I saw a list of 109 house of representatives who signed a petition to get a cost of living for those drawing social security. If I read it correctly, only one representative from Tennessee (Cohen) and zero from Alabama signed it. Remember that election time.
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I'll remember to do research to get the entire story. You just go about your business as usual, whatever that is, and don't bother with Alabama politics. Funny how you always "see" these things but can't put in a link.
REMEMBER THIS AT ELECTION TIME.
I saw a list of 109 house of representatives who signed a petition to get a cost of living for those drawing social security. If I read it correctly, only one representative from Tennessee (Cohen) and zero from Alabama signed it. Remember that election time.
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We shouldn't need SS, since we'll be able to make $15 a hour flipping burgers.
I saw a list of 109 house of representatives who signed a petition to get a cost of living for those drawing social security. If I read it correctly, only one representative from Tennessee (Cohen) and zero from Alabama signed it. Remember that election time.
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We shouldn't need SS, since we'll be able to make $15 a hour flipping burgers.
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Oh, and it will also enable people to get off welfare.
According to federal economic stats, there was not enough inflation to justify a raise in SS, and federal civil service and military pensions.
Any raise hastens the date that SS must cut benefits.
Jt really needs to stop posting when he (a) hasn't bothered to check out a story, but just runs with it because one of his pals has emailed some **** to him, (b) has no idea how things work, or (c) just wants to run a false story by in the hopes someone will believe it.
Any raise hastens the date that SS must cut benefits.
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How many trillion dollars has the government "borrowed" from the SS trust fund?
Jt really needs to stop posting when he (a) hasn't bothered to check out a story, but just runs with it because one of his pals has emailed some **** to him, (b) has no idea how things work, or (c) just wants to run a false story by in the hopes someone will believe it.
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The pot calling the kettle black. Why don't you read some of your posts and rethink (b) and (c). I will admit that you have far better typing skills than me, however, I can walk and chew gum at the same time, I'm not sure you can do that.
Any raise hastens the date that SS must cut benefits.
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How many trillion dollars has the government "borrowed" from the SS trust fund?
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From the Social Security Trustee Report from 2015:
"In the 2015 Annual Report to Congress, the Trustees announced: The combined trust fund reserves are still growing and will continue to do so through 2019. Beginning with 2020, the cost of the program is projected to exceed income. The projected point at which the combined trust fund reserves will become depleted, if Congress does not act before then, comes in 2034 – one year later than projected last year. At that time, there will be sufficient income coming in to pay 79 percent of scheduled benefits."
See more at: http://socialsecurityinfo.area...sthash.Z8T1BqXI.dpuf
In 2020, as the program will no longer be self sustaining, the borrowed funds must be repaid by cashing in the special drawing Treasuries (IOUs) by increasing taxes or cutting government expenses, elsewhere. By 2034, those Treasuries run out. Then, Social Security must be cut by 21 percent.
JT, I've posted this about six times. Have you had a check for mid-term memory loss lately! There are therapies to forestall further loss.
Jt really needs to stop posting when he (a) hasn't bothered to check out a story, but just runs with it because one of his pals has emailed some **** to him, (b) has no idea how things work, or (c) just wants to run a false story by in the hopes someone will believe it.
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The pot calling the kettle black. Why don't you read some of your posts and rethink (b) and (c). I will admit that you have far better typing skills than me, however, I can walk and chew gum at the same time, I'm not sure you can do that.
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What claims have I made, what posts, that I didn't have links and/or proof? I seriously doubt you can chew gum and walk at the same time. If you can, that's about the ONLY accomplishment you can claim. You are one of the most childish acting elderly men I have ever seen. Right now you are trying to change your own thread subject because you were once more caught posting bull.
JT, I've posted this about six times. Have you had a check for mid-term memory loss lately! There are therapies to forestall further loss.
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Here comes #7. How much money has the federal government "borrowed" from the SS trust fund? Maybe I do have mid-term memory loss, maybe therapy would help. What help could you get that would cause you to answer the question instead of throwing slurs? Do you just not want to answer it? I started hearing about the government taking SS money when Reagan was president and wanted to soften the effect of star wars and top end tax cuts.
