Posted on 01/15/2011 10:25:37 AM PST by MostlyAnti-Lib
The difference is: Madoff went to jail!
Your post didn’t answer the question. Is social security just IOUs or is there any money in it right now and if so how much?
Its easy to understand. The Congress raided the Social Security “lockbox” years ago. Now its called pay as you go or basically IOU. There is no SS fund, no SS lockbox, no SS trust etc etc. It just gets paid out of the yearly appropriations.
Kind of like “congressional intelligence”.
It is just IOUs.
Learn this. Know it. Tell others.
There NEVER WAS A LOCK BOX. The surplus was ALWAYS SPENT.
The it has always been pay as you go. The scam part of SS was that they tricked us into OVER PAYING. Any payroll tax in excess of the benefits payed out has always been a simple general tax.
Check out: “5 posted on Saturday, January 15, 2011 10:32:30 AM by kabar”.
That’s a better answer than I’ve got.
Thank you!!!
“Is that a rhetorical question or do you really not understand it.”
If you have to ask that question, maybe you don’t understand it.
Maybe you should try reading the whole “rant”.
I didn’t ask about what happened to him (and the government). I asked about what he did (and what the government continues to do [ present tense ])..
IS THE SOCIAL SECURITY LOCKBOX A MYTH?
Of course.
When seniors retire the goods that they consume must be produced from someone else that year. More people on the government, less working, no matter how you try to add it up. If on the other hand, they had been storing grain and TV’s all this time, they would be able to get by on their own. Even if they invested that money in the stock market, they will live off of someone else.
Did you know that about 45% of the $14T debt is SS debt, i.e. money the government owes to itself?
Maybe you could try writing it more coherently.
Demographic killed SS. In fact it was dead in 1965 when the baby boom ended.
Oh, the lock box exists alright. The money fell out and the slot in the top was stuffed with IOUs. The location of the lock box is at the Social Security Office, and I’m sure if you ask for a tour, they’d be happy to show it to you. Ask for Lenny.
Oooooo!!
Good one!!
Here’s another little factoid about SS that everyone misses. It isn’t a contract an any normal sense of the word.
If congress passed the law and the president signed it, SS could be ended tomorrow. No one is “entitled” to any benefits from the program. Courts have ruled on this definitively.
Seriously, your post rambles in a feeble and pointless effort to posit a question that was answered long ago.
So tell us how someone who points out the salient fact that the Trust Fund is not a real asset is lying?
It's an absurd premise that is indicative of your inability to stick to the subject further along.
We both know that Madoff and the government are guilty of the same kind of chicanery, but what in the hell do we do about it if our own guys are pulling the wool over our eyes (or trying to)?
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