Social Security and payout

[wgrr]

Originally Posted by piece-itpete

I was gonna say, what money?

Pete

What do you think Special Issue securities are.

They are not a way to "raid" the SS trust fund.

Each day the tax receipts are deposited into the trust fund. Then Certificates of indebtedness, a form of special Issue securities, are issued to the Government and the money is placed in the general fund. The certificates all are due, with interest, the next June 30th.

The government can buy Bonds, which is also a Special Issue securities, on June 30th with a maturity date of 1 to 15 years. When they mature the government pays back the trust fund with interest. Trust Funds are required to invest the monies in it into secure investments.

It is like you or I buying a U.S.Savings Bond.

Wall Street wants to privatize SS so they can basically do the same thing, but invest the money into unsecured investments while charging hefty fees. All I can say is remember 2008.