Stop the “crazy checks” that are used to buy minority votes. Then you’ll have enough money to pay people whose money you took.
Welfare, WIC, Section 8 housing and every other boondoggle massive social welfare program had better “run out” before a program packaged and sold as an old age “pension” for which people were taxed and benefit statements provided, taxed to the point that many were unable to save for retirement in any other fashion. Paychecks for snotty Congressional aides who think they’re oh so much better than the great unwashed had better be bouncing before they cut Social Security. It’s not just the old folks, it’s their kids who will be enraged. And for those who dismiss Social Security as a pittance, know that in the real world of majority conservative voters out here in flyover Trumpland, yes you can live off of it.
There has not been an actual trust fund for Social Security in quite a number of decades. Just a file with useless government IOUs.
This is pretty pollyannish. If you cut social security benefits by 21% then there will be a revolution. If you increase social security taxes by 21% then I suspect a lot of people will pull their support for social security, particularly the young. And I think this problem is going to begin to fester even before social security exhausts the trust funds. The reason is that they will need to raise taxes or print money or both in order to honor the IOUs in the trust fund. And all this is going to be going on at a time when Medicare will be exhausted as well. It’s not so easy to reduce Medicare benefits.
How many trillion dollars has congress pilfered from monies that were not theirs?
. . . but then - since " the program's combined trust funds” are “invested” in “safe government bonds,” those bonds represent a claim on the US Treasury, neither more nor less. Since the government budget is in deficit not surplus, the Treasury has to borrow the money to redeem those bonds.That is to say, "the program's combined trust funds” are not a substantive value to the government, but only an IOU which the government wrote to itself and carefully sequestered. Exactly as if you personally wrote an IOU for ten million dollars and signed it. You could do it, all it takes is a piece of paper and a pen - but you can’t let anyone else have it or it will bankrupt you.
The result is that "the program's combined trust funds” are nothing but a record of money the government borrowed and spent. There three things in aviation that are useless: altitude above you, runway behind you, and fuel used. And the useless thing to a treasury is “money spent.”
They’ll raise the payroll tax, and then they’ll blame Republicans when the increase kills jobs.
There is no such thing as a social security trust fund. It is an accounting impossibility in the federal budget.
SS monies in excess of payroll taxes needed to pay benefits are “loaned” to the federal government which issues essentially an IOU to the mythical trust fund.
Demoncrats will propose the confiscation of 401(k)s and other savings of "rich" people.
No way they're gonna let "benefits" be reduced.
Welfare? Section 8? EBT? They are drawn from the very same source pool of money. A trust fund for Social Security is a mere talking point.
I’ve been telling kids for years that even as old as I am, I likely wont see a dime of Social Security because it will be bankrupt by then (or the swindlers to keep it alive will start raising the age or start paying out mere gum-money).
I then remind them that they are paying nearly ONE SIXTH of their income wages/salaries (they don’t usually make 65K+ yet) into this hole, and THEY certainly will NEVER see any of it back. And then have them think what they might have done with that money RIGHT NOW.
All the old leftists have gone to their graves happy to have carried out their swindle to their own political advantage.
I leave it upto the American people to eventually extract repayment from all our current crop of vile leftards continuing the scam (even if just redistributing their ill-gotten wealth being only drop in a bucket, but still deserved).
We have fiat money and fractional reserve lending based of of fiat money. It doesnt matter. Its backed by good wishes and happy thoughts.
They will just keep spending like they always have.
The trust fund has already been spent and replaced by government IOUs.
What that means is that the U.S. Treasury must go out into the competitive financial markets and BORROW the money that is “owed” to Social Security beneficiaries.
I put “owed” in quotation marks because there is no enforceable contract between S.S. beneficiaries and the government.
It is completely possible - and completely lawful - for the millions and millions of new foreign born USA citizens to elect representatives who will revoke future Social Security payments.
And why shouldn't they revoke it?
In the future, no one in the world is going to be dumb enough to emigrate to the USA just to pay Social Security benefits to the previous generation.