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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (218461)	2/11/2005 1:56:41 PM
From: TigerPaw	Read Replies (1) \| Respond to of 1572963

The SSA is just the broker between the people and their promises. Message 21033844 Setting aside all the actuarial and financial gobbledegook, the basic idea was that the boomers and others would start paying not only their own taxes but also advance paying to cover the costs of their own retirement. The Social Security Adminsitration used the monies in the Trust Fund to purchase bonds -- debt that otherwise would have had to have been purchased by private individuals, pensions, foreigners, all the parties that buy US Treasury bonds. (The majority of the US government's debt is in the hands of those folks; and you can be sure they're going to get paid back.) So if you've paid Social Security taxes in any of the years from 1983 until today, you've been advance paying. And now President Bush just said that that money is gone. So, you thought you were advance paying to cover part of the future expenses of your generation's retirement. But it seems you were just a sucker since President Bush is now saying the money ain't gonna be paid back. TP