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1 posted on 06/01/2003 9:07:07 PM PDT by David Noles
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To: David Noles
By God I think he's got it!!
2 posted on 06/01/2003 9:11:24 PM PDT by Atchafalaya
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To: David Noles

Q: Which party took Social Security from an independent fund and put it in the general fund so that Congress could spend it?

A: It was Lyndon Johnson and the Democratic-controlled House and Senate.

Real answer: It never was in an independant fund in reality.

HELVERING v. DAVIS, 301 U.S. 619 (1937)

 

Title 26 US Code Subtitle C Sec. 3101. Rate of tax

Title 26 US Code Subtitle C Sec. 3501. Collection and payment of taxes

Nothing has changed todate inspite of all the political rhertoric about "lock boxes" and "Trust Funds" for SS/Medicare funds, the tax that is supposed to be levied for SS/Medicare is indistinguishable in operation from what we normally refer to as the Income Tax, and is paid into general revenues in just the same manner.

THE SOCIAL SECURITY TRUST FUND FRAUD

CRS Report for Congress (98-422 EPW)
Social Security: and the Federal Budget:

"Its taxes like all other federal funds flow into the U.S. Treasury and its benefit payments flow out of the U.S. Treasury. The Treasury Department issues federal securities to the Social Security trust funds to reflect receipt of these taxes, and redeems securities from the trust funds to reflect Social Security expenditures, but the money itself flows to and from the Treasury."

"Taking the Social Security trust funds "off budget" has not changed how Social Security funds are handled. They are treated the same way today as they were in 1937 when Social Security taxes were first levied -- the tax receipts flow into the U.S. Treasury and benefit payments flow out of the U.S. Treasury. The Treasury Department issues federal securities to the Social Security trust funds to reflect the receipt of these taxes, and redeems securities from the trust funds to reflect Social Security expenditures, but the money itself flows to and from the Treasury. "

"While the trust funds have an important role in monitoring the finances of the program and maintaining its fiscal discipline, they are basically accounting devices. The federal securities they hold are not assets for the government. When an individual buys a government bond, he or she has established a claim against the government. When the government issues a bond to one of its own accounts, it hasn't purchased anything or established a claim against some other entity or person. It is simply creating a form of IOU from one of its accounts to another. It certainly establishes legal claims against the government for the Social Security system (i.e., it is a legal form of indebtedness of the government and does count as part of the federal debt; see Table 3 on the next page), but the system is part of the government. Those claims are not resources the government has at its disposal to pay for future Social Security claims. Simply put, the trust funds do not reflect an independent store of money for the program or the government, and taking Social Security "off budget" did not change this. "

What Social Security Trust Fund

"The U.S. Supreme Court ruled in Fleming v. Nestor (1960), 363 US 603; that there is no Constitutional right to Social Security benefits. Social Security benefits can legally be cut or eliminated at any time, and beneficiaries have no recourse. The Court held that, "To engraft upon the Social Security System a concept of 'accrued property rights' would deprive it of the flexibility and boldness in adjustments to ever changing conditions which it demands."


4 posted on 06/01/2003 9:22:39 PM PDT by ancient_geezer
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To: David Noles
When Social Seurity was implemented the average life expectancy of the American man was under 60, one could not draw Social Security until age 65. The Government kept the money paid in by anyone who died proir to reaching 65.

Which party designed the original scam?

The Democrats, of course, led by FDR.

8 posted on 06/02/2003 9:52:30 AM PDT by c-b 1
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To: David Noles
Crap, that right there is the BEST motivation for running for office.
14 posted on 06/02/2003 4:43:48 PM PDT by Centurion2000 (We are crushing our enemies, seeing him driven before us and hearing the lamentations of the liberal)
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