What happened to the Social Security Trust Fund?

[Jim Jeffries]

Originally Posted by Sin City

should have saved their cash up and had their own retirement options instead of depending on the government like a socialist is what my neo conservative poli.sci professor would've said. lol

Yeah ridiculous to expect that a program (run by the Federal Government, no less) that you paid into your entire life (without choice,) would still be there when you need it.

Originally Posted by Sin City

if i understand correctly, both parties when in power have been borrowing out of SS and not replenishing what they take back or investing it very wisely.

**** goes beyond Obama but it's also the dems fault.

I don't believe my initial post assigned any blame, but I agree, both parties are to blame for the mess we're in. I just assumed that Social Security had either a trust fund, or at the very least assets that could be liquidated, if necessary.

[Boxingtech718v2]

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?

The government has failed us by borrowing from the fund to pay for their wars and special projects. Then Republicans have the nerve to say that Social Security, and Medicare is eating up all of the Government budget. No, you bums Social Security is the whole budget. You can't cut taxes and continue to spend at the same rate that just doesn't seem to connect with democrats and republicans. We need to get spending under control and slightly increase taxes. Most of all we need compromise and not each side bickering like spoiled brats. Throw em all out I say. Here's a new idea I think Congress should get zero benefits, a modest paycheck, and only get paid based on the amount of laws they actually get passed on time.

[Jim Jeffries]

Originally Posted by Boxingtech718v2

The government has failed us by borrowing from the fund to pay for their wars and special projects. Then Republicans have the nerve to say that Social Security, and Medicare is eating up all of the Government budget. No, you bums Social Security is the whole budget.

Not quite, but entitlements will soon eat up the totality of Federal Revenues.

You can't cut taxes and continue to spend at the same rate that

I agree, though in all 4 instances in this country's history where we've cut income taxes across the board, revenues have actually increased (after the obvious initial year or two decrease.)

just doesn't seem to connect with democrats and republicans.

Dems haven't cut taxes since JFK, if I'm not mistaken. Unless you're counting the recent 2 year extension of the Bush tax cuts.

We need to get spending under control and slightly increase taxes.

Increasing taxes in this economy is absurd.

Most of all we need compromise and not each side bickering like spoiled brats. Throw em all out I say. Here's a new idea I think Congress should get zero benefits, a modest paycheck, and only get paid based on the amount of laws they actually get passed on time.

I'm fine with the pay and benefits they get (though I do get a kick out of the ability to vote yourself a raise,) as long as they start actually reading the bills they pass and start taking responsibility for the consequences of those bills.

[ИATAS]

If only we lived in some sort of socialist country where these types of things wouldn't be a problem

[Jim Jeffries]

Originally Posted by ИATAS206

If only we lived in some sort of socialist country where these types of things wouldn't be a problem

No kidding. Where 9.2% wouldn't be high unemployment, it'd be the norm. Where we would get to keep less than half of our money and where growth would be non-existent.

If we're really lucky we could be like Venezuela where food rots in a warehouse, while people starve and a large portion of the country is without dependable electricity. Or we could be like Russia, China, India or Cambodia, where millions of people have died of starvation.

Yeah I know, you're just trolling with that nonsense. If you weren't, you'd realize that SS is socialistic in nature. And that if we can't trust the government to efficiently (or effectively) run our schools, OASDI, Amtrak, the Pentagon, pretty much anything they touch, why would we trust them to run everything?




Politics aside, isn't anyone the slightest bit concerned that in all likelihood you will never see a single cent of that 6.2% of your check (that is supposed to be going towards your retirement) which is taken from you every month?

[Mitch5]

Social Security is like a ponzi scheme, what im trying to say we're in a bad situation that just didnt stem this presidency but from presidencies before.

[Chief2ndzOnly!]

Originally Posted by Jim Jeffries

I'm fine with the pay and benefits they get (though I do get a kick out of the ability to vote yourself a raise,) as long as they start actually reading the bills they pass and start taking responsibility for the consequences of those bills.

I'm not. The inflated, automatic salaries that they get paid contributes a great deal to the reason why they are inefficient. Lets look back to the "near" Gov. shut down. They were willing to sacrifice the paychecks of those on the bottom rung(GS civ. and US Soldiers, Sailors, Marines, and Airmen)here and abroad, safe or in harms way; but were not willing to sacrifice thier own paychecks as they live extremely comfortable day in and day out. And Jim you are ok with thier pay and benefits????????? How can you be??????????

[Boxingtech718v2]

Originally Posted by Chief2ndzOnly!

I'm not. The inflated, automatic salaries that they get paid contributes a great deal to the reason why they are inefficient. Lets look back to the "near" Gov. shut down. They were willing to sacrifice the paychecks of those on the bottom rung(GS civ. and US Soldiers, Sailors, Marines, and Airmen)here and abroad, safe or in harms way; but were not willing to sacrifice thier own paychecks as they live extremely comfortable day in and day out. And Jim you are ok with thier pay and benefits????????? How can you be??????????

That's what I'm saying, they constantly cut military benefits and pay but somehow manage to keep their fat paychecks and cushy benefits.

[siablo14]

I heard that more is being paid out than what is being collected that is why the SS Fund seems inadequate.

[siablo14]

Originally Posted by Mitch5

Social Security is like a ponzi scheme, what im trying to say we're in a bad situation that just didnt stem this presidency but from presidencies before.

exactly and they borrowed to prop it up with hopes of paying down the line when better times come