"Bill McKee" wrote in message
...

"John R. Carroll" wrote in message
...
azotic wrote:
A report from the Congressional Budget Office shows that for the
first time in 25 years, Social Security is taking in less in taxes
than it is spending on benefits.Instead of helping to finance the
rest of the government, as it has done for decades, our nation's
biggest social program needs help from the Treasury to keep benefit
checks from bouncing -- in other words, a taxpayer bailout.

Social Security will be $28 billion in the hole this fiscal year,
which ends Sept. 30.


http://money.cnn.com/2010/02/02/news...tune/index.htm

Exporting jobs finally shows results...............

Hey Tom, this was known to be on the horizon.
The Treasury doesn't need to help anyone because the huge surplus's will
now
be used, as intended, to cover benefit payments.
The downturn in our economy has certainly reduced revenues, and that
needs
to be adressed but SS will NEVER, and isn't able to borrow money. Taxes
can
go up and benefit payments can be reduced but that's about it.


--
John R. Carroll



SS can not borrow money, but they can require the General Fund of the US
government to start repaying the IOU's it gave SSA for all the extra money
that SS had over the years. Unfortunately that money has already been
blown by Congress, so we will get tax increases to pay back the money they
borrowed from the taxpayers.

But there never was any place to *store* the money. Everyone knew from the
start that this is how it would work. That's why many of us laugh when we
hear about the "trust fund."

--
Ed Huntress