President Barack Obama Message Board

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Politics : President Barack Obama

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To: koan who wrote (128390)	12/3/2012 8:38:15 PM
From: RetiredNow	Read Replies (2) of 149317

As of the end of 2011, OASI Trust Fund assets included $2.5 trillion of special issue Treasury Securities. ssa.gov That literally means, that the cash assets of the Trust Fund were borrowed by Congress and the Treasury and Treasury Bonds issued in return. Congress, of course, spent all that money. It's all gone. Congress owes that $2.5 trillion back to the SS Trust Fund. How will they pay? So what happens now is that Payroll Taxes and Taxes on Benefits come in ($504B in 2011) and payments go out ($596B in 2011) and the Trust Fund runs a deficit ($92B in 2011). But then the government covers up the deficit by "paying interest" on the Treasury Securities the Trust Fund owns and making transfers from the General Revenue Funds. This is like you taking $10 out of your left pocket and then putting it in your right pocket and telling yourself you earned $10. No you didn't. So OASI is now running massive deficits, which our government needs to cover. That increases our overall deficits, which amount to $1.2 trillion per year. These are all facts that you can ascertain for yourself looking at the link above.

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