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http://dissidentvoice.org/2010/07/was-t ... %E2%80%9D/

Was the Social Security Money “Borrowed” or “Stolen”?
by Allen W. Smith / July 9th, 2010

In December, the Obama deficit-reduction commission will make recommendations for budget cuts that will then be voted on, with an up or down vote, by the lame-duck Congress. Already, there is much speculation that Social Security will be one of the big targets. The rationale for cutting Social Security seems to be that, during such difficult economic times, everything should be a candidate for the chopping block, and that the public should support such cuts out of a sense of patriotism.

The flaw in this argument is that Social Security has not contributed a dime to the budget deficits or the soaring national debt. Social Security is funded exclusively by payroll taxes (also known as FICA taxes), paid into the fund by working Americans. In 1983, the payroll tax was increased substantially in response to the recommendations, the previous year, of the Greenspan Commission on Social Security Reform.

Prior to 1983, Social Security had operated on a “pay-as-you-go” basis with each generation responsible for paying for the benefits of the generation that preceded them. The 1983 legislation changed the nature of Social Security funding. In addition to paying for the benefits of the preceding generation, as was customary, the baby boomers were also required to pay additional taxes to partially pre-fund their own retirement. The net result is that the baby boomers have paid more into Social Security than any other generation. Yet they are often made scapegoats and blamed for the Social Security funding problem. I am not a baby boomer, but I am very sympathetic to them. They are getting a bum rap.

The intent of the 1983 legislation was to generate large Social Security surpluses for the next 30 years that were supposed to be saved and invested, in order to build up a large reserve in the trust fund that could later be drawn down to pay benefits to the baby boomers. The 1983 payroll tax hike has generated more than $2.5 trillion that is supposed to be in the trust fund. If the trust fund actually held this amount in real assets, full Social Security benefits could be paid until at least 2037 without any changes. Unfortunately, none of the surplus revenue was saved or invested in anything. It was all spent by the government on wars and other government programs without making any provisions for repaying the money.

Over the past 25 years, five presidents, and the members of Congress, have participated in the great Social Security scam. All Social Security contributions made by working Americans, except the amount which was needed to pay current retirement benefits, has been funneled into the general fund and used for non-Social Security purposes. Some like to say that the government just “borrowed” the money during the time period when it was not needed to pay benefits.

But borrowing implies repayment, and no provisions for repayment have been made. The government did not enact future tax increases that would automatically kick in when the Social Security money was needed. Neither did they enact legislation that would end other spending programs once the Social Security money was needed so the money could be transferred to the trust fund. The government spent the Social Security money, pure and simple, without making any provisions for future repayments. The IOUs in the trust fund are not marketable, and they could not be sold to anyone even for a penny on the dollar. The Social Security trustees confirmed the worthlessness of the IOUs in the 2009 Social Security Trustees Report with the following words:

Neither the redemption of trust fund bonds, nor interest paid on those bonds, provides any new net income to the Treasury, which must finance redemptions and interest payments through some combination of increased taxation, reductions in other government spending, or additional borrowing from the public.

In order for Social Security to pay full benefits after 2016, it will be necessary for the government to begin repaying the money it has spent on other things. This will mean increased taxes and/or additional borrowing. Neither of these is politically popular, and there is no assurance that future politicians will be willing to raise taxes to pay for the irresponsible behavior of past politicians. If the money is not repaid in full, with interest, it will have been stolen by the government from working Americans who paid into the fund.

Since Social Security would be fully funded until at least 2037 if the government had not used the money for other things, the only reason that politicians are advocating cuts in Social Security benefits is the fact that the government does not have the money with which to pay its debt to Social Security. Given the fact that Section 13301 of the Budget Enforcement Act of 1990 made it a violation of federal law to use Social Security revenue for non-Social Security purposes, it is hard to justify using the word “borrow” to refer to any of the Social Security money spent after 1990, even if it is eventually paid back.

Dr. Allen W. Smith is a Professor of Economics, Emeritus, at Eastern Illinois University. He is the author of seven books and has been researching and writing about Social Security financing for the past ten years. Read other articles by Allen, or visit Allen's website.

