What happened to the Social Security Trust Fund?

[siablo14]

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



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.)



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.



Increasing taxes in this economy is absurd.



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 thought that only happens in Jamaica and let me tell you that's one of the few times all 60 parliamentarians vote in unison.

[siablo14]

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?

Read this:
http://jamaica-gleaner.com/gleaner/2...cleisure4.html

[Boxingtech718v2]

There is nothing wrong with Social Security it pays for itself. Where Americans have gone wrong is we allow our government to take our money and spend it on other thing. Solution, Separate the SS fund from the government budget completely, make it untouchable by corrupt Washington once more.

[Jim Jeffries]

I reread my opening post and couldn't find anything to justify piglet's girly protests, I can only guess he didn't read it before menstruating.

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.

No doubt, but it's a ponzi scheme that would've lasted maybe two more decades if the SS Trust Fund box wasn't like the suitcase in Dumb and Dumber when they finally handed it to that chick, full of IOUs "every one of those is good as cash."

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??????????

You might be right Chief, a cut might make them more responsible with other people's money. I was just looking at the total of their pay and benefits being a drop in the bucket of overspending.

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

Who knows when the fund was emptied, but I didn't think we'd get to the point when more was being paid out than was coming in until the bulk of Baby Boomers reached eligibility age.

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

The road to hell is filled with good intentions. And I'm not sure very many politicians even have the best of intentions.

I thought that only happens in Jamaica and let me tell you that's one of the few times all 60 parliamentarians vote in unison.

I think it's the only time our Congress ever has a unanimous vote as well.

Read this:
http://jamaica-gleaner.com/gleaner/2...cleisure4.html

Good article. Yeah shrinking families and an aging population make things extremely difficult.

There is nothing wrong with Social Security it pays for itself. Where Americans have gone wrong is we allow our government to take our money and spend it on other thing. Solution, Separate the SS fund from the government budget completely, make it untouchable by corrupt Washington once more.

I'm all for separating it. But there is plenty wrong with Social Security. The ages are too low, we've got a huge block of people reaching retirement age, but without the population growth to fund them. Which might be okay if the money they paid in their whole lives was still there. And there are too many people, like that fat moron in the diaper, gaming the system, collecting disability.

[Chief2ndzOnly!]

You might be right Chief, a cut might make them more responsible with other people's money. I was just looking at the total of their pay and benefits being a drop in the bucket of overspending.

Yes Indeed Jim. That was the end point of my post. If they didnt have it so good, then they would more than likely be far more responsible in policies as well as in balancing budgetary issues.

The road to hell is filled with good intentions. And I'm not sure very many politicians even have the best of intentions.

Agreed.

I think it's the only time our Congress ever has a unanimous vote as well.

You bet your ass it is buddy. I'd bet the house and farm on it.

Good article. Yeah shrinking families and an aging population make things extremely difficult.

Completely agree here as well.

I'm all for separating it. But there is plenty wrong with Social Security. The ages are too low, we've got a huge block of people reaching retirement age, but without the population growth to fund them. Which might be okay if the money they paid in their whole lives was still there. And there are too many people, like that fat moron in the diaper, gaming the system, collecting disability.

Well the ages were set roughly 70 years ago. They have not adjusted it to the life span of the average citizen of today. The baby boomers are living 15 years plus longer than thier parents. But it would be extremely unfair to the citizens to hike the age up due to healthier living wouldnt you say Jim?

Now one thing that could've been done was to individualize it, by how much an individual put in the pot. Something like that would create a large amount of jobs IMHO. The technology now exists to be able to do such a thing.

[Amazinger]

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?

Obama is getting the heat for the 2 term of mismanagement by Republicans
and especially George W.Bush........

[Amazinger]

Here's what People's Pelosi have to say about Bush back then........

[ƒallenloki]

Are you serious with the Pelosi crap?

That ***** is the dumbest.