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Thread: Budget deficit sets record in February

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Lord Tammerlain View Post
    As Social Security is self funded it does not need to be touched
    If only that were the case.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Taylor View Post
    If only that were the case.
    It is self funded, and has a surplus built up in the form of government bonds, it will have to be modified sometime soon to ensure future solvency, but currently it does not affect the normal operating budget of the US government in a negative way
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    Re: Budget deficit sets record in February

    Quote Originally Posted by Lord Tammerlain View Post
    Notice I said "and other programs"
    As Social Security is self funded it does not need to be touched
    Arguing that SocSec has its own funding is mere semantics - all of the money from every revenue source goes into and out of the general fund, and so every dollar that goes into the general fund is spent on every program that comes outog thegeneral fund.

    But, I do applaud your idea to cut -every- program.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Lord Tammerlain View Post
    Social Security is self funded, you cut social security the government would not see the SS revenue
    Not so. The level of taxation for SocSec is not related to the leivel of SocSec spending, and vice-versa -- that is, you can cut the latter and leave the former.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Lord Tammerlain View Post
    It is self funded, and has a surplus built up in the form of government bonds, it will have to be modified sometime soon to ensure future solvency, but currently it does not affect the normal operating budget of the US government in a negative way
    There is no surplus. The govenment issues the bonds to itself. They are worthless. The "surplus" was used to grow government.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Goobieman View Post
    Not so. The level of taxation for SocSec is not related to the leivel of SocSec spending, and vice-versa -- that is, you can cut the latter and leave the former.
    Are not Social Security deductions done separately on a person's paycheck from income tax deductions in the US?

    In Canada CPP (our Social Security) is taxed separately from income tax.

    Which would mean you cut Social Security, you cut that tax. (unless you increase taxes afterward)
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    Re: Budget deficit sets record in February

    Quote Originally Posted by Taylor View Post
    There is no surplus. The govenment issues the bonds to itself. They are worthless. The "surplus" was used to grow government.
    Are government bonds worthless? Is the trillion dollars of US government debt the Chinese own worthless, how about the trillion or so the Japanese own worthless, or the hundreds of billions of US government debt various Americans own?

    The money owed to the SS fund is worthless only if all other forms of US government debt is worthless.

    And if so, I would move out of the US of A right freakin now as Wiemar Germany is right around the corner
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    Re: Budget deficit sets record in February

    Quote Originally Posted by Lord Tammerlain View Post
    Are not Social Security deductions done separately on a person's paycheck from income tax deductions in the US?
    Yes. So? Its just a tax, like any other.

    There is a seperate accoutning for SocSec taxes and disbursements on Federal balance sheets, but all of the revenue goes into and comes out of the general fund, just like any other spending program and any other form of taxation.

    Which would mean you cut Social Security, you cut that tax.
    No. There's absolutely no mechanism that requires this.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Lord Tammerlain View Post
    Are government bonds worthless? Is the trillion dollars of US government debt the Chinese own worthless, how about the trillion or so the Japanese own worthless, or the hundreds of billions of US government debt various Americans own?

    The money owed to the SS fund is worthless only if all other forms of US government debt is worthless.
    This is not so. The SS IOUs are an accounting mechanism. For whatever reaos, the government feels the need to let people think it owes itself money. The external bonds sold to others (people or countries) are a different matter entirely.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Goobieman View Post
    Yes. So? Its just a tax, like any other.

    There is a seperate accoutning for SocSec taxes and disbursements on Federal balance sheets, but all of the revenue goes into and comes out of the general fund, just like any other spending program and any other form of taxation.


    No. There's absolutely no mechanism that requires this.
    So you are being taxed for Social Security, money that goes for Social Security, the surplus of which is used to purchase US government debt.

    You end Social Security, you no longer are going to be taxed to fund Social Security. No more Social Security revenue. No revenue for the government.

    Meaning a new and different tax other then SS
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