Posted on 04/28/2012 4:36:33 PM PDT by SeekAndFind
An IOU is not a “trust fund.”
I repeat for the bazillionth time:
Anyone younger than 55 who thinks he/she is going to see a dime of Social Security is insane.
It is a big zero in my retirement planning.
The bad news is that the commie ‘RATS were counting on the illegal aliens to keep their Social Security scam afloat. I hope they’ve got a Plan B.
How can the word "trust" even be used when discussing government promises?
Cut it down burn it up, tomorrow we starve. /s for the sarcasm impaired
BTW, the US government has assets ~ when they run out of cash they can do what everybody else does ~ sell stuff and hand over the proceeds to the creditors.
Or, distribute the assets ~ I"d be happy to have a 10 sq ft site in the Capitol Rotunda ~ I'd sell magazines and candybars.
I want my money back. If they keep it, in most circles, that’s a crime.
Wonder if that has anything to do with the 2% discount on SS payments for last year and this year.
Ya think??
Any excuse to bring on the death panels.
but the Democrats say everything is great, there’s no problem.
Nonsense! They will get back every penny they ever put in.
In hyper-inflated currency.
Well said.
In 2033 they will run out of IOUs and they will just keep funding the shortfall from the General Fund. That's what they are doing now and that's what they will be doing in 2034.
“sell stuff and hand over the proceeds”
In this case however, the Fed will just print more money.
It’s an “obligation”, a distinction without a difference in Bizarro world.
Even though employees are required to contribute, there is no right to collect, at least according to SCOTUS.
Social security had two sources from which to pay.
1. Those who are paying in now.
2. The national Debt.
There is no fund containing actual saved money for social security. They have to borrow money for SS now because there is no longer enough coming in to pay obligations.
The instant the government can’t borrow anymore, then Social security will be shorted. Not in 2033 or any such nonsense. It could happen next week or next year, but it is coming soon.
The author of this article most likely knows this. And therefore I consider this just another in a long list of propaganda articles.
Thank you for hitting that right at the outset. There never was, nor was there intended to be, a “trust fund”. Any journalist who uses that phrase as if a trust fund actually exists ought to be fired for stupidity or mendacity.
I once saw an estimate that the Government owns assets worth over $200 Trillion. Of course, this would probably involve selling land rights to “evil” oil and mining corporations.
Anyone younger than 55 who thinks he/she is going to see a dime of Social Security is insane.
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