?
?
no
It isn't there for people who are retired now. The ONLY way for the government to honor its promises is to inflate, so people will get their checks, but the money won't be worth anything.
of course it will, they have been saying it would run out from the time it began, and its still there and will be 30, 50, 100, 200, 500, 1000 etc years from now.
In 1,000 years, the oceans will be boiling and mankind will have been erased from this planet.
The only reason the program still appears to be functioning is because the government is borrowing the money from banks who sell the debt to the Fed, who pays for it by PRINTING MONEY, which is the act of CREATING INFLATION. You welfare state weasels continually evade the acknowledgement of this fact, but doing so will not allow you to escape the consequences of it. Reality will always prevail over your intellectual dishonesty.
douglas burke wrote:
of course it will, they have been saying it would run out from the time it began, and its still there and will be 30, 50, 100, 200, 500, 1000 etc years from now.
Push for immigration reform if you want your social security. My hombres and me are paid under the table and no social security is being withheld. Once we are citizens, all 11 million or so of us will be paying in, which will help pay for abuela's retirement in addition to Jose Montaña, the best quarterback of all time, also a great Mexican like fellow Mexican compadres Tomas Cruz (Tom Cruz), Marco Rubio, Roberto Costas (NBC Sports), and Carlos Rey (L.A. native Chuck Norris).
Yes, but you'll need to be 90 years old to collect, and the payment won't be much.
Are you serious?
The USA will be just another third world country in 30 years time.
No, and your retirement savings will be taxed at a steep rate to pay for all the people who failed to save anything.
They will be unless you allow the elite to take them away
Mind full of fukk wrote:
It isn't there for people who are retired now. The ONLY way for the government to honor its promises is to inflate, so people will get their checks, but the money won't be worth anything.
Actually, SS is running a surplus.
Agree with algoricle, youngsters like us will receive social security but we won't begin collecting until probably 80.
u smell wrote:
Mind full of fukk wrote:It isn't there for people who are retired now. The ONLY way for the government to honor its promises is to inflate, so people will get their checks, but the money won't be worth anything.
Actually, SS is running a surplus.
All that a Social Security "surplus" means, essentially, is that, for any given year, the amount of revenue generated by the payroll tax exceeds the amount of benefits paid to Social Security recipients. Like other tax-generated revenue, the money brought in by the payroll tax goes into the federal treasury. Like other governmental spending programs, Social Security benefits are paid out of the federal treasury.
Thus, any year in which the federal government runs a budget deficit, the Social Security "surplus" doesn't consist of actual money.
Factuality wrote:
u smell wrote:Actually, SS is running a surplus.
All that a Social Security "surplus" means, essentially, is that, for any given year, the amount of revenue generated by the payroll tax exceeds the amount of benefits paid to Social Security recipients. Like other tax-generated revenue, the money brought in by the payroll tax goes into the federal treasury. Like other governmental spending programs, Social Security benefits are paid out of the federal treasury.
Thus, any year in which the federal government runs a budget deficit, the Social Security "surplus" doesn't consist of actual money.
False. The surplus does not go into the treasury, but rather into one of two trust funds.
u smell wrote:
Factuality wrote:All that a Social Security "surplus" means, essentially, is that, for any given year, the amount of revenue generated by the payroll tax exceeds the amount of benefits paid to Social Security recipients. Like other tax-generated revenue, the money brought in by the payroll tax goes into the federal treasury. Like other governmental spending programs, Social Security benefits are paid out of the federal treasury.
Thus, any year in which the federal government runs a budget deficit, the Social Security "surplus" doesn't consist of actual money.
False. The surplus does not go into the treasury, but rather into one of two trust funds.
Don't forget to try the veal! u smell will be here all week folks!
u smell wrote:
Factuality wrote:All that a Social Security "surplus" means, essentially, is that, for any given year, the amount of revenue generated by the payroll tax exceeds the amount of benefits paid to Social Security recipients. Like other tax-generated revenue, the money brought in by the payroll tax goes into the federal treasury. Like other governmental spending programs, Social Security benefits are paid out of the federal treasury.
Thus, any year in which the federal government runs a budget deficit, the Social Security "surplus" doesn't consist of actual money.
False. The surplus does not go into the treasury, but rather into one of two trust funds.
If by this you mean that the money generated by the payroll tax is somehow sequestered as money, and does not go into the general federal treasury, you couldn't be more wrong. I'm sorry, but you simply are.
The "trust fund" to which you refer is a "promise to pay" on the part of the federal government . . . a promise, as it were, from one part of the government to another. Now, it may very well be a sound "promise to pay," and it may well be realized in the future, but it doesn't constitute money from which future Social Security benefits can be paid. At such time as the revenue generated by the payroll tax is no longer sufficient to pay the entirety of Social Security benefits, the federal government will still have to make up the difference by either borrowing the money (increasing the budget deficit), raising the payroll tax (or other federal taxes), or reducing benefits.
Your apparent notion that the Social Security "surplus" is comprised of money sitting in a federal account somewhere couldn't be further from the truth.
Factuality wrote:
The "trust fund" to which you refer is a "promise to pay" on the part of the federal government . . . a promise, as it were, from one part of the government to another. Now, it may very well be a sound "promise to pay," and it may well be realized in the future, but it doesn't constitute money ...
Your apparent notion that the Social Security "surplus" is comprised of money sitting in a federal account somewhere couldn't be further from the truth.
Does the trust fund not contain US Treasury Bonds? Are you trying to differentiate between bonds and cash, or is there something other than bonds in the SS fund?
Mind full of fukk wrote:
It isn't there for people who are retired now. The ONLY way for the government to honor its promises is to inflate, so people will get their checks, but the money won't be worth anything.
What promises? SS has always been PAYGO. It's not a retirement fund. You're not putting money into an account with the promise that you'll get it back later. You are paying a tax, and the funds are going directly to current recipients. So no one has really been promised anything as far as SS goes.