What claims have I made, what posts, that I didn't have links and/or proof? I seriously doubt you can chew gum and walk at the same time. If you can, that's about the ONLY accomplishment you can claim. You are one of the most childish acting elderly men I have ever seen. Right now you are trying to change your own thread subject because you were once more caught posting bull.
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What am I trying to change? You didn't catch my mistake, it was 102 representatives, not 109.
Comedy club or politics. You would do well in either. Don't try reality TV, you wouldn't fit.
JT, I've posted this about six times. Have you had a check for mid-term memory loss lately! There are therapies to forestall further loss.
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Here comes #7. How much money has the federal government "borrowed" from the SS trust fund? Maybe I do have mid-term memory loss, maybe therapy would help. What help could you get that would cause you to answer the question instead of throwing slurs? Do you just not want to answer it? I started hearing about the government taking SS money when Reagan was president and wanted to soften the effect of star wars and top end tax cuts.
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Per Wiki, the surplus was about $2.79 trillion as of the end of 2014. There were surpluses before the Reagan compromise with the Democrat congress. Previous surpluses were just part of the general fund and never monetized as Treasury bills. Reagan just ensured there was an actual accounting of the surplus.
I just checked the consumer price index for the last twelve months. It was at zero. Why does anyone expect a cost of living increase, when the cost of living hasn't increased?
I just checked the consumer price index for the last twelve months. It was at zero. Why does anyone expect a cost of living increase, when the cost of living hasn't increased?
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But politicians look better to the po'folk if they sign petitions that won't be acted upon. Earlier in Obama's reign when actual inflation was being downplayed I could understand such a petition; not now after gas and groceries (beef and meat in general as well as produce) have gotten cheaper.
I just checked the consumer price index for the last twelve months. It was at zero. Why does anyone expect a cost of living increase, when the cost of living hasn't increased?
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How much is medicare going up? My deductable on medicine is going up from $100 to $150, the cost of generic drugs is going from $30 to $40 (3 months supply). The cost of name brands is going from 80 to 110. Somebody needs to check their math.
If I were to drive my car somewhere, it would be cheaper to refill the gas tank.
I just checked the consumer price index for the last twelve months. It was at zero. Why does anyone expect a cost of living increase, when the cost of living hasn't increased?
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How much is medicare going up? My deductable on medicine is going up from $100 to $150, the cost of generic drugs is going from $30 to $40 (3 months supply). The cost of name brands is going from 80 to 110. Somebody needs to check their math.
If I were to drive my car somewhere, it would be cheaper to refill the gas tank.
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Just consider your extra medical expense as part of your contribution to the social programs to help the less fortunate. Be happy.
Just consider your extra medical expense as part of your contribution to the social programs to help the less fortunate. Be happy.
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It is funny for someone like jt that thinks he should have everything in life paid for him, and get to keep his paycheck all to himself, get a tiny little taste of what hardworking people go through. They squeal the loudest when asked to contribute a dime.
It is funny for someone like jt that thinks he should have everything in life paid for him, and get to keep his paycheck all to himself, get a tiny little taste of what hardworking people go through. They squeal the loudest when asked to contribute a dime.
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In your right wing brain, when do you think I had everything paid for me? I started working and paying taxes when I was a teenager. Every time I have got something, I had to take money that I earned and pay for it. Can you not understand that concept?
JT resents the government statistics that cause his social security not to increase. But, trusts them with everything else, including his health. Disconnect...?
After all the deflection and trying to get everyone to forget the false claim, let's get back to it.
I saw a list of 109 house of representatives who signed a petition to get a cost of living for those drawing social security. If I read it correctly, only one representative from Tennessee (Cohen) and zero from Alabama signed it.
Now that it's been debunked, proven to be a lie, where did you see it? Link? If you can't provide a link surely you can remember WHERE you saw it.
JT resents the government statistics that cause his social security not to increase. But, trusts them with everything else, including his health. Disconnect...?
