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To: american spirit; Toddsterpatriot

I can't do that because I don't think there's anything in any lockbox except some fedgov IOU's which is more debt that'll need repaid down the road.

Definitely no lockbox, it has all been spent as it comes in.

Any SS payroll tax revenues in excess of current benefit payments are spent on non-Social Security programs and activities by according to the Social Security Trust Fund trustees.

 

Social Security Trust Fund Report Shows Need for Reform

 

All social security monies have been spent. That's why Social Security obligations add to the government debt by the way, Congress borrows from the "Lockbox" by selling the Trustees certificates of indebtedness to draw against future general revenues and uses the SS payroll tax revenues to pay for other programs and functions of government.

As a consequence Social Security benefits, required to be paid by law, must be appropriated from the general revenues on and annual basis instead from the Social Security revenues in the trust fund established, supposedly, from payroll taxes.

261 posted on 07/14/2006 9:32:02 AM PDT by ancient_geezer (Don't reform it, Replace it.)
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To: ancient_geezer

My guess is those IOU's to SS is part of the "intragovernmental holdings" figure that toddster thinks is just being switched from one pocket to the other and isn't part of the national debt.......of course he's the only one that espouses that view as far as I can tell.


262 posted on 07/14/2006 10:33:03 AM PDT by american spirit
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