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Politics : The Obama - Clinton Disaster
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To: Wayners who wrote (35330)8/9/2010 5:08:29 PM
From: DuckTapeSunroof  Read Replies (1) of 103300
 
Re: "That interest money is being paid through a combination of general tax receipts and more borrowing"

Actually it's been exactly the OTHER WAY AROUND (most of the time!), and likely will be again soon.

This year, (and probably next), are a bit different because of loss of revenue from the Recession, and some money has flowed from general revenue into FICA payments (for the first time ever) as you correctly point out.

But:

1) that is a temporary recession effect (as the trustees clearly point out), and only a fairly modest amount of money as these things go....

2) Whereas the money has been flowing EXACTLY IN THE OPPOSITE DIRECTION for most of the last decade (and likely will again unless we balance budgets). Going *FROM* Social Security balances *TO* the unbalanced general budgets.

Bush borrowed hundreds of billions from Social Security account to fund his unbalanced spending priorities: the wars, part D, tax cuts, etc.
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