This article was posted on Friday, July 9th, 2010 at 8:00am and is filed under Social Security. ShareThis
Quote:http://cindysheehanssoapbox.blogspot.com...cindy.html

:uni:


<img src="{SMILIES_PATH}/peace.gif" alt="Peace" title="peace" />
OK you all think I am making things up? Watch this....

http://www.youtube.com/watch?v=uS8dE3qsBdU

Has anyone else heard that BHO is the head of the U.N. security council.
Against the Constitution of the USA!!!!!
The Presidency of the Security Council is held in turn by the members of the Security Council in the English alphabetical order of their names. Each President holds office for one calendar month.

This has been the same since inception, and I don't hear you bitching that Reagan and Bush were also

So, what is your point?

All kinds of stuff is unconstitutional, like the wars in Iraq and Afghanistan, torture, illegal search and seizure.. you name it
You cannot pick and choose unconstitutionalities, it's all or none.
Rofl Whip (Obama) bow before the antichrist Obama and take his mark and go and persecute those pesky Christians who dare to disobey him and his orders, you will be the new SS of Obama, instead of Jews your first victims will be Christians who dont bow to Obama or his empty promisses, Open your eyes, he is lying to you!!!!

here another example of what our muslims friends that Obama defens so much want to do with the US

http://reverent1.tumblr.com/post/7595853...an-300-000

http://www.youtube.com/watch?v=Lk7kHLoOrrY

He is a traitor!!! and he is a <img src="{SMILIES_PATH}/shempysmilie2.jpg" alt="Shemp" title="shemp" />
Please stick to Mars or something, your politics is boring and puerile, and your hate mongering is not appealing for a self touted christian.
a better title for this thread would be
"How propaganda has managed to blind myopic American wing-nuts"
rise wingnuts rise
[Image: story.jpg]

Peace
lol
Hey, uni, I've never seen a viking helmet worn so low . . . and those gently curving horns . . . that guy must be a milk sop or something . . . <img src="{SMILIES_PATH}/smoke.gif" alt="Smoke" title="smoke" />
[quote author="slidika"]Hey, uni, I've never seen a viking helmet worn so low . . . and those gently curving horns . . . that guy must be a milk sop or something . . . :uni:


<img src="{SMILIES_PATH}/peace.gif" alt="Peace" title="peace" />
http://www.youtube.com/watch?v=K-CpCUOy ... r_embedded
Even The Troops Are Waking Up

http://www.youtube.com/watch?v=f9_bP219 ... 2godZwuiwg
Tea Party Member Stuns Crowd! ORIGINAL!!!

Obummer or wingnuts?
rise wingnuts rise.
lol
http://www.youtube.com/watch?v=0heL2Czeraw
<img src="{SMILIES_PATH}/smoke.gif" alt="Smoke" title="smoke" />
If you put one of those wingnuts on, be sure it is the kind with an open top, because if you screw on one that doesn't have an opening on top your IQ will drop much faster than with the open top wingnut. Now all wingnuts know that IQ doesn't mean anything except to commy fascist pinko liberals who think they know everything so maybe open mind or closed doesn't matter to you.

Here's a question for our wingnut brethren: If you get a divorce, is your ex-wife still your sister?
Obama is a muslim communist and soon you will see it, but dont come crying to me about it, I warned you but you didnt want to listen. Muaha Lmao
Provide us with some proof please. An article. A news citation. Something so we can believe what you are saying is true and not just something you found up Rush's butt when you turned your head.
and it costs how many millions at a Psychiatry with Prozac for our Liberal friends to have sex with their mothers
or should we stop with the stupid sex jokes
cheers
Quote:Provide us with some proof please. An article. A news citation. Something so we can believe what you are saying is true and not just something you found up Rush's butt when you turned your head.

try search
Rofl
I wonder if Bush could have cap the oil will by now
hmm
Nah
Obama didn't blind the American people. This travesty of a Presidency was decades in the making. The dark side was working diligently all these years, corrupting education, medicine, the arts, and agriculture. They destroyed our health, busted up our families, dumbed down our schools, sent our jobs overseas, and poisoned our food and water. It only took them about 70 years to accomplish this. It probably wouldn't have worked at all without radio and television.
Quote:Obama didn't blind the American people. This travesty of a Presidency was decades in the making. The dark side was working diligently all these years, corrupting education, medicine, the arts, and agriculture. They destroyed our health, busted up our families, dumbed down our schools, sent our jobs overseas, and poisoned our food and water. It only took them about 70 years to accomplish this. It probably wouldn't have worked at all without radio and television.


and do not forget the #1 family destroyer-propagandist's wet dream-WAR... the never ending wars... where those who enlist to blow up people, towns and civilizations without provocation are now called heroes. Also for the first time when both parents can be heroes in their jobs abroad leaving their children to fend for themselves. The littlest POWs where this time around they don't even have a loving parent at home with them.