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How many times have I asked you how much of the SS trust fund has the government "borrowed". Every time, you will not answer the question and you continue to give a Best like answer. Do you really not know, not care, or embarrassed to admit that your party has drained the trust fund.
JT resents the government statistics that cause his social security not to increase. But, trusts them with everything else, including his health. Disconnect...?
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How many times have I asked you how much of the SS trust fund has the government "borrowed". Every time, you will not answer the question and you continue to give a Best like answer. Do you really not know, not care, or embarrassed to admit that your party has drained the trust fund.
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A Best like answer meaning I won't stop asking YOU to list your sources? What answer am I supposed to give you? You made this thread, not me, you made a false claim, not me, so how do you figure I owe YOU an answer? Just like you're doing with dire right now, you can have a question answered for you over and over with links provided and you still come back and act like you didn't see it. You were caught in a lie, now you are trying to change the entire subject of the thread. YOUR thread. Jt, if you have friends they should really tell you how ridiculous you look when you are trying to run your crap by people. People are just not stupid enough to buy that mess jt! Well, unless they're dems like you. I no longer think your "dumb act" is an act, and I call BS on your claim you can walk and chew gum at the same time!
I saw a list of 109 house of representatives who signed a petition to get a cost of living for those drawing social security. If I read it correctly, only one representative from Tennessee (Cohen) and zero from Alabama signed it.
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And just where did you see it? Please share so others might see it too.
Per Wiki, the surplus was about $2.79 trillion as of the end of 2014. There were surpluses before the Reagan compromise with the Democrat congress. Previous surpluses were just part of the general fund and never monetized as Treasury bills. Reagan just ensured there was an actual accounting of the surplus.
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Per Wiki, there was a question mark following the trust fund amount.
Per Forbes, the government has already spent all of it.
Per Wiki, the surplus was about $2.79 trillion as of the end of 2014. There were surpluses before the Reagan compromise with the Democrat congress. Previous surpluses were just part of the general fund and never monetized as Treasury bills. Reagan just ensured there was an actual accounting of the surplus.
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Per Wiki, there was a question mark following the trust fund amount.
Per Forbes, the government has already spent all of it.
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JT, I realize you are a retired welder. It’s obvious you have little knowledge of accounting. However, I’ve explained the SS problems, now about 7 times. Is it truly you still don’t understand, or a case of invulnerable ignorance -- a condition I seen, too often in the left.
Social security surpluses from its inception in 1935 until the Social Security amendments passed under a Democrat congress and approved by Reagan in 1983 went directly into the General Fund to pay for other government expenses. No attempt was made to account for that surplus.
The 1983 law setup the SS Trust Fund. Surplus funds were borrowed, instead of directly diverted, by the government. The Treasury issued special drawing instruments, similar to Treasury bonds (basically IOUs) For once, government was responsible for accounting for the surplus as to amount. The bonds in the Trust Fund are part of the national debt – now about $19 Trillion. The SS Trust Fund of about $2.8 Trillion is part of the $19 Trillion.
In the 2015 Annual Report to Congress, the Trustees announced: The combined trust fund reserves are still growing and will continue to do so through 2019. Beginning with 2020, the cost of the program is projected to exceed income. The projected point at which the combined trust fund reserves will become depleted, if Congress does not act before then, comes in 2034 – one year later than projected last year. At that time, there will be sufficient income coming in to pay 79 percent of scheduled benefits."
In 2020, the surplus will cease. As the program will no longer be self sustaining, the borrowed funds must be repaid by cashing in the special drawing Treasuries (IOUs) by increasing taxes or cutting government expenses, elsewhere. By 2034, those Treasuries run out. Then, Social Security must be cut by 21 percent.
The existing surplus is not a pile of currency in a vault somewhere, or in a number of bank accounts. Its a file drawer full of IOUs. I'm informed they do lock the drawer at night.
In the Social Security Act of 1935 the income from the payroll tax was to be credited to a Social Security "account." Benefits were to be paid against this account, but there was no formal trust fund as such. Taxes began to be collected in January 1937, and monthly benefits were to be paid starting in January 1942 (later pushed forward to January 1940). So the payroll taxes were just credits in the Social Security account on the Treasury's ledger under the initial law.
