What about the LOCKBOX!?
Oh? Is there a vault? A big room piled high with all that surplus money that we've been collecting over time? Hmmmmmmmmmm?
Well, it really doesn’t matter much if current receipts don’t quite cover the current expenses since we have all those billions locked away in the Social Security Trust Fund, aka the “lockbox”.
(pause for nervous laughter)
I’m not worried about this shortfall. It doesn’t apply to me. I have contributed my share for the last 45 years. I got a statement from the SS Admin detailing how much I have in the fund. This is someone else’s problem. //sarcasm off//
Silly marxists - there is no SS surplus, never has been. There isn’t even any money anywhere in SS. There are not even accounts for each person. SS makes Madoff look like a piker. It’s the biggest ponzi scheme in the entire history of Earth. They should put a picture of the SS emblem in the dictionary next to Ponzi.
The faster this welfare program goes broke the better. Like Medicare democrats only want a token of payroll taxes (wrt handouts) to make the recipients think they earned it. They really want the rich to support the poor, with the middle class addicted.
This is massive (massively bad) financial news.
I’m amazed it is getting such quite coverage.
These people are so dumb thinking that there is a SS surplus. So dumb...
The Government Has Two Options:
1. Cut Benefits
2. Increase Taxes
Expect both options to be exercised frequently.
My wife and I don’t plan on SS income for our retirement. It will be like winning the lottery if we get any...
A bunch of IOUs written from one arm of the government - the Treasury, to another arm of the government - Social Security trust fund, DO NOT A SURPLUS MAKE!!!!!!!!!!!!
The “surplus” in the Social Security Trust fund is nothing other than a promise we made to ourselves (whenever we collected more social security payroll taxes than we needed for paying benefits) to come back and tax ourselves later to pay back the payroll taxes we spent instead of saving and investing the excess we paid in.
The label of the IOUs we gave ourselves as a “surplus” is the biggest political fiction in modern American history.
A PONZI scheme, like Mr. Madoff ran, is when the promise is made that unrealistic earnings can be provided and are in fact only able to be provided as long as enough new investors and/or enough new investment can continually be brought in to pay off the earlier investors.
Social Security has always been a PONZI scheme.
It has always required some combination of legally required additional new classes of contributors or legally mandated higher contribution rates, or both, in order to be solvent for those reaching the age of claiming their due from it.
The financial and demographic math of pretending it is solvent have reached their end, and by 2013 that pretense will be shattered.
What surplus? It is just a bunch of IOU’s. If there was money in the “surplus bank” how could this surplus be getting smaller unless someone is robbing the bank. And that is what is happening and has been happening for years. The money is “robbed” by Congress (government) to make it appear that the deficit is not as bad as it really is. The only way to replace this “robbed” money is through additional taxes. The shortage then has to be made up by us stupid taxpayers.
Well maybe some of the BAIL OUT money could go to cover the checks for the elderly. They deserve it. Oh h*ll, Obie would not want to do that.
no need to worry about 2017 any more