Alan Simpson Calls GOP Refusal To Raise Revenue ‘Absolute Bullshit’

[edthecynic]

U.S. Government National Debt: What they Won't Tell You

The above is a silly site, but it shows net debt, just over $10.2 trillion.

The below is not a silly site and it shows the total PUBLIC debt at $14+ trillion.

Debt to the Penny (Daily History Search Application)

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
07/14/2011 9,750,503,934,099.81 4,592,449,951,542.17 14,342,953,885,641.98

You can ignore $4.592 trillion if you'd like.

You're the one ignoring 4.6 trillion in DEBT!!!
You are calling a 4.6 trillion DEBT an ASSET!!!

 

[Toddsterpatriot]

The below is not a silly site and it shows the total PUBLIC debt at $14+ trillion.

Debt to the Penny (Daily History Search Application)

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
07/14/2011 9,750,503,934,099.81 4,592,449,951,542.17 14,342,953,885,641.98

You can ignore $4.592 trillion if you'd like.

You're the one ignoring 4.6 trillion in DEBT!!!
You are calling a 4.6 trillion DEBT an ASSET!!!

Who has the debt?
Who do they owe it to?

 

[Toddsterpatriot]

The below is not a silly site and it shows the total PUBLIC debt at $14+ trillion.

Debt to the Penny (Daily History Search Application)

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
07/14/2011 9,750,503,934,099.81 4,592,449,951,542.17 14,342,953,885,641.98

You can ignore $4.592 trillion if you'd like.

You're the one ignoring 4.6 trillion in DEBT!!!
You are calling a 4.6 trillion DEBT an ASSET!!!

This might help.

Accounting equation - Wikipedia, the free encyclopedia

It is probably too advanced for you.

 

[Patrick2]

Re the OP: Alan Simpson is an obama stooge.

 

[edthecynic]

You can ignore $4.592 trillion if you'd like.

You're the one ignoring 4.6 trillion in DEBT!!!
You are calling a 4.6 trillion DEBT an ASSET!!!

Who has the debt?
Who do they owe it to?

The government owes the debt.
The American people who contributed to the SS trust fund and other trust and retirement funds are the people the government owes the money to.

 

[Toddsterpatriot]

You're the one ignoring 4.6 trillion in DEBT!!!
You are calling a 4.6 trillion DEBT an ASSET!!!

Who has the debt?
Who do they owe it to?

The government owes the debt.
The American people who contributed to the SS trust fund and other trust and retirement funds are the people the government owes the money to.

The government owes the debt, excellent!
Who holds the intragovernmental bonds?

 

[edthecynic]

You can ignore $4.592 trillion if you'd like.

You're the one ignoring 4.6 trillion in DEBT!!!
You are calling a 4.6 trillion DEBT an ASSET!!!

This might help.

Accounting equation - Wikipedia, the free encyclopedia

It is probably too advanced for you.

Every time you stoop to condescension, you prove that YOU know that your arguments cannot stand on their own.
Thank you.

 

[edthecynic]

Who has the debt?
Who do they owe it to?

The government owes the debt.
The American people who contributed to the SS trust fund and other trust and retirement funds are the people the government owes the money to.

The government owes the debt, excellent!
Who holds the intragovernmental bonds?

Already answered.

 

[Toddsterpatriot]

The government owes the debt.
The American people who contributed to the SS trust fund and other trust and retirement funds are the people the government owes the money to.

The government owes the debt, excellent!
Who holds the intragovernmental bonds?

Already answered.

You think the "people the government owes the money to" hold the intragovernmental bonds?

 

[Toddsterpatriot]

You're the one ignoring 4.6 trillion in DEBT!!!
You are calling a 4.6 trillion DEBT an ASSET!!!

This might help.

Accounting equation - Wikipedia, the free encyclopedia

It is probably too advanced for you.

Every time you stoop to condescension, you prove that YOU know that your arguments cannot stand on their own.
Thank you.

It's not condescension to point out your total inability to understand simple accounting.
You're welcome.

