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Politics : President Barack Obama
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To: RetiredNow who wrote (128392)12/3/2012 10:30:09 PM
From: koan  Read Replies (2) of 149317
 
LIke I said, social security has a couple of trillion in bonds and if you lift the cap it will last 75 years. Plenty of time to figure out what to do next.

So what in hell are you talking about?

Forget about SS! It is an easy fix.

As of the end of 2011, OASI Trust Fund assets included $2.5 trillion of special issue Treasury Securities.

http://www.ssa.gov/oact/TRSUM/index.html

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?
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