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Politics : The Obama - Clinton Disaster
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To: DuckTapeSunroof who wrote (35319)8/9/2010 4:48:11 PM
From: Wayners3 Recommendations  Read Replies (1) of 103300
 
There is no surplus of $2.5T!!!! There is no hoard of cash! There is a hoard of IOU/Special Bonds being held and I might add they are being slowly redeemed for current tax dollars or new Federal debt because right now, Social Security is NOT paying for itself.

This year and next, the program's costs will exceed its take from the payroll tax and income tax on benefits. That's an artifact of the recession, and it's expected to reverse from 2012 through 2014.

There is no guarantee of any end to this recession anytime soon. See the Fed's statement tomorrow on this. We could easily be in for it for quite sometime and if that happens, this Govt is beyond broke. Many fiscally irresponsible liberal states are busted, no surprise there.

The difference is covered by the program's other income source — interest on the Treasury bonds in the Social Security trust fund.

That brings us back to this supposed $41-billion "shortfall," which exists only if you decide not to count interest due of about $118 billion.

Where do you think that interest comes from? You see the charade they are playing? They claim that SS is "off-budget" and pays for itself, but guess what, nothing is "off-budget" because SS and the Feds are the same entity both are funded by taxes or MORE borrowing including the interest owned by borrowing ALL, not just some but ALL of the so called surplus. I'm sorry but this all a basic scam having paper dollars which are an IOU backing Govt bonds, notes and bills which are more IOUs and vice versa. The only value that dollars have is with REAL HARD assets on the Federal Reserve's balance sheet...there isn't much there except a little bit of gold.
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