 

[edthecynic]

The government owes the debt, excellent!
Who holds the intragovernmental bonds?

Already answered.

You think the "people the government owes the money to" hold the intragovernmental bonds?

The people OWN the bonds held in TRUST by the government. It is NOT the government's money, that is why when the government borrows from the account they have to put in an IOU. They owe the people who own the money they borrowed from the trust account. That is how a trust account works. The trustee only controls the account, they do not own the account and at some point must return the money in the trust to the true owners.

 

[edthecynic]

This might help.

Accounting equation - Wikipedia, the free encyclopedia

It is probably too advanced for you.

Every time you stoop to condescension, you prove that YOU know that your arguments cannot stand on their own.
Thank you.

It's not condescension to point out your total inability to understand simple accounting.
You're welcome.

BULLSHIT!

It is YOU who doesn't understand what a trust account is. You seem to think that the money in the trust account belongs to the trustee, in this case the government, when the money in point of fact belongs to the beneficiary, in this case the people!!!
You're welcome.

 

[Toddsterpatriot]

Already answered.

You think the "people the government owes the money to" hold the intragovernmental bonds?

The people OWN the bonds held in TRUST by the government.

LOL! That's funny. You have no legal right to Social Security.
Why doesn't your spouse get your share after you die? It's held in trust for you.
Man, that's the funniest thing I've heard all day.

It is NOT the government's money, that is why when the government borrows from the account they have to put in an IOU. They owe the people who own the money they borrowed from the trust account. That is how a trust account works. The trustee only controls the account, they do not own the account and at some point must return the money in the trust to the true owners.

Your imaginings about how Soc Sec works sounds like private accounts.
Unfortunately, they don't work that way.

 

[Toddsterpatriot]

Every time you stoop to condescension, you prove that YOU know that your arguments cannot stand on their own.
Thank you.

It's not condescension to point out your total inability to understand simple accounting.
You're welcome.

BULLSHIT!

It is YOU who doesn't understand what a trust account is. You seem to think that the money in the trust account belongs to the trustee, in this case the government, when the money in point of fact belongs to the beneficiary, in this case the people!!!
You're welcome.

You should take an accounting class before you continue.
Here's some more simple help for you......


A double-entry bookkeeping system is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different ledger accounts.

When each financial transaction is closely analysed, it reveals two aspects. One aspect will be “receiving aspect” or “incoming aspect” or “expenses/loss aspect”. This is termed as the “Debit aspect”. The other aspect will be “giving aspect” or “outgoing aspect” or “income/gain aspect”. This is termed as the “Credit aspect”. These two aspects namely “Debit aspect” and “Credit aspect” form the basis of Double Entry System. The double entry system is so named since it records both the aspects of a transaction (as opposed to single-entry bookkeeping system where both aspects are not always recorded). In short, the basic principle of this system is, for every debit, there must be a corresponding credit of equal amount and for every credit, there must be a corresponding debit of equal amount.

 

[edthecynic]

You think the "people the government owes the money to" hold the intragovernmental bonds?

The people OWN the bonds held in TRUST by the government.

LOL! That's funny. You have no legal right to Social Security.
Why doesn't your spouse get your share after you die? It's held in trust for you.
Man, that's the funniest thing I've heard all day.

It is NOT the government's money, that is why when the government borrows from the account they have to put in an IOU. They owe the people who own the money they borrowed from the trust account. That is how a trust account works. The trustee only controls the account, they do not own the account and at some point must return the money in the trust to the true owners.

Your imaginings about how Soc Sec works sounds like private accounts.
Unfortunately, they don't work that way.

Not only do I have a legal right to SS, I'm collecting it right now as a retiree!!!

And a spouse DOES get survivors benefits after their mate dies. Even divorced spouses can get SS benefits

Survivors Benefits
Who can get survivors benefits based on your work?

Your widow or widower may be able to receive full benefits at full retirement age. The full retirement age for survivors is age 66 for people born in 1945-1956 and will gradually increase to age 67 for people born in 1962 or later. Reduced widow or widower benefits can be received as early as age 60.

