Posted on 07/12/2011 8:25:51 PM PDT by sickoflibs
This has been one of my favorite subjects for years but today Democrats exposed themselves on it with the threat over the debt limit. Start with Democrat Senate Majority leader Harry Reid.
“Senate Majority Leader Harry Reid (D-Nev.) on Monday disputed warnings that Social Security is headed for bankruptcy, calling those assertions an “outright lie.” And he says the huge federal entitlement program has not added “one penny” to the federal deficit.”
Sen. Harry Reid Misleads on Social Security Financing , Tuesday, (March 29, 2011 CNS)
OK, so Social Security does not add one penny, not one! If that is the case then this must be explained:
“President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks. “I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it,” Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News. ”
Obama says he cannot guarantee Social Security checks will go out on August 3, (July 12, 2011 CBS News)
Anyone (besides me) think to ask Democrats how raising the debt ceiling is required to make Social Security payments when they are claiming it doesn’t add a penny to the national Debt? Don’t worry. Congressional Republicans appear tied to the imaginary $2T SS trust fund too because that allows them to delay spending cuts until the distant future, you know when the imaginary trust fund runs out? So they are not ratting out Obama and Reid on it.
A tutorial for those new to the issue.
Video: A Liberal Democrat explains the why the Social Security Trust Fund is safe
Rubio said the same thing today on Rush’s show. Obama is admitting that we have to borrow money in order to pay SS benefits along with veteran’s benefits, etc.
I had to mark this one for history! Remember this day!
Amazing. People think the social security money is in a lock box. The reason Obama is “putting social security on the table” is this. The RATS can no longer take the excess social security taxes and spend it. There is less tax coming in than going out. Now social security is a drain on the slush fund. Meaning it reduces the amount of money they can use for their schemes. It has got to go. They will throw Granny under the bus without blinking an eye. The evil GOP is in the strange position of trying to save a Socialist Program. Pathetic. Is it not.
I thought there was a trust fund. That’s what they keep saying. Okay, then spend money from the fund. LMAO
Naw, it got spent as soon as it came in that is how government works. They left an worthless IOU to themselves that Dems actually call US bonds.
I got an idea, you hear of the Ryan plan? this is the SOL plan : Instead of delaying cuts 10 years and letting the ‘imaginary’ trust fund empty by the time we retire, cut benefits now and save the imaginary trust fund until we retire and so we get our FULL benefits. It's imaginary (meaning worthless IOUs to themselves) so it doesnt matter when we spend it.
At this point I agree to any plan that spares me, given they cant fess up.
Need to parse!
I don’t know.
Does the $14 trillion federal debt include the value of all the social security funding that has been diverted to the current spending account, all of the IOU’s that are held by the SS administration against the Federal Government???
Now, we all know that whenever there is less SS tax collected than is disbursed, the SS fund needs to cash in one of its many IOU’s, asking for cash that the FED doesn’t have. And Zer0, the rats and the pubbies have even succumbed to rape current SS inflows by collecting less SS taxes in 2011 for some idiotic program to add $10 dollars to the non income tax-payers net payroll check.
So, does this immediate SS payout cash need increase the Federal deficit? Or is it an intergovernmental transaction that is met by speeding up the Department of Engraving printing presses??
In any event, cash needs to be provided from somewhere, ‘cause there ain’t no lockbox; there ain’t no Federal cash sitting in Ft. Knox; we’re borrowing 40% of the Federal expenditures from somewhere, so somehow the payout of SS is impacting cash flow, regardless of Obamanaomics, Goreisms, or Bushites.
Which of you can help to explain Governmental accounting??
Need to parse!
I don’t know.
Does the $14 trillion federal debt include the value of all the social security funding that has been diverted to the current spending account, all of the IOU’s that are held by the SS administration against the Federal Government???
Now, we all know that whenever there is less SS tax collected than is disbursed, the SS fund needs to cash in one of its many IOU’s, asking for cash that the FED doesn’t have. And Zer0, the rats and the pubbies have even succumbed to rape current SS inflows by collecting less SS taxes in 2011 for some idiotic program to add $10 dollars to the non income tax-payers net payroll check.
So, does this immediate SS payout cash need increase the Federal deficit? Or is it an intergovernmental transaction that is met by speeding up the Department of Engraving printing presses??
In any event, cash needs to be provided from somewhere, ‘cause there ain’t no lockbox; there ain’t no Federal cash sitting in Ft. Knox; we’re borrowing 40% of the Federal expenditures from somewhere, so somehow the payout of SS is impacting cash flow, regardless of Obamanaomics, Goreisms, or Bushites.
Which of you can help to explain Governmental accounting??
‘I been waiting for this’ ping!
enjoy!
Until this year, Social Security took in more money than it paid out.
From the sources I posted here it started some running deficits in early 2009 when unemployment skyrocketed, then December-January this year FICA tax got cut and it went in deep red.
I was posting that FICA was the stupidist tax to cut, esp if you can only cut one tax. Yet Dems stick to their talking points about it paying for itself.
It doesn't matter that they paid into Social Security all of their lives. The government spent the money and gave nothing more than a promise to pay it back in the future (if you are still alive and if they have the money to pay you).
The liberal media will ignore Obama's FUD (Fear, Uncertainty, and Doubt) tactics. It's the evil Republicans who want to push grandma off the cliff, not Obama. The fact that the debt limit will be exceeded again and again while current taxpayers SS money is spent on other political giveaways to buy more votes is just accepted as business as usual for the socialists in DC.
And what really burns my ass is this. I and I bet you too did every thing I could to get the House back. And now Bitch McConnell stabs me in the back at the time he should validate my effort. I have been fooled time and again by the GOP. Only out of fear of the RATS. This is the last straw. But I am just one little vote.
The $ 14T is $11T in real debt and $3T in SS IOUs, I read someplace anyway. But we know SS will run through more than than 3T eventually so it's not like it's not going to cost that. Cutting SS and medicare would be like a congressman caught child molesting, in voters eyes, it seems,I also hear claims there is a Medicare trust fund.
RE “So, does this immediate SS payout cash need increase the Federal deficit? Or is it an intergovernmental transaction that is met by speeding up the Department of Engraving printing presses??”
That is the reason I posted this thread links. Regardless of who buys the US treasuries (Fed or investors) now, it's still National debt as shown here in this Obama threat to cut it off,
I appreciate the interest. Before I did the video above I used to do blog posts on the SS scam.
PING
What ever happened to the good ole
US Savings Bonds? Dufuss Carter cancelled the program. Maybe US BONDS should be bought back?
One more for thought.....
HOW ABOUT 10% REDUCTION OF ALL GOVERNMENT EMPLOYEES AND THE ELIMINATION OF UNNECESSARY DEPARTMENTS?
This one was more fun than that slaughterhouse we were posting on, I got Dems nailed here.
If we have to raise the debt limit to pay social security
that PROVES there is no Social Security trust fund. We have to borrow money just to pay one month of Social Security. That proves it is a ponzi scheme.
And that’s the fault of the democrats. Shout it far and wide!
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