Posted on 11/30/2022 9:10:05 PM PST by NeverCheney
John Thune was just reelected as senator from South Dakota in the 2022 midterm elections. He won with over 69% of the vote.
He is 61 years old and will not be up for reelection until 2028. This makes him about as safe as possible.
He will do and say whatever Mitch McConnell and the Uniparty/Deep State cabal tells him to.
If the GOP wants to make a list of all programs that need to be cut, I think that’s a proper approach to fiscal responsibility. Then rank them from the highest to the lowest priority. I would hope that Social Security would be relatively low on that list. If not, the GOP is being run by fools.
a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
Certainly sounds like one to me.
It’s not a Ponzi Scheme? Then please tell us how it generates income?
When the SS payrole taxes wefe seperate from the general fund it was estamated to be solvent well, forever. Then in the 80’s they combined SS and income taxes into the general tax revenue and the rest is history.
Once they cut welfare, money to Ukraine and other foreign entities. and shut the border, deport all the moochers we give free stuff to, then they can address Social Security if even needed.
SS is last on the list.
The dollars coming in and the dollars going out aren’t affected by what “account” it’s in. It’s simple math. SS doesn’t generate any income. It’s not invested in anything. How much growth would you expect by putting your money in a 0% savings account? And they expected it to be “solvent forever” by increasing the amount they withhold from you and your employer and increasing the age of retirement. Add add that to the fact that we are at less than three persons paying in for every beneficiary vs a ratio of 150:1 when the program was created.
Q1. Which political party took Social Security from the independent trust fund and put it into the general fund so that Congress could spend it?
A1: There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."
Most likely this question comes from a confusion between the financing of the Social Security program and the way the Social Security Trust Fund is treated in federal budget accounting. Starting in 1969 (due to action by the Johnson Administration in 1968) the transactions to the Trust Fund were included in what is known as the "unified budget." This means that every function of the federal government is included in a single budget. This is sometimes described by saying that the Social Security Trust Funds are "on-budget." This budget treatment of the Social Security Trust Fund continued until 1990 when the Trust Funds were again taken "off-budget." This means only that they are shown as a separate account in the federal budget. But whether the Trust Funds are "on-budget" or "off-budget" is primarily a question of accounting practices--it has no effect on the actual operations of the Trust Fund itself.
https://www.ssa.gov/history/InternetMyths2.html
Exactly. We need to acutally seperate the SS fund from the genral fund. Raising the retirement age of 60 YO waitresses ( like my MIL)is political suicide. A lot can be done besides that draconian measure. We are not all fat ass office workers...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.