Social Security to start cashing Uncle Sam's IOUs................ - PowerStrokeNation : Ford Powerstroke Diesel Forum
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post #1 of 121 (permalink) Old 03-15-2010, 02:05 AM Thread Starter
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Social Security to start cashing Uncle Sam's IOUs................

PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.

It's time to start cashing them in.

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.

Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.

Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg's municipal offices.

Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn't be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.............

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post #2 of 121 (permalink) Old 03-15-2010, 02:59 AM
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Re: Social Security to start cashing Uncle Sam's IOUs................

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For more than two decades, regardless of which political party was in power, Congress has been accused of raiding the Social Security trust funds to pay for other programs, masking the size of the budget deficit.
repubs and dems!!!

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post #3 of 121 (permalink) Old 03-15-2010, 03:31 AM
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Re: Social Security to start cashing Uncle Sam's IOUs................

Yup.

Raiding the kids piggy banks (or grandma & grandpa's, in this case) has been going on for a long time.

But I'm sure conservatives won't mind, since they're against anything that has the word 'social' or 'socialist' in it.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #4 of 121 (permalink) Old 03-15-2010, 03:45 AM
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Re: Social Security to start cashing Uncle Sam's IOUs................

except socialist prescrip drug benefits...
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post #5 of 121 (permalink) Old 03-15-2010, 04:06 AM
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Thumbs up Re: Social Security to start cashing Uncle Sam's IOUs................

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except socialist prescrip drug benefits...
Good point.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #6 of 121 (permalink) Old 03-15-2010, 04:19 AM
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Re: Social Security to start cashing Uncle Sam's IOUs................

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Originally Posted by AK Gandy View Post
Yup.

Raiding the kids piggy banks (or grandma & grandpa's, in this case) has been going on for a long time.

But I'm sure conservatives won't mind, since they're against anything that has the word 'social' or 'socialist' in it.
Prime example of why the Gov't SHOULD HAVE ZERO, ZIP, NADA to do with health care.






















And I rest my case

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post #7 of 121 (permalink) Old 03-15-2010, 04:29 AM
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Re: Social Security to start cashing Uncle Sam's IOUs................

Not much of a case.

The problem isn't the 'program,'.................it's the fact that we have come to love all of our little pet projects and have allowed them to use the money for things other than what it was intended.

And the primary reasons for that are twofold: #1...We, the voters continue to elect them. #2....Business' that are allowed to bribe politicians, through campaign donations.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #8 of 121 (permalink) Old 03-15-2010, 04:47 AM
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Re: Social Security to start cashing Uncle Sam's IOUs................

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Not much of a case.

The problem isn't the 'program,'.................it's the fact that we have come to love all of our little pet projects and have allowed them to use the money for things other than what it was intended.

And the primary reasons for that are twofold: #1...We, the voters continue to elect them. #2....Business' that are allowed to bribe politicians, through campaign donations.
How is it not a case? Show me one program that the gov't hasn't abused or miss used, just one! Are you really that nieve that you don't think Guberment Health Care will follow in the foot steps of every other program the Guberment has put into place?

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
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post #9 of 121 (permalink) Old 03-15-2010, 05:12 AM
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Re: Social Security to start cashing Uncle Sam's IOUs................

The "Government" is not some omnipotent entity that is unassailable by mere mortals.

It is made up of people that you (assuming you even vote) and I, elected.

If we're going to blame anyone, we need to start with ourselves. And a big reason is, I believe, because we have let those with lots of money influence the elected.

Now, as far as giving an example of a government program that is perfect........there is no such thing.

But there is a plethora of programs that have helped people.............. who needed help.

Has there been waste and abuse? Of course there has.

Since, regardless of some ignorant people's wishes, "government" isn't ever going away...................we have to figure out how to fix it. Instead of just whining, throwing out the same old tired sound bites and advocating anarchy.

And getting rid of outside influences, is in my mind...............a good first step.


And along those lines, you should be asking yourself why the pharmaceutical and health insurance lobbies are spending so much money to convince you that health care reform, and this bill in particular, is such a bad thing.

Doesn't it even make you wonder why they are doing it?

Or, are you satisfied with the status quo of big money getting what they want from politicians?

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #10 of 121 (permalink) Old 03-15-2010, 05:49 AM
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Re: Social Security to start cashing Uncle Sam's IOUs................

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Originally Posted by AK Gandy View Post
The "Government" is not some omnipotent entity that is unassailable by mere mortals.

It is made up of people that you (assuming you even vote) and I, elected.

If we're going to blame anyone, we need to start with ourselves. And a big reason is, I believe, because we have let those with lots of money influence the elected.

Now, as far as giving an example of a government program that is perfect........there is no such thing.

But there is a plethora of programs that have helped people.............. who needed help.

Has there been waste and abuse? Of course there has.

Since, regardless of some ignorant people's wishes, "government" isn't ever going away...................we have to figure out how to fix it. Instead of just whining, throwing out the same old tired sound bites and advocating anarchy.

And getting rid of outside influences, is in my mind...............a good first step.


And along those lines, you should be asking yourself why the pharmaceutical and health insurance lobbies are spending so much money to convince you that health care reform, and this bill in particular, is such a bad thing.

Doesn't it even make you wonder why they are doing it?

Or, are you satisfied with the status quo of big money getting what they want from politicians?
I don't see any program here that isn't loaded with waste and abuse, maybe it's welfare? Nope not it. How about SSI? Nope not it. How about Medicare? Nope not it.

So after we have gov't health care, there won't be any knob polishing in some dark back room corner? The problem will be the gov't will hand pick a few pharmaceutical companies and those companies will be unstoppable. They won't have any competition, prices will go through the roof. Just look at airplanes, how many companies are even players any more? Why is that? You let gov't get involved and the competition just gets squashed out. The laughable part about it is they always sell it to the public that they are getting involved to promote competition, and the sheep say "oh, ok sounds like a good plan", I guess people are to dumb to look back at the past and see the future.

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
Ronald Reagan
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