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5 Myths about SS, This story made my blood boil

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doc03 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 09:38 PM
Original message
5 Myths about SS, This story made my blood boil
According to this a--hole the federal government borrowed from the SS trust fund and gave SS IOUs. So he says if SS needs to cash in some of its IOUs the government has to borrow money to pay the IOU. So according to him the federal government had to borrow money to pay the IOU so therefore SS beneficiaries have to pay the deficit it creates. That's like me withdrawing money from my savings account and then the bank sending me a bill to replace my own money.
http://moneywatch.bnet.com/retirement-planning/blog/fin...
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MiniMe Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 09:56 PM
Response to Original message
1. The government has been borrowing funds from social security for a long time
Those "IOU's" are treasury bonds. Social Security has been running a surplus for a long time, and the government has been borrowing from the surplus. The beneficiaries don't have to pay for the deficit it creates. The government basically borrowed from the fund instead of borrowing from overseas. And the government owes the fund interest on the treasury notes.
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deaniac21 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:07 PM
Response to Reply #1
2. With the government spending 59% more than it takes in this
year with worse probably to come, I don't have a lot of faith in those bonds.
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ElsewheresDaughter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-15-11 06:49 AM
Response to Reply #2
12. remember Al Gores "Lock Box".....video
"What part of lockbox do you not understand?"

http://www.hulu.com/watch/1451/saturday-night-live-para...
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doc03 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:09 PM
Response to Reply #1
3. It doesn't work that way according to Eric Schurenberg
With his logic the federal government had to borrow money to pay off the SS IOU so therefore it is the beneficiaries of SS responsibility to replace that money. His way of thinking, if I take $1000 out of my savings account the bank should bill me to replace my money. This clown has to be a Republican. :crazy:
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inna Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:09 PM
Response to Original message
4. God! What an asshole, indeed. Why are these sick sociopaths always in the position of power??

"how much do we want to spend supporting everyone who happens to live past 62?"


what a sick, soulless, dangerous, harmful asshole.

:nuke:
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The Magistrate Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:17 PM
Response to Original message
5. More To the Point, Doctor, It is Like Bank Officers Embezzling Your Savings Account
Then demanding you re-imburse them for making restitution....
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doc03 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:20 PM
Response to Reply #5
6. Didn't we do that a couple years ago?
Edited on Thu Apr-14-11 10:22 PM by doc03
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RC Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:23 PM
Response to Reply #5
7. That sound like the real story.
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SDuderstadt Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 11:00 PM
Response to Original message
8. By law, SS account surpluses HAVE to be invested in...
Treasury Bonds. Does it make sense to pay interest on those bonds, yet not use the money?

This is a little more complicated than it is being presented.
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iamtechus Donating Member (868 posts) Send PM | Profile | Ignore Thu Apr-14-11 11:31 PM
Response to Original message
9. The truth about Social Security
They just keep spreading the propaganda and people keep falling for it. You can find most it debunked at the link below.
Myth: The Social Security Trust Fund has been raided and is full of IOUs

Reality: Not even close to true. The Social Security Trust Fund isnt full of IOUs, its full of U.S. Treasury Bonds. And those bonds are backed by the full faith and credit of the United States.7 The reason Social Security holds only treasury bonds is the same reason many Americans do: The federal government has never missed a single interest payment on its debts. President Bush wanted to put Social Security funds in the stock marketwhich would have been disastrousbut luckily, he failed. So the trillions of dollars in the Social Security Trust Fund, which are separate from the regular budget, are as safe as can be.

http://delmontpda.wordpress.com/2010/08/15/top-5-social...
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TacticalPeek Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-15-11 01:08 AM
Response to Reply #9
10. This.

It is important to know the facts, and at least try to understand them.

U.S. Treasuries, the statutorily required investment for the trust fund, are the most reliable and safest investment in the world.

http://bonds.about.com/od/bondinvestingstrategies/a/saf...




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quaker bill Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-15-11 04:47 AM
Response to Original message
11. The government never "has to" borrow money
they own the printing press, and they control the tax code.
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