McConnell digs a hole on Social Security, falls in

[Contumacious]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

That is correct.

Social Security taxes were not voluntary.

BUT BUT BUT in the 1960 case of Fleming v. Nestor, the U.S. Supreme Court ruled that workers have no legally binding contractual rights to their Social Security benefits, and that those benefits can be cut or even eliminated at any time.

.

That is correct and here is who can do it.

Section 1104 of the 1935 Act, entitled "RESERVATION OF POWER," specifically said: "The right to alter, amend, or repeal any provision of this Act is hereby reserved to the Congress."

While I believe that Congress can stop the program at any time it would a massive fraud to prevent those who have already paid into the program and who are already in their sixties from receiving the benefits acquired thereunder.

.

 

[TooTall]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

That is correct.

Social Security taxes were not voluntary.

BUT BUT BUT in the 1960 case of Fleming v. Nestor, the U.S. Supreme Court ruled that workers have no legally binding contractual rights to their Social Security benefits, and that those benefits can be cut or even eliminated at any time.

.

That is correct and here is who can do it.

Section 1104 of the 1935 Act, entitled "RESERVATION OF POWER," specifically said: "The right to alter, amend, or repeal any provision of this Act is hereby reserved to the Congress."

While I believe that Congress can stop the program at any time it would a massive fraud to prevent those who have already paid into the program and who are already in their sixties from receiving the benefits acquired thereunder.

.

I agree, and the Congress won't stop the program nor is that the intent of the SC ruling. They merely prevented one person from receiving SS benefits. IMO, the SS program was a sound insurance program when it was originally signed into law. Over the years Congress has added additional costly changes to it that no insurance company could write and stay in business. It needs to be altered and/or amended to stay solvent, and neither the Republicans or the Democrats have the votes to change it. George Bush tried to change it and failed. Obama is too busy playing golf and going to fund raisers to be bothered.

 

[NYcarbineer]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

You don't get it.

 

[Toddsterpatriot]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

You don't get it.

Please explain your feelings further.

 

[Wry Catcher]

Dumbprecenter lies again.

He couldn't be honest if he tried, that's because he is rich and as he says the rich can't be trusted! : lmao: he is a true idiot.

Your opinion is worthless. Your ad hominem ^^^, worthless and typical of those incapable of posting anything of value.

 

[NYcarbineer]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

You don't get it.

Please explain your feelings further.

1. The Trust Fund is about a 2.8 trillion dollar debt owed by the general fund of the United States. It earns a 100 billion or so in interest every year.

2. SS doesn't have to touch that money normally because each year, the incoming payroll tax revenue is sufficient, or close to it, to pay out the year's SS benefits.

3. If you privatize SS, the revenue in 2. above goes into privatization, and thus can't be used to pay recipients.

4. When that happens, because you still have millions drawing SS checks and more coming on every day, SS would have to start cashing in the bonds it holds.

5. To pay of those bonds, the Federal Government has to then use revenues from the general fund. In 2011, SS paid out about 670 billion.

OASI Trust Fund a Social Security fund

 

[NYcarbineer]

If you think government bailouts of the financial sector were bad a few years ago,

imagine what one would look like if America's seniors were all dependent on it for their privatized retirement security.

 

[Toddsterpatriot]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

You don't get it.

Please explain your feelings further.

1. The Trust Fund is about a 2.8 trillion dollar debt owed by the general fund of the United States. It earns a 100 billion or so in interest every year.

2. SS doesn't have to touch that money normally because each year, the incoming payroll tax revenue is sufficient, or close to it, to pay out the year's SS benefits.

3. If you privatize SS, the revenue in 2. above goes into privatization, and thus can't be used to pay recipients.

4. When that happens, because you still have millions drawing SS checks and more coming on every day, SS would have to start cashing in the bonds it holds.

5. To pay of those bonds, the Federal Government has to then use revenues from the general fund. In 2011, SS paid out about 670 billion.

OASI Trust Fund a Social Security fund

If you find yourself in a hole, stop digging.
How large is the long term shortfall of Social Security?

When that happens, because you still have millions drawing SS checks and more coming on every day, SS would have to start cashing in the bonds it holds.

SS has been cashing in those bonds already.
The bonds will all be gone by about 2030.

In calendar year 2010, for the first time since the enactment of the Social Security Amendments of 1983, annual outlays for the program exceeded annual tax revenues (that is, outlays exceeded total revenues excluding interest credited to the trust funds). In 2012, outlays exceeded noninterest income by about 7 percent, and CBO projects that the gap will average about 12 percent of tax revenues over the next decade.

