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Reply #53: it's not "raiding". by law, all surplus SS collected MUST be borrowed into the general budget [View All]

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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-14-10 05:46 AM
Response to Reply #10
53. it's not "raiding". by law, all surplus SS collected MUST be borrowed into the general budget
in exchange for us securities.

that's the LAW, & it's been the law since SS was established.

This kind of misreporting, imo, is done to confuse people.

The crime isn't in borrowing the SS surplus. Intra-account borrowing & repayment is standard & non-problematic, in other government accounts as well as SS -- within reason.

The crime was in jacking up fica high enough to generate a surplus that expanded for 30 years, generating $2.5 trillion in borrowed $ + interest, far beyond the mandated one-year cushion -- & then implicitly claiming the borrowings couldn't be repaid, so even more money must be collected from workers, or benefits cut.

The crime is happening NOW. Contact your congresspeople & tell your friends & family to do the same. It really is grand theft they're trying to get away with, & if they pull it off it will be one of the biggest thefts in the history of the republic.
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