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Thread: Social Security to start cashing Uncle Sam's IOUs

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    Social Security to start cashing Uncle Sam's IOUs

    Social Security to start cashing Uncle Sam's IOUs - Yahoo! News

    PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.

    It's time to start cashing them in.
    Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg's municipal offices.

    Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn't be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.
    There is a lot more to read with this story.

    We should have done something about this problem when we knew it was coming and we shouldn't be bothering with another program until this gets fixed.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Social Security to start cashing Uncle Sam's IOUs

    Don't you dare badmouth Social Security, it's the most beloved social program in all of history! Of course, that might be because it involved borrowing a few trillion from future generations, but that's just gobbledegook policy wonk bull****.

    The sooner this cluster**** gets fixed the better.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by RightinNYC View Post
    Don't you dare badmouth Social Security, it's the most beloved social program in all of history! Of course, that might be because it involved borrowing a few trillion from future generations, but that's just gobbledegook policy wonk bull****.

    The sooner this cluster**** gets fixed the better.
    It's still a lightning rod that no one wants to touch.

    I wonder how long it will take before they actually do something.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by Harry Guerrilla View Post
    It's still a lightning rod that no one wants to touch.

    I wonder how long it will take before they actually do something.
    There's no fix for this. It was inevitable. This is the biggest shell game going on in the world.

    Problem is, if they stop making payments, it'll be the French Revolution all over again.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    A lot of people getting ready to nuzzle up to the SS tit including myself, better fix this one promptly. The easiest way is to take the cap off.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by Erod View Post
    There's no fix for this. It was inevitable. This is the biggest shell game going on in the world.

    Problem is, if they stop making payments, it'll be the French Revolution all over again.
    There are a number of ways to fix it. Raise the age of elegibilty, take off the income cap, means test, invest in bonds that generate more than government bonds, change payouts based on current annuity tables etc.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by donc View Post
    A lot of people getting ready to nuzzle up to the SS tit including myself, better fix this one promptly. The easiest way is to take the cap off.
    If benefits will remain indexed to payments, that won't fix anything. If they don't remain indexed to payments, then you're not "fixing Social Security," you're imposing an additional 12.4% federal income tax on incomes over $100k.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by donc View Post
    A lot of people getting ready to nuzzle up to the SS tit including myself, better fix this one promptly. The easiest way is to take the cap off.
    A cut in benefits or higher retirement age seems more equitable. Let the boomers pay for the mess they created.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by Harry Guerrilla View Post
    It's still a lightning rod that no one wants to touch.

    I wonder how long it will take before they actually do something.
    I rather imagine they will do what Socialists have always done with problems that are beyond their wit to solve.
    It will be shelved.
    At least until their Political opponents form the Government and become the majority in Congress, whereupon it will once again be dragged out into the open with maximum publicity.

    It is a problem that has been caused by BOTH Political parties, it is a problem that must be solved by BOTH Political parties.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by jujuman13 View Post
    I rather imagine they will do what Socialists have always done with problems that are beyond their wit to solve.
    It will be shelved.
    At least until their Political opponents form the Government and become the majority in Congress, whereupon it will once again be dragged out into the open with maximum publicity.

    It is a problem that has been caused by BOTH Political parties, it is a problem that must be solved by BOTH Political parties.
    Something tells me that is highly unlikely in the near future.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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