How many times will Social Security be . . . - Page 11

merrylander · #**101** 01-11-2011, 09:09 AM

Quote:

Originally Posted by piece-itpete

I suppose Congress is going to personally pay it back? Shell game, the money's gone.

Pete

The IOUs are Treasury Bonds backed by the full faith etc. of the U.S. Gummint. Now someone is going to get taxed to pay those bonds but the past generations wanted a tax holiday - so . . .

piece-itpete · #**102** 01-11-2011, 09:55 AM

Blue, where did the military and the rich get their money from before FDR gave it to them via this horribly regressive tax?

The money's gone, bonds or IOUs on the back of a napkin

The money we already paid! It's sad

Pete

merrylander · #**103** 01-11-2011, 10:09 AM

I would not blame it on FDR, he was not the one pissing it down a rathole in the middle east.

piece-itpete · #**104** 01-11-2011, 10:14 AM

It was an elbow in the ribs

Agreed, not FDRs fault, outside that he didn't think it would happen.

It took future Congresses, with the Executive in quiet collusion... and long before the ME.

Pete

CarlV · #**105** 01-11-2011, 10:23 AM

I have to go with the smokescreen. This year's baby boomer flood turning 65 will have to live to 97 to be a "problem". Not likely imo.
Also, the money ain't going anywhere, we just finance it like everything else.

Quote:

Does Social Security earn interest?
Sunday, November 22, 2009 5:50 AM
By Stephen Ohlemacher
ASSOCIATED PRESS
Q: How much money does the federal government owe the Social Security trust funds? And how much interest does the federal government pay on the money it has borrowed every year?
- Jim Durham Chillicothe, Mo.
A: The Social Security trust funds have a balance of about $2.5 trillion. Over the years, the federal government has borrowed all of that money to spend on other government programs. In return, the Treasury Department has issued Social Security special bonds - think of them as IOUs, backed by the full faith and credit of the U.S. government.
Twice a year, the Treasury Department makes interest payments to the trust funds, although it is little more than an accounting exercise. No money changes hands, but the interest payments are added to the balance of the trust funds. In 2008, the trust funds earned $116.3 billion in interest, according to the 2009 annual report by the Social Security trustees.
http://www.dispatch.com/live/content...s&cat=&sid=101

And pay the Chinese 50 billion interest to do so lol.

Quote:

The Chinese own more U.S. government debt than any other nation - about $800 billion worth. And the U.S. pays China $50 billion a year just in interest.
http://www.cbsnews.com/stories/2009/...n5660868.shtml

merrylander · #**106** 01-11-2011, 10:23 AM

Well the general public needs to accept some of the blame, they want everything except the bill. You can't dine in a fancy steakhouse for MickeyDee prices.

piece-itpete · #**107** 01-11-2011, 10:41 AM

Agreed, the public is ultimately responsible, as it always is in a democracy.

But IOUs to yourself, I'll put an IOU into my mortgage account and I'm fine till I'm 97!

Pete

CarlV · #**108** 01-11-2011, 10:49 AM

Hey why not, we borrow from our Chinese friends to give our struggling millionaires some tax relief don't we?

Carl

piece-itpete · #**109** 01-11-2011, 12:29 PM

Can I have say a hundred mil?

We talk a lot, policies, wars, programs, foreign born muslim Presidents,

, all legit differences with good (and maybe bad) people on both sides, as D would say, freedom of speech in action. But the ss thing, if anything shows how absolutely thick Americans are....

It drives me crazy, it's just embarrassing imo. We should all be ashamed

Pete

merrylander · #**110** 01-11-2011, 12:37 PM

Well not about SS but the country in general, my wife, the loyal American, turned to me while watching the news and said "I am becoming ashamed of my country>" Keep it up folks I may yet persuade her to sell out and head for the maritimes. Or maybe south of Orttawa within driving distance of the granddaughters.