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Thread: Social Security not as broke as we thought

  1. #11
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    Re: Social Security not as broke as we thought

    an interesting take.


    that is insane.

    that trust fund is in T-Bills; ie: it was loaned to the government which immediately spent it. it's about as good as a nest egg made up of "IOU 50 bucks signed maggie johnson, third grade"

    and even if we had it in cash it wouldn't make SS not broke.

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    Re: Social Security not as broke as we thought

    Quote Originally Posted by sallyluvsu2 View Post
    SS will have to be ditched soon if we want to pay off our debt
    ditched? i don't know if it can be. means tested certainly. also tied to lower growth rates, such as inflation, rather than COLA.

    the real gorilla in the room is Medicare.

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    Re: Social Security not as broke as we thought

    simple math
    pop the $106K cap on taxable income for FICA contributions
    problem is solved

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    Re: Social Security not as broke as we thought

    Quote Originally Posted by CriticalThought View Post
    It's nice to know we are screwed but we aren't completely screwed until 2037.
    When am I retiring? Oh yeah, right around 2037. Well, looks like I'll keep pumping money into my 401k. Anyway, Social Security is less of an issue than Medicare & Medicaid. We're paying out three times as much as we are bringing in on that program. Anyone else see an issue with this?

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    Re: Social Security not as broke as we thought

    Quote Originally Posted by cpwill View Post
    ditched? i don't know if it can be. means tested certainly. also tied to lower growth rates, such as inflation, rather than COLA.

    the real gorilla in the room is Medicare.
    You've got that right. Something major needs to be done with Medicare/Medicaid.

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    Re: Social Security not as broke as we thought

    There is no trust fund. LBJ took care of that


    Social Security History FAQs Internet Myths II

    Q1. Which political party took Social Security from the independent trust fund and put it into the general fund so that Congress could spend it?

    A1: There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."

    Most likely this question comes from a confusion between the financing of the Social Security program and the way the Social Security Trust Fund is treated in federal budget accounting. Starting in 1969 (due to action by the Johnson Administration in 1968) the transactions to the Trust Fund were included in what is known as the "unified budget." This means that every function of the federal government is included in a single budget. This is sometimes described by saying that the Social Security Trust Funds are "on-budget." This budget treatment of the Social Security Trust Fund continued until 1990 when the Trust Funds were again taken "off-budget." This means only that they are shown as a separate account in the federal budget. But whether the Trust Funds are "on-budget" or "off-budget" is primarily a question of accounting practices--it has no effect on the actual operations of the Trust Fund itself.

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    Re: Social Security not as broke as we thought

    Quote Originally Posted by ptif219 View Post
    Social Security History FAQs Internet Myths II

    Q1. Which political party took Social Security from the independent trust fund and put it into the general fund so that Congress could spend it?

    A1: There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."

    Most likely this question comes from a confusion between the financing of the Social Security program and the way the Social Security Trust Fund is treated in federal budget accounting. Starting in 1969 (due to action by the Johnson Administration in 1968) the transactions to the Trust Fund were included in what is known as the "unified budget." This means that every function of the federal government is included in a single budget. This is sometimes described by saying that the Social Security Trust Funds are "on-budget." This budget treatment of the Social Security Trust Fund continued until 1990 when the Trust Funds were again taken "off-budget." This means only that they are shown as a separate account in the federal budget. But whether the Trust Funds are "on-budget" or "off-budget" is primarily a question of accounting practices--it has no effect on the actual operations of the Trust Fund itself.
    Emphasis added.
    Last edited by pbrauer; 10-29-10 at 12:13 PM.


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    Re: Social Security not as broke as we thought

    Quote Originally Posted by Taboon View Post
    You've got that right. Something major needs to be done with Medicare/Medicaid.
    Haven't you heard? ObamaCare fixed that.

    .

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    Re: Social Security not as broke as we thought

    Quote Originally Posted by pbrauer View Post
    Emphasis added.
    Yet it is full of IOU's from congress because they see it as a slush fund

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    Re: Social Security not as broke as we thought

    Social security is broken if for no other reason than I say so.

    /Thread
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    Benjii likes the protests...he'd be largely irrelevant without them. So he needs to speak where he knows there will be protests against him and that makes him responsible for the protests.
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    You can successfully wipe your ass with toilet paper, that doesn't mean that you should.

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