Ssa Going Broke 2033?

[Buck52]

http://www.msn.com/en-us/news/money/social-security-its-even-worse-than-you-think/ar-BBjqJjz?ocid=U147DHP

[MarkInTexas]

Several years ago someone stood on top of the heap and saw this account loaded with money. The Creative thinkers and Powers to be decided to use some of these funds for other projects. Now as far as I know this money has never been replaced. That is the real reason SSA is dwindling in its fund stash. Make them put the money back with interest.

J

From what I have read, the U.S. government has been borrowing from the Social Security Trust Fund since the Vietnam War under President Johnson. Since that time, it has been raided under every Presidential administration and Congress, no matter which party was in control, and from what I understand about 17.9% of the national debt is actually owed back to Social Security.

That figure is greater than any single foreign holder of U.S. debt, even China. Social Security is the second highest domestic holder of the U.S. debt, underneath the total of U.S. private individuals and institutions combined. (When you buy a treasury bond, you are actually loaning the U.S. government money.)

I agree that we need to pay back that balance first, with a provision that it be permanently locked for its orginal intended purpose, and that ALL programs be funded by other federal sources. As an investment resource, I can see where it would be advantageous to invest these funds to strengthen the overal Trust Fund, and that is needed, but it also needs to be paid back with interest, and not pushed on down the road like the proverbial can to be used by politicians and corporations to talk about its downfall.

The truth is that most businesses, from small all the way up to large corporations resent having to pay their share of the Social Security Tax and the Medicare Tax for each of their employees. That is why they are always hot talking points in Congress and among Presidential candidates. The corporations want somebody to cut Social Security off completely, so that they can save their own funds for even more greater profits for their pockets, or that of their shareholders.

You want to know how to gauge a federal candidate for office? Ask him/her what their thoughts are about Social Security and Medicare. If they say that it needs to be "reformed" or that the ages for eligibility need to be pushed back AGAIN, or that we need to go into a means adjusted program. (That MEANS that if you have retirement from another job, OR military retirement OR possibly are getting VA benefits OR some other 401K or IRA savings plan, own land or a farm above just a small homesteaded portion, you might get less or even NO Social Security when you reach your age of eligibility under this proposal.) And they plan to "reform" it even more so that your kids and grandkids may pay in, but won't get anything out of it. The same holds true of what they want to do with Medicare.

If they say anything other than that Social Security and Medicare needs to be strengthened with adequate funding, or that all debts need to be paid back, then walk away. You got your answer on who is funding their campaign and what they really care about.

Just my thoughts. Not mentioning candidates or parties. Just keep in mind that if they ever figure out a way to close the Social Security and Medicare "cookie jar" as they call it, that makes you wonder if VA benefits might be next on the chopping block. Lord knows they have put the U.S. Postal Service's retirement fund through a strainer.

Hope all my facts and comments are straight. If not, feel free to offer a rebuttal. I just worry that a nation with a fast growing elderly population may cut its own throat by killing off a program that has been successful for decades.

Mark

Edited May 11, 2015 by MarkInTexas

[Buck52]

Good post MarkInTexas!

...............Buck

[Navy04]

Mark totally agree with you bud, great post!! I learned so much about crooked Politicians when I was stationed in DC for 4 years. They always talked good about changing or reforming programs that were so small and meant nothing. Yet all the Big Fish programs that need help so bad, or reform they never wanted to talk about or address.