Benefits for surviving divorced spouses

If you have been divorced, your former wife or husband who is age 60 or older (50-59 if disabled) can get benefits if your marriage lasted at least 10 years.

 

[Toddsterpatriot]

The people OWN the bonds held in TRUST by the government.

LOL! That's funny. You have no legal right to Social Security.
Why doesn't your spouse get your share after you die? It's held in trust for you.
Man, that's the funniest thing I've heard all day.

It is NOT the government's money, that is why when the government borrows from the account they have to put in an IOU. They owe the people who own the money they borrowed from the trust account. That is how a trust account works. The trustee only controls the account, they do not own the account and at some point must return the money in the trust to the true owners.

Your imaginings about how Soc Sec works sounds like private accounts.
Unfortunately, they don't work that way.

Not only do I have a legal right to SS, I'm collecting it right now as a retiree!!!

No you don't, moron.

Many people believe that Social Security is an earned right-that is, they believe they are entitled to receive Social Security benefits because they have paid Social Security taxes. However, in Flemming v. Nestor (1960), the Supreme Court ruled that workers have no legal right to Social Security: Congress can cut or eliminate Social Security benefits at any time regardless of a worker's contributions.

And a spouse DOES get survivors benefits after their mate dies. Even divorced spouses can get SS benefits

Your spouse has legal rights to the "bonds held in trust for you"? That's funny.

 

[edthecynic]

LOL! That's funny. You have no legal right to Social Security.
Why doesn't your spouse get your share after you die? It's held in trust for you.
Man, that's the funniest thing I've heard all day.
Your imaginings about how Soc Sec works sounds like private accounts.
Unfortunately, they don't work that way.

Not only do I have a legal right to SS, I'm collecting it right now as a retiree!!!

No you don't, moron.

Many people believe that Social Security is an earned right-that is, they believe they are entitled to receive Social Security benefits because they have paid Social Security taxes. However, in Flemming v. Nestor (1960), the Supreme Court ruled that workers have no legal right to Social Security: Congress can cut or eliminate Social Security benefits at any time regardless of a worker's contributions.

And a spouse DOES get survivors benefits after their mate dies. Even divorced spouses can get SS benefits

Your spouse has legal rights to the "bonds held in trust for you"? That's funny.

That, of course, is a misrepresentation of the court decision which upheld that, like all federal entitlement programs, Congress can change the rules regarding SS eligibility. Nestor was an alien who was deported and the RULES in place at the time allowed his benefits to be denied, just as the RULES in place today allow me to collect SS.

Until Congress changes the rules, the money in the SS Trust account belongs to the beneficiaries according to the rules of the trust account. IT IS NOT THE GOVERNMENT'S MONEY. The present rules have to be changed to take the money away from the people, which is what the GOP hopes to do.

 

[BenNatuf]

You're the one ignoring 4.6 trillion in DEBT!!!
You are calling a 4.6 trillion DEBT an ASSET!!!

This might help.

Accounting equation - Wikipedia, the free encyclopedia

It is probably too advanced for you.

Every time you stoop to condescension, you prove that YOU know that your arguments cannot stand on their own.
Thank you.

and yet you can't amswer a simple question. Who holds the intrgovernmental bonds?

 

[BenNatuf]

The government owes the debt.
The American people who contributed to the SS trust fund and other trust and retirement funds are the people the government owes the money to.

The government owes the debt, excellent!
Who holds the intragovernmental bonds?

Already answered.

why lie? You have not answered the question.

Who holds the intragovernmental bonds?

 

[BenNatuf]

Already answered.

You think the "people the government owes the money to" hold the intragovernmental bonds?

The people OWN the bonds held in TRUST by the government. It is NOT the government's money, that is why when the government borrows from the account they have to put in an IOU. They owe the people who own the money they borrowed from the trust account. That is how a trust account works. The trustee only controls the account, they do not own the account and at some point must return the money in the trust to the true owners.

Hey dumbass, it's either all the governments money or none of it is.