Al Gore’s father and HIS cronies in the DEMOCRAT party, moved the taxes into the GENERAL FUND years ago .. so that is the reason it’s been LOOTED .. and now may soon deprive many seniors from living an independent lifestyle.
That is not the way it works. All revenue collected thru the payroll taxes are converted into T-bills upon receipt. The revenue is used to pay all benefits. The T-bills represent an obligation of the USG to pay both interest and to convert into dollars upon demand. It is why the SSTF and HI trust funds are included in the $18 trillion national debt under "Intergovernmental Holdings."
SS and Medicare are pay as you go programs. Today's workers pay for today's retirees. SS has been running in the red (revenue collected versus benefits paid out) since 2010 and Medicare since 2008. As a result, in order to pay full benefits, both SS and Medicare have been cashing in their T-bills to make up the shortfalls.
40% of Medicare is funded via the General Fund, by law. The premiums paid for Medicare Part B and D only cover 25% of the benefits. The remaining 75% come from the General Fund. As the number of retirees continue to increase, the amount coming from the General Fund will increase eventually consuming the entire federal budget if not reformed. The average retiree gets more than three times in benefits than they contributed to the program.
“That’s not the way it works”
WELL .. IS THAT THE ANSWER ..?? OR IS THE ANSWER - WE’RE GOING TO CHANGE THE WAY IT WORKS. AFTER ALL .. IT USED TO BE A SEPARATE PILE OF MONEY .. AND THEN THE DEMOCRATS (IN THEIR GREED), DECIDED TO PUT IT INTO THE GENERAL FUND. AND .. ALL THEY LEFT BEHIND FOR THE CONTRIBUTORS .. WAS A PILE OF I.O.U.’S - HOW THOUGHTY OF THEM.
I’M NOT INTERESTED IN HOW IT WORKS NOW .. I’M INTERESTED IN GETTING PEOPLE TO CHANGE HOW IT WORKS .. CHANGE IT BACK TO THE WAY IT USED TO WORK.