Join Date: Jan 2006
Total Points: 23,002,705,183.57
Originally Posted by Jim Jeffries
Every wage earning American sees a 6.2% deduction in their paycheck called FICA and their employer pays a matching amount. Since the creation of the Social Security Act in 1935, this money was supposed to go into a trust fund and if we became disabled, or when we reached retirement age, we then get a check every month. In the retirement case, the amount we get is based on how much we paid into the system.
On Tuesday, President Obama told CBS News' Scott Peley that he could not guarantee that if an agreement hasn't been reached by Aug 2, that Social Security checks would go out on Aug 3.
So my questions are: what happened to the SS trust fund and out of the approximately 200 billion in revenue that our Federal Gov takes in every month, why there aren't certain things that can be guaranteed will be paid? Because the interest on the debt is currently "only" 29 billion per month and the total of all SS checks is just under 60 billion per month, which still leaves a lot of money to pay our military, welfare, Medicare, Medicaid, etc.
Because if there isn't a trust fund, there are an awful lot of Baby Boomers reaching retirement age and if we can't even pay retirees and disabled now (without borrowing,) how on earth are we going to pay that group when their numbers increase dramatically?