Reuben
UKC Forum Member
Registered: Nov 2011
Location: Freeport,TX
Posts: 1907 |
quote:
Originally posted by Bob Hennessey
Biden is saying he will protect Social Security another lie and he knows it.
Note: The Social Security trust fund is dead broke.
Some readers might find this hard to believe. Maybe the government is sending you a check every month. Clearly, this means the Social Security system has some money, right?
Not exactly.
In today’s special essay, Tom Dyson, co-founder of the Palm Beach Research Group, discusses this serious issue. As he explains, the government took YOUR hard-earned money and spent it on its bloated staff and military adventures.
Social Security is now collapsing under its own weight, and there’s nothing anyone can do to stop it. Soon, the government will have no choice but to cut Social Security benefits.
Fact: The Social Security trust fund has no money in it.
In 2014, the Social Security Administration (SSA) took in $786 billion through the Federal Insurance Contributions Act tax… $73 billion short of the $859 billion needed to pay claims.
In plain English, Social Security was in deficit mode.
By 2026, the SSA will run up a cumulative deficit of $1.6 trillion.
Wait… what about all the money you, I, and every other American has paid in since 1935?
How is that possible?
We’ve been told for decades the Social Security trust fund holds trillions in assets (cumulative Social Security surplus revenues since 1935) that are collecting interest.
Particularly, at the end of 2014, we were told the trust fund owned over $2.8 trillion in assets.
This is a lie. There isn’t one dollar in the Social Security trust fund. Nada. Zip. Zilch.
Remember, that $2.8 trillion sum is book assets, not actual dollars. The dollars were spent the minute the government collected taxes.
That’s because the government isn’t required to use money collected from Social Security toward Social Security purposes (according to the Supreme Court’s ruling in Helvering v. Davis). So, it’s used that money to fund everything from defense spending to payroll expenses.
The Treasury Department took in dollars from taxes but paid the SSA in paper IOUs… redeemable on a future date.
Translation: The left hand of the government took money from the right hand of the government and promised to pay it back on “some future date.”
Consequently, there are no real assets in the Social Security trust fund.
You made my stomach hurt...🙄
However, I thank you for the information...we need to clean the house...
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09-02-2020 04:31 PM
