Posted on 03/31/2023 9:16:19 AM PDT by ChicagoConservative27
Reserves for Social Security’s largest trust fund are on track to run out as soon as 2033, a board of trustees of the program’s accounts said in a report on Friday.
The estimate is one year sooner than previously projected for the Old-Age and Survivors Insurance (OASI) Trust Fund, which pays out Social Security benefits to retirees, in the trustees’ report from last year. If the reserves are depleted, the report projected income for the account would only cover 77 percent of scheduled benefits.
By contrast, the board estimated the program’s smaller Disability Insurance (DI) Trust Fund would not become depleted for at least 75 years.
While both funds are separate, the accounts have usually been considered as a combined fund when discussing the program’s solvency. Lawmakers have also allowed inter-fund borrowing between accounts to temporarily extend solvency in the past.
(Excerpt) Read more at thehill.com ...
I have heard about the need to fix Social Security for the last forty years. This government can take us into unimaginable debt by p*ssing away money on everything imaginable. It needs to come up with the money to meet its obligations. We need to start by sending competent and responsible people to Washington. If that dream is never realized, then maybe greybeards such as myself need to stage our version of the Bonus March.
I’ve heard that at one time, Social Security was a completely separate fund from the rest of the federal budget.
I have not researched so can’t say for sure, but I’ve heard that the intention was that Social Security funds were to be completely separate from the rest of the federal budget.
Yes I know that in fact, Social Security money is not separated out. But the intention was that it would be, similar to how your own 401K investments are completely separate from the company you work for.
If I recall correctly, the Reagan administration and Congress “fixed” Social Security, in 1982-83, with a package of sharp increases in Social Security taxes, along with gradually raising the full retirement age from age 65.
But those actions 40 years ago did not “fix” the problem, so much as push out the day of reckoning.
I thought that is what I said, just not as directly as you did.
My intent was to say the same thing in a way that non-confrontational suburban cisgender scientifically ignorant unattractive single baby killing women could understand without offending them.
"Social Security trust fund on track to run out in 2033: analysis"
The sooner that patriots start working with their constitutionally clueless Democratic and RINO state lawmakers to get them up to speed with unconstitutionally big federal government so they can put a stop to unconstitutional, unaccountable federal taxes, Social Security and Medicare for example based on stolen state powers and uniquely associated state revenues imo, the “smoother” the transition from unconstitutional, FDR era-based, federal social spending to constitutionally justifiable state power-base social spending becomes imo.
”State inspection laws, health laws, and laws for regulating the internal commerce of a State, and those which respect turnpike roads, ferries, &c. are not within the power granted to Congress [emphases added]” —Gibbons v. Ogden, 1824.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
“If the tax be not proposed for the common defence, or general welfare, but for other objects, wholly extraneous, (as for instance, for propagating Mahometanism among the Turks, or giving aids and subsidies to a foreign nation, to build palaces for its kings, or erect monuments to its heroes,) it would be wholly indefensible upon constitutional principles [emphases added].” — Justice Joseph Story, Commentaries on the Constitution 2 (1833).
”Simply this, that the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Constitution, is in the States and not in the federal government [emphases added]. I have sought to effect no change in that respect in the Constitution of the country.” —John Bingham, Congressional. Globe. 1866, page 1292 (see top half of third column)
"[...] a single courageous State may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country." —Justice Louis Brandeis, Laboratories of Democracy.
"From the accepted doctrine that the United States is a government of delegated powers, it follows that those not expressly granted, or reasonably to be implied from such as are conferred, are reserved to the states, or to the people. To forestall any suggestion to the contrary, the Tenth Amendment was adopted. The same proposition, otherwise stated, is that powers not granted are prohibited [emphasis added]." —United States v. Butler, 1936.
Pelosi: "We have to pass the bill so that you can find out what is in it." (non-FR; 6 sec.)
“Cherish, therefore, the spirit of our people, and keep alive their attention. If once they become inattentive to the public affairs, you and I, and Congress and Assemblies, judges and governors, shall all become wolves [emphasis added]. It seems to be the law of our general nature.” - Thomas Jefferson (Letter to Edward Carrington January 16, 1787)
Democrats Are Terrified Of An Educated And Informed Public (3.12.23)
Patriots, the bottom line is this imo. What is your threshold of “pain” for peacefully stopping unconstitutionally big state and federal governments controlled by bully, constitutionally undefined political parties, from oppressing the people under their boots?
The inevitable remedy for ongoing, post-17A ratification, corrupt political party treason (imo)...
All MAGA patriots need to wake up their RINO federal and state lawmakers by making the following clear to them.
