billyerock1991
Gold Member
- Apr 24, 2012
- 7,106
- 506
can't ... you and your wing nuts have filled it upever notice republicans go to the extreme when confronted with facts ... first this ass clown goes after benghazi ... then social security ... now its health care ... he/she never uses a factual source ...he/she never goes to the cbo ...they just spouts off what they read on whirlynutdaily or some right wing nut job site .. why next welfare takes up 90% of the national budgetDon't want to change the subject but I do want to point out that Jroc has bought into another bullshit Republican myth - this one about SS.
https://www.ssa.gov/history/InternetMyths.html
MYTHS AND MISINFORMATION ABOUT SOCIAL SECURITY
<snip>
Myth 4: President Roosevelt promised that the money the participants paid would be put into the independent "Trust Fund," rather than into the General operating fund, and therefore, would only be used to fund the Social Security Retirement program, and no other Government program
The idea here is basically correct. However, this statement is usually joined to a second statement to the effect that this principle was violated by subsequent Administrations. However, there has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government.
The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."
Most likely this myth comes from a confusion between the financing of the Social Security program and the way the Social Security Trust Fund is treated in federal budget accounting. Starting in 1969 (due to action by the Johnson Administration in 1968) the transactions to the Trust Fund were included in what is known as the "unified budget." This means that every function of the federal government is included in a single budget. This is sometimes described by saying that the Social Security Trust Funds are "on-budget." This budget treatment of the Social Security Trust Fund continued until 1990 when the Trust Funds were again taken "off-budget." This means only that they are shown as a separate account in the federal budget. But whether the Trust Funds are "on-budget" or "off-budget" is primarily a question of accounting practices--it has no affect on the actual operations of the Trust Fund itself.
IOW's Jroc bought into the Republican confusion that LBJ used SS funds for something other than SS, when in fact Republican icon Ronald Reagan was the first to loot the SS fund...
Ronald Reagan and The Great Social Security Heist
And after Reagan unlocked the SS lockbox, SS became the biggest holder of U.S. Debt.
Q:Who are the holders of U.S. debt?
A: The biggest are the Social Security trust funds (16 percent), the Federal Reserve banks (12 percent), China (8 percent), Japan (7 percent) and mutual funds including money-market funds (6 percent).
And...
"The government's $2.5 trillion debt to Social Security is the real reason that so many politicians want to cut benefits. They are trying to find a way to avoid having to repay the looted money.... Given the fact that much of the surplus revenue from the 1983 payroll tax hike ended up in the pockets of the super rich in the form of income tax cuts, I propose a special tax on this group of taxpayers to recoup the missing Social Security money. The government used revenue from the Social Security payroll tax hike to fund tax cuts for the rich because that was where the money was. I think the government should recover the 'embezzled' money by taxing the rich."
OTOH, BTW...
Bernie has a plan - lookitup.
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There's never actually been a trust fund.The Social Security money has been spent and replaced with government bonds. A Ponzi scheme.."Bernie has a plan"![]()
Jroc posted misinformation about SS on this thread and as I said in my first post on this thread about SS, I didn't want to change the subject but...
But since some of the Republicans on this thread realize they can no longer defend Governor Poison (R-MI) they apparently want to change the subject. Below is Senator Sanders' SS plan. Just so the righties don't have to Bern their little brains reading the whole thing, I'll break down Senator Sanders' plan - in simple terms.
A) Lift the cap from $118,500. to $250,000.
B) Payback the money that's been borrowed from the SS fund.
That's it, that's Senator Sanders' SS plan in a nutshell. But what that simple plan does is increase most retiree's benefit by about $65 bucks per month, increase the COLA and-----and ensure SS's solvency for another 50 years.
Issues
Strengthen and Expand Social Security
Social Security is the most successful government program in our nation’s history. Before it was signed into law, nearly half of senior citizens lived in poverty. Today, the elderly poverty rate is 10 percent. Although still much too high, that’s a dramatic improvement.
Through good times and bad, Social Security has paid every nickel owed to every eligible American – on time and without delay. As corporations destroyed the retirement dreams of millions over the past 30 years by eliminating defined benefit pension plans, Social Security was right there paying full benefits. As millions of Americans lost their life savings after Wall Street’s recklessness crashed the economy in 2008, Social Security was right there paying full benefits.
Today, Social Security is more important than ever. Over half of workers between the ages of 55-64 have no retirement savings. More than a third of senior citizens depend on Social Security for virtually all of their income. One out of every five senior citizens is trying to scrape by on an average income of just $8,300 a year.
Given these facts, our job cannot be to cut Social Security. Our job must be to expand it so that every American can retire with dignity and respect.
Virtually every Republican candidate for president disagrees. Many of them claim Social Security is “going broke,” that it’s causing the deficit to explode, and its trust fund is full of IOUs.
They want the American people to believe Social Security is in crisis and must be cut.
They are dead wrong.
Here are the facts:
Sen. Sanders has introduced legislation to end this absurdity, by lifting this cap so that everyone who makes over $250,000 a year pays the same percentage of their income into Social Security as the middle class and working families.
- Social Security has a $2.8 trillion surplus. It can pay every benefit owed to every eligible American for the next 19 years (and more than three-quarters after that).
- Social Security’s assets aren’t “just paper,” as conservatives sometimes put it. Social Security invests in U.S Treasury bonds, the safest interest-bearing securities in the world. These are the same bonds wealthy investors have purchased, along with China and other foreign countries. These bonds are backed by the full faith and credit of the U.S. government, which in our long history has never defaulted on its debt obligations.
- Right now a billionaire pays the same amount of money into Social Security as someone who makes $118,500 a year. That’s because there is a cap on taxable income that goes into the Social Security system.
This would not only extend the solvency of Social Security for the next 50 years, but also bring in enough revenue to expand benefits by an average of $65 a month; increase cost-of-living-adjustments; and lift more seniors out of poverty by increasing the minimum benefits paid to low-income seniors.
Not only is this the right thing to do from a moral perspective, it is also what the vast majority of the American people want us to do. 61 percent of the American people support expanding Social Security benefits by lifting the cap on taxable income, according to an NBC News/Wall Street Journal poll earlier this year.
At a time when millions of Americans are working longer hours for lower wages, even as virtually all of the new income in this country is going to the top one percent, Sen. Sanders’ legislation will begin to reduce the obscene level of income inequality in America.
It’s time to expand Social Security to make sure that everyone in this country can retire with the dignity and respect they deserve.
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Yeah expand it to cover illegals, Bernie is a friken genius full faith and credit of the 19 trillion dollar debt
You're babbling incoherently nutjob... Crawl back into your hole![]()