right. I think I'll go with the CBO and common damn sense rather than a liberal blogger using Mother Jones in his desperation to defend a failing entitlement system and pretend there is no little man behind the green curtain."This national myth is my all time favorite. Not only is Social Security NOT BROKE–IT IS THE ONLY FEDERAL PROGRAM WHICH IS FULLY FUNDED. I repeat–SOCIAL SECURITY IS FULLY FUNDED, ALWAYS HAS BEEN. (Source: Understanding Social Security in One Easy Lesson | Mother Jones) As for the claim that Social Security absorbs most of our GDP–that is patently false. Social Security presently costs approximately 4.5% of GDP and is estimated to increase to 6% of GDP by fiscal year 2030. (Source : Understanding Social Security in One Easy Lesson | Mother Jones) That is a far cry from the GOP and Wall Street claims that some 80% or more of GDP will be sucked dry by Social Security. In fact, the federal government OWES THE SOCIAL SECURITY TRUST FUND more than $2.669 TRILLION DOLLARS, according to the report issued by the Financial Management Service of the US Department of Treasury. The Medicare Trust Fund (hospital and supplementary medical) is also owed some $347, 521 BILLION DOLLARS by the feds. (Source : Social Security Institute | Trust Fund Bait and Switch) This was revealed by the National Committee to Preserve Social Security and Medicare. Somehow, this ‘inconvenient truth’ has escaped both the President’s and Congress’ attention. The real problem lies in the fact that the government has continually raided the fund all of us have paid into–to subsidize corporate tax breaks, unbridled Pentagon spending and what has become routine Wall Street bankster raids on the public dime."
Lies Linking Social Security to the National Debt | MyFDL
given that drawing funds from the General Fund is drawing funds from the General Funds, no. Nor are those Treasuries sitting in the SS vault - they are, after all, non-tradeable. Else the SS Fund could have traded them long ago for something that would have actually secured a source of funding.Originally Posted by MoSurveyor
SS could be fully funded by drawing out it's IOU's from the General Fund. For the next 20 years. If we were sitting on a $2.6 Trillion Surplus.
Unfortunately, we aren't sitting on a $2.6 Trillion Surplus, and the hope is that the country will survive for more than just the next two decades. So the reality is that SS is currently running a deficit, forcing it to lean on the General Fund, and that when Medicare goes down (in ten years), it will drag SS with it.