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You are badly misinformed. There is no trust fund, only government IOUs to itself. The program already requires revenues from the general Treasury, and the ac

You are badly misinformed. There is no trust fund, only government IOUs to itself. The program already requires revenues from the general Treasury, and the accounting collapse of the fictional trust fund is now in 2020, not the 2030s. http://www.ssa.gov/oact/TRSUM/index.html http://www.ssa.gov/oact/TRSUM/index.html

guelo 14y ago
If USA government "IOUs" are worthless you better tell market traders who consider them one of the safest investments out there.
- dmm 14y ago
  The treasury bills owned by SSA are special non-marketable ones that are only sold to the SSA. They do not have any market value. I have no opinion regarding the solvency of social security.
  - guelo 14y ago
    What this critique amounts to is saying that the US will always honor its commitments to the market but not to it's tax payers. But why would that be? Are the financial elite more powerful than millions of retiring voters? Social Security taxes were raised in 1983 with the expectation of the baby boomers retiring 30 years later. But in those 30 years the surplus SS money was used to paper over deficits caused mostly by tax cuts on the top income percentiles. In effect the wealthy have raided the fund, but now they are wealthier than ever and we should hold their feet to the fire to pay the money back.
    - twoodfin 14y ago
      But in those 30 years the surplus SS money was used to paper over deficits caused mostly by tax cuts on the top income percentiles. This is getting way off topic, but the lower and middle class portions of the Bush tax cuts, for example, contribute way more to the deficit than those for the upper class. And your claim doesn't really square with the trend of more % of all income taxes being paid by the top percentiles over time.
      - guelo 14y ago
        Well of course they are paying more taxes, they are earning way more money.
- javert 14y ago
  A Ponzi scheme is also really safe, if it's clear that there are a ton of gulliable fools willing to support the pyramid long enough for you to get in and get out. :)
nknight 14y ago
I am aware of all the information behind your assertions, so no, I am not "badly misinformed", thanks, I simply reach very different conclusions than you do.

guelo 14y ago

If USA government "IOUs" are worthless you better tell market traders who consider them one of the safest investments out there.

dmm 14y ago
The treasury bills owned by SSA are special non-marketable ones that are only sold to the SSA. They do not have any market value. I have no opinion regarding the solvency of social security.
- guelo 14y ago
  What this critique amounts to is saying that the US will always honor its commitments to the market but not to it's tax payers. But why would that be? Are the financial elite more powerful than millions of retiring voters? Social Security taxes were raised in 1983 with the expectation of the baby boomers retiring 30 years later. But in those 30 years the surplus SS money was used to paper over deficits caused mostly by tax cuts on the top income percentiles. In effect the wealthy have raided the fund, but now they are wealthier than ever and we should hold their feet to the fire to pay the money back.
  - twoodfin 14y ago
    But in those 30 years the surplus SS money was used to paper over deficits caused mostly by tax cuts on the top income percentiles. This is getting way off topic, but the lower and middle class portions of the Bush tax cuts, for example, contribute way more to the deficit than those for the upper class. And your claim doesn't really square with the trend of more % of all income taxes being paid by the top percentiles over time.
    - guelo 14y ago
      Well of course they are paying more taxes, they are earning way more money.
javert 14y ago
A Ponzi scheme is also really safe, if it's clear that there are a ton of gulliable fools willing to support the pyramid long enough for you to get in and get out. :)

nknight 14y ago

I am aware of all the information behind your assertions, so no, I am not "badly misinformed", thanks, I simply reach very different conclusions than you do.