should be a crime for the government to spend money paid by taxpayers for SS. A CRIME! Those bastards are nothing but thieves.
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