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To: Harmless Teddy Bear
One is paid for. And supports the other one.

One of them funds the general revenue. Both of them pull out from the general revenue. Their "special account" is just a numbers game, just like your savings account at the local bank. There is no specific folder there with all your money in it, it's just part of the big pool of cash down in the basement for the CEO to swim around in. The SSA website even explicitly states that it's primarily a pay-as-you-go program, with current income funding current benefits. SSA projects their current "reserves", their gov't savings account, to be zeroed out in 2034-35. How does that happen if, as you say, the program is fully self-funded? You should be able to remove current income from the equation, and STILL stay solvent if all benefits are already fully paid for!


And managed to receive a 900x return.

Not even close.


Here, I'll do the math for you. First SS benefits paid out was to Ida May Fuller. Only working a few years after it was enacted before she retired, she paid in a grand total of $24.75. She was paid out $22,888.92 in benefits before she died.

22888.92 / 24.75 = 924.8, so I apologize. She didn't receive a 900x return, she received a 924.8x return!


I know you so dearly want to whine about SS being welfare to those greedy boomers but, it isn't.

Part of it is. If someone paid in $100M over their lifetime, and the Treasury bond interest (again, funny money accounting, not real return. If I loan myself $100, and pay myself back $110, I didn't net an extra ten dollars...) adds in $200M over their lifetime, but they're still alive and end up drawing, say, $350,050.92, what do you think that is?

So $100M was paid in, $200M was interest 'gained', then where does the other $50M come from? The first $300M was earned entitlement, sure, but every dollar above that is unearned, from wages or 'interest'. Is that not how you define welfare? Government giving you money for free (to you)?
90 posted on 05/26/2022 11:34:49 PM PDT by Svartalfiar
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To: Svartalfiar
There is no specific folder there with all your money in it,

There is not with any money you put in a bank either.

So if you are going to go there you might also say that you should not expect any money from your bank, your 401k or any investment account.

NONE of them keep your money all by it's self in a specific folder.

First SS benefits paid out was to Ida May Fuller.

Who is long time dead. That is not what is happening now. DO try to keep up. There is this thing called time. It passes.

And everyone now alive who is drawing SS paid into it all their working life.

91 posted on 05/27/2022 9:08:20 AM PDT by Harmless Teddy Bear (It is better to light a single flame thrower then curse the darkness. A bunch of them is better yet)
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