The 2013 Long-Term Projections for Social Security Additional Information Congressional Budget Office

To pay of those bonds, the Federal Government has to then use revenues from the general fund.

Correct. Let me know when you're going to post "what I don't get".

 

[NYcarbineer]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

You don't get it.

Please explain your feelings further.

1. The Trust Fund is about a 2.8 trillion dollar debt owed by the general fund of the United States. It earns a 100 billion or so in interest every year.

2. SS doesn't have to touch that money normally because each year, the incoming payroll tax revenue is sufficient, or close to it, to pay out the year's SS benefits.

3. If you privatize SS, the revenue in 2. above goes into privatization, and thus can't be used to pay recipients.

4. When that happens, because you still have millions drawing SS checks and more coming on every day, SS would have to start cashing in the bonds it holds.

5. To pay of those bonds, the Federal Government has to then use revenues from the general fund. In 2011, SS paid out about 670 billion.

OASI Trust Fund a Social Security fund

If you find yourself in a hole, stop digging.
How large is the long term shortfall of Social Security?

When that happens, because you still have millions drawing SS checks and more coming on every day, SS would have to start cashing in the bonds it holds.

SS has been cashing in those bonds already.
The bonds will all be gone by about 2030.

In calendar year 2010, for the first time since the enactment of the Social Security Amendments of 1983, annual outlays for the program exceeded annual tax revenues (that is, outlays exceeded total revenues excluding interest credited to the trust funds). In 2012, outlays exceeded noninterest income by about 7 percent, and CBO projects that the gap will average about 12 percent of tax revenues over the next decade.

The 2013 Long-Term Projections for Social Security Additional Information Congressional Budget Office

To pay of those bonds, the Federal Government has to then use revenues from the general fund.

Correct. Let me know when you're going to post "what I don't get".

You don't get that the Federal Government owes the Trust Fund 2.7 trillion dollars.

 

[Toddsterpatriot]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

You don't get it.

Please explain your feelings further.

1. The Trust Fund is about a 2.8 trillion dollar debt owed by the general fund of the United States. It earns a 100 billion or so in interest every year.

2. SS doesn't have to touch that money normally because each year, the incoming payroll tax revenue is sufficient, or close to it, to pay out the year's SS benefits.

3. If you privatize SS, the revenue in 2. above goes into privatization, and thus can't be used to pay recipients.

4. When that happens, because you still have millions drawing SS checks and more coming on every day, SS would have to start cashing in the bonds it holds.

5. To pay of those bonds, the Federal Government has to then use revenues from the general fund. In 2011, SS paid out about 670 billion.

OASI Trust Fund a Social Security fund

If you find yourself in a hole, stop digging.
How large is the long term shortfall of Social Security?

When that happens, because you still have millions drawing SS checks and more coming on every day, SS would have to start cashing in the bonds it holds.

SS has been cashing in those bonds already.
The bonds will all be gone by about 2030.

In calendar year 2010, for the first time since the enactment of the Social Security Amendments of 1983, annual outlays for the program exceeded annual tax revenues (that is, outlays exceeded total revenues excluding interest credited to the trust funds). In 2012, outlays exceeded noninterest income by about 7 percent, and CBO projects that the gap will average about 12 percent of tax revenues over the next decade.

The 2013 Long-Term Projections for Social Security Additional Information Congressional Budget Office

To pay of those bonds, the Federal Government has to then use revenues from the general fund.

Correct. Let me know when you're going to post "what I don't get".

You don't get that the Federal Government owes the Trust Fund 2.7 trillion dollars.

I totally get that. And?

 

[Mr Natural]

This a perfect example of why we need to keep Teabagger assholes far away from the controls.

 

[sealybobo]

Republicans not only want to screw the American worker, now they want to screw the retired workers......

With time running out in Kentucky, Mitch McConnell decided to remind the state that he wanted to effectively eliminate the popular and effective Social Security system. Indeed, it’s been part of McConnell’s governing vision for many, many years.

When local reporter Joe Sonka asked McConnell whether voters should expect the senator to push Social Security privatization after the midterms, McConnell replied, “I’m not announcing what the agenda would be in advance.”

Wait, he’s not?

I’m starting to think Republicans have collectively forgotten the point of a political campaign. Last week, Scott Brown told voters in New Hampshire, “I’m not going to talk about whether we’re going to do something in the future.” Around the same time, McConnell said he’ll only announce Senate Republicans’ agenda after the election.

They will try again too now that Trump's in charge.