If they don’t publicly support either a resolution, or a Constitutional Convention, to effectively "secede" ALL the states from the unconstitutionally big federal government by amending the Constitution to repeal the 16th (direct taxes) and 17th (popular voting for federal senators) Amendments (16&17A), doing so before the primary elections in 2024, that YOU will primary them.
If the proposed amendment was limited strictly to repealing 16&17A, relatively little or ideally no discussion would be needed before ratification of the amendment imo.
With 16&17A out of the way, my hope is that Trump 47 becomes the FIRST president of a truly constitutionally limited power federal government.
In the meanwhile, I'm not holding my breath for significant MAGA legislation to appear in the first 100 days of new term for what may still prove to be another RINO-controlled House.
In other words, primarying RINOs in 2022 was just for practice. Trump will hopefully do another round of primarying for 2024 elections.
The Social Security “Trust Fund” is a bucket of IOUs.
True, but that 100 billion to Ukraine served a good purpose last year. The 60 billion spent on environmental justice — (assisting communities that have long borne the brunt of environmental pollution) was really ridiculous.
Have Congress cut Social Security, Ukraine will not get a penny after that. You’ll never find seniors willing to take a cut when billions are spent on foreign countries boutique projects.
I ‘ve known for a long time that SS was nothing more than a giant scam and Ponzi scheme, so I arranged my finances to be able to live comfortably without any SS income. It was great while the money was rolling in, but I’ll be fine even if it goes away completely.
Hmmm...
It will be the highlight of my 100th birthday...
I’ll have to unretire and find a job...
Wait! Not true...
I did not depend, in my younger years, on Soc Sec being my principal retirement income...
.
They did that Covid experiment and people were rushing in with their kids, who weren’t at any risk, to get some shot whose contents would be revealed in 85 years.
And it took 48 hours of Media blitz to convince people to send all the money to corrupt Ukraine.
My point is - I bet the Prez, the Senate, and the Deep State apparatus disagrees.
They learned from Covid, and they knew they could do the Ukraine War, and those lessons they’ll bring into the SS battle.
This goes through the history of the “trust fund”:
https://www.ssa.gov/history/BudgetTreatment.html
Translation from the double-speak is that these were non-marketable securities from day one.
Super-simple translation is that this was a scam from day one—the funds were always available to be spent from the general fund.
Super-duper-simple translation is that they lied and lied and lied and lied and lied and lied and lied—and suckers have fallen for their lies to this day.
what happened to the 1937 “Account?”
“..TITLE II-FEDERAL OLD-AGE BENEFITS OLD-AGE RESERVE ACCOUNT
Section 201. (a) There is hereby created an account in the Treasury of the United States to be known as the Old-Age Reserve Account hereinafter in this title called the Account. There is hereby authorized to be appropriated to the Account for each fiscal year, beginning with the fiscal year ending June 30, 1937, an amount sufficient as an annual premium to provide for the payments required under this title, such amount to be determined on a reserve basis in accordance with accepted actuarial principles, and based upon such tables of mortality as the Secretary of the Treasury shall from time to time adopt, and upon an interest rate of 3 per centum per annum compounded annually. The Secretary of the Treasury shall submit annually to the Bureau of the Budget an estimate of the appropriations to be made to the Account.
(b) It shall be the duty of the Secretary of the Treasury to invest such portion of the amounts credited to the Account as is not, in his judgment, required to meet current withdrawals. Such investment may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States.
For such purpose such obligations may be acquired
(1) on original issue at par, or
(2) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are hereby extended to authorize the issuance at par of special obligations exclusively to the Account. Such special obligations shall bear interest at the rate of 3 per centum per annum. Obligations other than such special obligations may be acquired for the Account only on such terms as to provide an investment yield of not less than 3 per centum per annum.
(c) Any obligations acquired by the Account (except special obligations issued exclusively to the Account) may be sold at the market price, and such special obligations may be redeemed at par plus accrued interest.
(d) The interest on, and the proceeds from the sale or redemption of, any obligations held in the Account shall be credited to and form a part of the Account.
(e) All amounts credited to the Account shall be available for making payments required under this title.
(f) The Secretary of the Treasury shall include in his annual report the actuarial status of the Account... “
What trust fund?
Who cares. This nonsense cycles around every election. Move on.
The solution to saving the Social Security trust fund is simple. Just rename it as the Old Folks Welfare Fund and roll it into welfare programs. It will always be funded and paid out.
As long as any increase in Social Security contributions happens AFTER I RETIRE, I’m good with it. Before then, HELL NO!!!!!
When they talk about national debt they disingenuously leave out underfunded liabilities (Social Security, Medicare, Medicaid, Pensions, etc.) which is around 300 Trillion. The vaccines are Big Guv’s way of reducing this number
If still around, I’ll turn 90 that year.
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