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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (105678)3/24/2005 7:23:44 AM
From: unclewest  Read Replies (1) of 793801
 
¶The trust funds, the accumulated amount by which tax revenues have exceed benefits over the years, will be exhausted in 2041; after that, the government will only be able to pay 74 percent of scheduled benefits.

This demo charade has to end.
What is it going to take to make people understand that the so-called trust fund will have to be tapped before it can be exhausted?...AND...The trust fund exists in name only. There is no money in it to exhaust. The government already spent all of it. There is no trust fund to exhaust.

¶In 2017, annual benefits will begin to exceed annual revenues from Social Security taxes; after that, the government will have to borrow money or tap general revenues to meet the system's obligations.

That is the key to understanding the problem. First the fn NYT tells folks the trust fund will make up the shortfall through 2041. Then, in the very next paragraph, they say that general revenues will be needed in 2017.

The Democrats tapped and spent the trust fund. They created paper IOUs and called them a trust fund. They seem hell bent on continuing this ponzi scheme until they retire with a huge separate government funded pension.

The words "social security trust fund" are a lie. They should be deleted from the English language.
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