This is the anti-life regime where all party members are welcome to their clubs. And tasers.
Quote:[quote author="Samurai Jane"]Obama didn't blind the American people. This travesty of a Presidency was decades in the making. The dark side was working diligently all these years, corrupting education, medicine, the arts, and agriculture. They destroyed our health, busted up our families, dumbed down our schools, sent our jobs overseas, and poisoned our food and water. It only took them about 70 years to accomplish this. It probably wouldn't have worked at all without radio and television.


and do not forget the #1 family destroyer-propagandist's wet dream-WAR... the never ending wars... where those who enlist to blow up people, towns and civilizations without provocation are now called heroes. Also for the first time when both parents can be heroes in their jobs abroad leaving their children to fend for themselves. The littlest POWs where this time around they don't even have a loving parent at home with them.

This is the anti-life regime where all party members are welcome to their clubs. And tasers.[/quote]
War is their all-they-can-eat hog trough blood buffet. And I forgot to mention fake religion, which is how they induce people to participate.
Quote:Obama didn't blind the American people. This travesty of a Presidency was decades in the making. The dark side was working diligently all these years, corrupting education, medicine, the arts, and agriculture. They destroyed our health, busted up our families, dumbed down our schools, sent our jobs overseas, and poisoned our food and water. It only took them about 70 years to accomplish this. It probably wouldn't have worked at all without radio and television.

I have to take my hat off to you, we dont always agree but you made an excellent point, maybe we could change the topic as how Obama has become a puppet of the powers behind the curtains, he is just the fruit of years of Illuminati and NWO wacos that seeing in the US the only enemy in the world able to stop them or at least been an obstacle. Obama is just the result of a very maquiavelic experiment destined to destroy the US and bring forth a NWO under the rule of the UN and its allies.
Keith can you change the name of this topic to "How the NWO has used Obama's administration and his cronies to blind the American people"? that way is more accurate. <img src="{SMILIES_PATH}/whistle.gif" alt="Whistle" title="whistle" />
Quote:[quote author="Samurai Jane"]Obama didn't blind the American people. This travesty of a Presidency was decades in the making. The dark side was working diligently all these years, corrupting education, medicine, the arts, and agriculture. They destroyed our health, busted up our families, dumbed down our schools, sent our jobs overseas, and poisoned our food and water. It only took them about 70 years to accomplish this. It probably wouldn't have worked at all without radio and television.

I have to take my hat off to you, we dont always agree but you made an excellent point, maybe we could change the topic as how Obama has become a puppet of the powers behind the curtains, he is just the fruit of years of Illuminati and NWO wacos that seeing in the US the only enemy in the world able to stop them or at least been an obstacle. Obama is just the result of a very maquiavelic experiment destined to destroy the US and bring forth a NWO under the rule of the UN and its allies.[/quote]
<img src="{SMILIES_PATH}/rofl.gif" alt="Rofl" title="rofl" />
Obama is a fruit all right, in more ways than one. Besides being a queer, politcally he's the cherry on top of the shit sundae.
I'm afraid the sundae SJ mentioned has a whole pile of such cherries on top of it.
They've been building for years.
But with the last two in particular, all we got were the pits.
http://www.youtube.com/watch?v=0ZObHXWbWlk
Tarpley: 'Obama, the Wall St. puppet'

<img src="{SMILIES_PATH}/cheers.gif" alt="Cheers" title="cheers" />
http://www.rasmussenreports.com/public_ ... e_governed

23% Say U.S. Government Has the Consent of the Governed
Friday, July 16, 2010
What would you have called McCain?
a turd sandwich

LOL
Quote:a turd sandwich

LOL
Applause
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