Thanks. The Democrats argument the video was illustrating is right at the SS administration link you provided:
“Far from being “worthless IOUs,” the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government. “
Of course a legal bond sold by the Federal government to a bondholder is NOT the same as the government holding an IOU to itself. We know the FICA taxpayers are not the holders of these bonds and do not have to be paid back legally(constitutionally).
Both parties have raised income taxes on SS benefits, basically giving the SS benefits back to themselves rather than the FICA taxpayers(who already paid income taxes on the FICA taxes), so the recipients had no legal claim to the money.
It's a big lie! Not to mention destroying the dollar.
Even if they admit there is a problem, it's always a future problem, so kick it down the road.
Robert Reich: "You don’t want government to hold back, you want government right now, yes, the deficit’s a long-term problem, but right now you don’t want to cut government spending, yet Eric Cantor and the Republicans are indulging, you hear it over and over and over."
It would be inconceivable to try anything responsible.
