Posted on 07/05/2025 7:55:01 PM PDT by delta7
“The real bankruptcy date was 2021 when revenues stopped covering payments and the general revenue had to be tapped.”
So, to pursue your logic, if had $10,000,000 dollars but spent $10 more than my income I would be bankrupt?
Here’s how the system works. The Treasury determines the amount of money it needs to pay out for all government liabilities, including the interest on maturing bonds, as defined by law.
They sell bonds to the Federal Reserve money center banks. The central bank (Fed) deposits funds in the accounts of the member banks sufficient to buy all the bonds. The member banks deposit the funds in the Treasury account.
They then auction the bonds to other banks at a slightly higher price, allowing them to make a profit. The non-member banks offer them to anyone worldwide with cash who needs to park their money with no risk.
For accounting purposes, outstanding bonds are classified as debt. This is a fiction. They could buy back the bonds at any time by requesting the funds from the Federal Reserve to do so.
As long as the Treasury only pays in dollars and never borrows currency from another country, inflation is determined by the economic equilibrium between supply and demand, interest rates, and taxation.
The decision to provide retired seniors with a guaranteed income is a political and moral one, not an economic one.
Except you spent that $10 million years ago and just have a stack of post-it notes reminding you to put the money back before you get caught.
🔝🔝
It’s all about stealing from AMERICAN CITIZENS
Especially since George W Bush
44% of the yearly federal budget for SS & Medicare...another yearly 13.2% of the federal budget goes towards interest payments.
reducing SS payments to high net worth recipients reduces SS to means or needs testing...which it kinda does already.
I tried to get GROK to define the differences between means testing and earnings testing...
it and i gave up
https://grok.com/chat/12e7837d-5aad-48f0-bf3e-b18fe8326f6c
Trust funds? What trust funds? It’s paid by the Treasury that prints up however much money it needs to print (or create as 1’s and 0’s).
I try to be an honest man.
Therefore I will give Al Gore this...We need a “lock box” for SS taxes.
Al Gore deserves credit because politicians of both parties ignore the ponzie scheme consequences.
SS will always be paid with a CODA over time. It equals to the deflation of the dollar about as well.
Nobody cares as long as SS recipients get their money at the expense of those younger suckers paying in, like the pyramid scehme is it.
Boomers do not care as long as they got theirs.
“The Weimar Republic is good example of that, except the US economy today is much bigger than Old Germany. It’ll be quite a mess.’
The Weimar Republic created that inflation on purpose, to sabotage reparations. Our government? I wouldn’t put it past them. Would explain why they, especially the Democrats, are not very concerned about the debt.
It will go broke before I retire. I’ve accepted for quite a while that I’ll work until death.
Remove the scum that shouldn’t be on SSI.
BINGO!!!!
Stop all the “programs” sucking off SSI.
Politicians of BOTH PARTIES saw a huge pile of cash to spend and SPENT IT multiple times over.
I suggest we confiscate all the wealth of ALL POLITICIANS who have ever been in Congress more than one term. Make Congress and their Families the NEW POOR!!!
“Boomers do not care as long as they got theirs.”
Sorry. We boomers do care. Put the blame where it belongs. And is on the idiots we put in office. Both Dems and Repubs. Not a nickels difference in the two when it comes to buying votes.
Bkmk
You can depend on that.
If somebody breaks into those filing cabinets in West Virginia and steals the non marketable Social Security bonds we will be in real trouble.
Until then everything is good.
Lol.
How about most of your assets are locked up in 401k’s that have yet to be taxed?
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Under Trump, most of the talk of “ means testing” on assets has blown away. What to watch will be his successors.
The problem will be kicked down the road until it reaches a crisis level ( not yet), then “ over reaction” changes will be made….history shows us this.
I suspect the Republicans ( not the Democrats) to make the changes, “ here is the medicine, you will take it”….
Social security is Government ownership of old people. If they own you, they can do what they want. It must be phased out over time. Freeze current benefits for those on it now. Kick out everyone who was never meant to receive benefits in the first place. Offer buyouts to those 10-20 years away from retirement such that halve of them take it. Those over 20 years away are on their own as far as retirement is concerned but their social security tax burden gradually reduces as recipients die off and in addition, they will own their own retirement. In 30 years, it’s basically gone, never to be instituted again. Everyone sacrifices and in the end, our grandchildren are free.
If they simply raised the cap to 250K, we’d be good another 50 years. It wouldn’t even hurt anyone.
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