What happened to the Social Security Trust Fund?

[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?

[squealpiggy]

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?

You're right! What has Obama been DOING for the last 85 years!?

[Jim Jeffries]

You're right! What has Obama been DOING for the last 85 years!?

I have 6 relatives in their 80s and I've been paying into a system since I was 16 that's supposed to be there when I retire. So if you don't have any relevant insight, then piss off slag.

[squealpiggy]

The usual fascinating insight from you, I see. :thinking1:



It's okay to say you don't have the slightest clue, really.

Every single thread you start is bashing the Democrats and Obama in particular, and this is no different.

[Jim Jeffries]

Every single thread you start is bashing the Democrats and Obama in particular, and this is no different.

And that affects you how? Do you create any political threads that don't bash Republicans? Have you not referred to them as C#ntservatives and Rethuglicans? At least I live in this country, have a vested interest in it's politics and in this topic in particular.

[vercingetorix3]

I thought Social Security was solvent (supposedly it will pay 100% of its benefits until 2037, according to Democrats). Obama is fearmongering.

[U.ncleSam]

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?

Hey idiot its the republicans fault. Do your research first.

[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

[Sin City]

Hey idiot its the republicans fault. Do your research first.

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.

[Jim Jeffries]

I thought Social Security was solvent (supposedly it will pay 100% of its benefits until 2037, according to Democrats). Obama is fearmongering.

Couldn't he pick a better group than old people and cripples to fear monger?

Hey idiot its the republicans fault. Do your research first.

Which of these is their fault?

6.5 trillion added to the debt since Dems gained strong majorities in the House and Senate four and a half years ago.
1.9 trillion Dems added to the debt ceiling last year has been spent already.
That for his first two years in Office, Obama told Repubs they can ride in the car, but they need to get in the back and shut up.
Dems couldn't pass a tax increase for those two years, but now won't accept any proposal that doesn't include one, despite unemployment, which has increased for 3 straight months, is at 9.2%.
It has been more than 800 days since a budget was created.
Obama will not sign any law that allows for spending at the 1.6 trillion annual deficit (more than 40 cents of every dollar they spend) rate they have magically achieved (sans stimulus or TARP) for 90 days or less.
That Obama, who voted against a debt ceiling increase under W Bush, suddenly reversed his position.