The investment rules governing payroll tax income were also established in the 1935, and are essentially the same ones in use today. Specifically, the 1935 Act stated: "It shall be the duty of the Secretary of the Treasury to invest such portion of the amounts credited to the Account as is not, in his judgment, required to meet current withdrawals. Such investment may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States." (See Title II, Section 201of the 1935 law)
In the 1939 Amendments, a formal trust fund was established and a requirement was put in place for annual reports on the actuarial status of the fund. Specifically, the law provided: "There is hereby created on the books of the Treasury of the United States a trust fund to be known as the 'Federal Old-Age and Survivors Insurance Trust Fund'. . . . The Trust Fund shall consist of the securities held by the Secretary of the Treasury for the Old Age Reserve Account on the books of the Treasury on January 1, 1940, which securities and amount the Secretary of the Treasury is authorized and directed to transfer to the Trust Fund, and, in addition, such amounts as may be appropriated to the Trust Fund as herein under provided." (Title II, Section 201a)
In other words, a formal trust fund was established for the Social Security program and the credits already on the Treasury's books for the Social Security program were to be transferred to this Fund, along with all future revenues raised for the program.
The investment procedures adopted in 1939 were modified only slightly from those in the original Act of 1935. Basically, changes were made in the interest rate rules governing the investments, and the Managing Trustee was designated as the investing official (who happens to be the Secretary of the Treasury in any case), but in most other respects the language was similar to that in the original law. (See the text of the 1939 Amendments for more details.)
Both the 1935 and the 1939 laws specified three types of purchases that might be made: 1) securities on original issue at par; 2) by purchase of outstanding obligations at the market price; and 3) via the issuance of "special obligation bonds" that could be issued only to the Social Security Trust Fund. These special obligation bonds were not to be marketable, although the other two forms of securities could be. The idea of special obligation bonds was not new nor unique to the Social Security program. Similar bonds were used during World War I and World War II, and it was in fact the Second Liberty Bond Act that was the law amended in 1939 to allow the Social Security program to make use of this type of government bond.
https://www.ssa.gov/history/BudgetTreatment.html
Actually from the start of SSA, program surpluses were converted into government bonds. The big change in the Reagan administration was to grow the surplus to cover the needs of Boomers when they retired. The Feds have always borrowed the surplus.
In the Social Security Act of 1935 the income from the payroll tax was to be credited to a Social Security "account." Benefits were to be paid against this account, but there was no formal trust fund as such. Taxes began to be collected in January 1937, and monthly benefits were to be paid starting in January 1942 (later pushed forward to January 1940). So the payroll taxes were just credits in the Social Security account on the Treasury's ledger under the initial law.
The investment rules governing payroll tax income were also established in the 1935, and are essentially the same ones in use today. Specifically, the 1935 Act stated: "It shall be the duty of the Secretary of the Treasury to invest such portion of the amounts credited to the Account as is not, in his judgment, required to meet current withdrawals. Such investment may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States." (See Title II, Section 201of the 1935 law)
In the 1939 Amendments, a formal trust fund was established and a requirement was put in place for annual reports on the actuarial status of the fund. Specifically, the law provided: "There is hereby created on the books of the Treasury of the United States a trust fund to be known as the 'Federal Old-Age and Survivors Insurance Trust Fund'. . . . The Trust Fund shall consist of the securities held by the Secretary of the Treasury for the Old Age Reserve Account on the books of the Treasury on January 1, 1940, which securities and amount the Secretary of the Treasury is authorized and directed to transfer to the Trust Fund, and, in addition, such amounts as may be appropriated to the Trust Fund as herein under provided." (Title II, Section 201a)
In other words, a formal trust fund was established for the Social Security program and the credits already on the Treasury's books for the Social Security program were to be transferred to this Fund, along with all future revenues raised for the program.
