"John R. Carroll" wrote in message
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Ed Huntress wrote:
"Bill McKee" wrote in message
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"John R. Carroll" wrote in message
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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.
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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."
Yeah, it isn't even a drawer.
Somewhere on a computer there is a file recording movement od dollars from
column A to column B and back again.
--
John R. Carroll
And the bottom line is that the dollars were spent, as they had to be.
There's no sock to put them in. There is no big pot of money. There's
nothing else to do with them except to use them to pay down the national
debt.
Which Clinton did, to a modest degree. What drives me crazy is that Bush II
and Reagan kept spending in deficit even when the economy was climbing!
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Ed Huntress