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Social Security and Libertarians
"Urin Asshole" wrote in message ... Social Security, let’s lay it to rest once in for all…Social Security has nothing to do with the deficit. Social Security is totally funded by the payroll tax levied on employer and employee. If you reduce the outgo of Social Security, that money would not go into the general fund to reduce the deficit. It would go into the Social Security trust fund. So Social Security has nothing to do with balancing the budget or erasing or lowering the deficit. ------------------------------------------- By law, any surplus goes into the general fund from which the government is required to buy US Government Securities. It's the main reason Clinton was able to claim a "surplus" during the last years of his administration (except his *last* budget that didn't come close to balancing). The Government sold these securities (funded by the SS surplus) to pay down the debt. Problem is, it didn't. The government still "owes" the money. Little bit of voo-doo economics, but it sure sounded good. Still does to many people. The problem with SS is that the "in's" no longer add up to the "out's" as of 2010. The "surplus" that the government is supposed to have (but doesn't) is now being used to augment payments ... on paper anyway. Actually, all it does is increase the debt. It is estimated that by 2033 or sooner, it will not be able to pay 100 percent of the obligations. Benefits will have to be reduced. |
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