The investment procedures adopted in 1939 were modified only slightly from those in the original Act of 1935. Basically, changes were made in the interest rate rules governing the investments, and the Managing Trustee was designated as the investing official (who happens to be the Secretary of the Treasury in any case), but in most other respects the language was similar to that in the original law. (See the text of the 1939 Amendments for more details.)
Both the 1935 and the 1939 laws specified three types of purchases that might be made: 1) securities on original issue at par; 2) by purchase of outstanding obligations at the market price; and 3) via the issuance of "special obligation bonds" that could be issued only to the Social Security Trust Fund. These special obligation bonds were not to be marketable, although the other two forms of securities could be. The idea of special obligation bonds was not new nor unique to the Social Security program. Similar bonds were used during World War I and World War II, and it was in fact the Second Liberty Bond Act that was the law amended in 1939 to allow the Social Security program to make use of this type of government bond.
https://www.ssa.gov/history/BudgetTreatment.html
Actually from the start of SSA, program surpluses were converted into government bonds. The big change in the Reagan administration was to grow the surplus to cover the needs of Boomers when they retired. The Feds have always borrowed the surplus.
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Sorry, the early history of SS isn't my forte. I doubt anyone of sane mind would believe a president would run up such a debt as the present administration.
In the Social Security Act of 1935 the income from the payroll tax was to be credited to a Social Security "account." Benefits were to be paid against this account, but there was no formal trust fund as such. Taxes began to be collected in January 1937, and monthly benefits were to be paid starting in January 1942 (later pushed forward to January 1940). So the payroll taxes were just credits in the Social Security account on the Treasury's ledger under the initial law.
The investment rules governing payroll tax income were also established in the 1935, and are essentially the same ones in use today. Specifically, the 1935 Act stated: "It shall be the duty of the Secretary of the Treasury to invest such portion of the amounts credited to the Account as is not, in his judgment, required to meet current withdrawals. Such investment may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States." (See Title II, Section 201of the 1935 law)
In the 1939 Amendments, a formal trust fund was established and a requirement was put in place for annual reports on the actuarial status of the fund. Specifically, the law provided: "There is hereby created on the books of the Treasury of the United States a trust fund to be known as the 'Federal Old-Age and Survivors Insurance Trust Fund'. . . . The Trust Fund shall consist of the securities held by the Secretary of the Treasury for the Old Age Reserve Account on the books of the Treasury on January 1, 1940, which securities and amount the Secretary of the Treasury is authorized and directed to transfer to the Trust Fund, and, in addition, such amounts as may be appropriated to the Trust Fund as herein under provided." (Title II, Section 201a)
In other words, a formal trust fund was established for the Social Security program and the credits already on the Treasury's books for the Social Security program were to be transferred to this Fund, along with all future revenues raised for the program.
The investment procedures adopted in 1939 were modified only slightly from those in the original Act of 1935. Basically, changes were made in the interest rate rules governing the investments, and the Managing Trustee was designated as the investing official (who happens to be the Secretary of the Treasury in any case), but in most other respects the language was similar to that in the original law. (See the text of the 1939 Amendments for more details.)
Both the 1935 and the 1939 laws specified three types of purchases that might be made: 1) securities on original issue at par; 2) by purchase of outstanding obligations at the market price; and 3) via the issuance of "special obligation bonds" that could be issued only to the Social Security Trust Fund. These special obligation bonds were not to be marketable, although the other two forms of securities could be. The idea of special obligation bonds was not new nor unique to the Social Security program. Similar bonds were used during World War I and World War II, and it was in fact the Second Liberty Bond Act that was the law amended in 1939 to allow the Social Security program to make use of this type of government bond.
https://www.ssa.gov/history/BudgetTreatment.html
Actually from the start of SSA, program surpluses were converted into government bonds. The big change in the Reagan administration was to grow the surplus to cover the needs of Boomers when they retired. The Feds have always borrowed the surplus.
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Sorry, the early history of SS isn't my forte. I doubt anyone of sane mind would believe a president would run up such a debt as the present administration.
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And after running up the debt to a point where rating agencies start dissing our debt, there might be trouble when we cash in those low interest bonds to fund SS and replace them with higher interest bonds.
