Tim Geithner deliberately told to LIE by the WHITEHOUSE

[OKTexas]

Who can tell us how Social Security contributes to the deficit?

Social Security is paid for by the payroll tax. It has never required funding from the general fund of the federal government to pay its recipients.

All of Social Security's payouts are made from the payroll tax revenues plus interest on the bonds in the Trust Fund.

Someone wants to prove otherwise, by all means, try.

I found a multitude of articles written by reps from both sides of the aisle. Of coure, the dems say no and the GOP say yes.

Then there is this...

Social Security's shortfalls are adding to the federal budget deficit, in a roundabout way. One big reason: The rest of the government has been running such huge deficits over the years that it has spent all of the surpluses accumulated by Social Security.

Here's how it works: For nearly three decades Social Security produced big surpluses, collecting more in taxes than it paid in benefits. The government, however, spent that money on other programs, reducing the amount it had to borrow from the public, including foreign investors. That's why some advocates complain that Congress has "raided" Social Security.

http://finance.yahoo.com/news/fact-check-social-security-adds-budget-deficit-161813776.html

Social Security does NOT have shortfalls. That is where you make your first mistake.

Since 2010, Social Security has taken in less money through payroll tax revenues than it pays out in benefits, generating cash-flow deficits. Social Security’s 2012 cash-flow deficit was $55 billion.
Social Security covers cash-flow deficits by drawing down interest payments from the U.S. Treasury on previous trust fund borrowing. Cash-flow deficits mean the Treasury can no longer cover interest payments to the Social Security trust fund by issuing additional IOUs; instead, it must produce actual cash from taxes or borrowing. Thus, Social Security is adding to today’s deficits

2013 Social Security Trust Fund Reports Massive Deficits, Benefit Cuts

Care to try again?

 

[NYcarbineer]

I found a multitude of articles written by reps from both sides of the aisle. Of coure, the dems say no and the GOP say yes.

Then there is this...

Social Security's shortfalls are adding to the federal budget deficit, in a roundabout way. One big reason: The rest of the government has been running such huge deficits over the years that it has spent all of the surpluses accumulated by Social Security.

Here's how it works: For nearly three decades Social Security produced big surpluses, collecting more in taxes than it paid in benefits. The government, however, spent that money on other programs, reducing the amount it had to borrow from the public, including foreign investors. That's why some advocates complain that Congress has "raided" Social Security.

http://finance.yahoo.com/news/fact-check-social-security-adds-budget-deficit-161813776.html

Social Security does NOT have shortfalls. That is where you make your first mistake.

Since 2010, Social Security has taken in less money through payroll tax revenues than it pays out in benefits, generating cash-flow deficits. Social Security’s 2012 cash-flow deficit was $55 billion.
Social Security covers cash-flow deficits by drawing down interest payments from the U.S. Treasury on previous trust fund borrowing. Cash-flow deficits mean the Treasury can no longer cover interest payments to the Social Security trust fund by issuing additional IOUs; instead, it must produce actual cash from taxes or borrowing. Thus, Social Security is adding to today’s deficits

2013 Social Security Trust Fund Reports Massive Deficits, Benefit Cuts

Care to try again?

Social Security is not adding to the deficit. The general fund is adding to the deficit by not collecting enough taxes or cutting spending somewhere else to pay Social Security what it owes it.

Social Security has nothing to do with HOW the federal government pays its creditors, therefore Social Security has nothing to do with whether or not the federal government borrows money to pay SS what it's owed.

 

[NYcarbineer]

No, Social Security does not increase the deficit!

So you're saying he lied about what he was being told to lie about?

Certain people misuse the term 'adds to the deficit' to falsely blame SS for deficit spending.

 

[NYcarbineer]

Gee......The White House lied.........


There's news.

Another rightwinger too retarded to know that this wasn't a lie.

Look, there is one cookie jar and it has several exposed compartments. The cookie jar is raided beyond depletion. When one compartment is investigated and money is funneled from another place temporarily into that compartment it creates the illusion that there are sufficient funds in order to fool people.

Social Security is not raided. Social Security invests in bonds. Government bonds. For the interest payments.

 

[NYcarbineer]

When you put money in a money market account, the management of that money market most likely put much of it in treasury bills or bonds. You expect to be able to get your principal and interest back and whether or not the government has to borrow to do so is not your concern.

That is essentially what Social Security does. It is not Social Security's fault that the government wants to fight wars and cut taxes and increase spending without paying for it.

Social Security is owed the money, period.

 

[Duped]

Liberals have no honor; pushing their agenda by any means necessary! What are a few lies when the target is fundamental change? You have to break some eggs to ...

 

[KissMy]

White House Wanted Him to Lie, Claims a Former Obama Cabinet Official | LibertyNEWS.com
“I remember during one Roosevelt Room prep session before I appeared on the Sunday shows, I objected when Dan Pfeiffer wanted me to say Social Security didn’t contribute to the deficit. It wasn’t a main driver of our future deficits, but it did contribute. Pfeiffer said the line was a ‘dog whistle’ to the left, a phrase I had never heard before. He had to explain that the phrase was code to the Democratic base, signaling that we intended to protect Social Security.” - See more at: White House Wanted Him to Lie, Claims a Former Obama Cabinet Official | LibertyNEWS.com

Social Security doesn't contibute to the deficit.

Tell me, when there is a shortfall in payroll taxes and the SS administration has to cash out bonds to make up the difference, where does the money come from? Can you say the general fund?

Tell us where the tax cuts on dividends came from if it was not borrowed from Social Security.

Treasury Secretary Geithner said he “does not believe he was encouraged to go out and mislead the public on the Sunday shows.”

 

[mamooth]

Look at all the bitter whiny conservatives, crying again because they got caught lying about SS and liberals.

Conservatives, when will you understand that your leaders _always_ lie to you? Yet every single time, you believe the BS, parrot it like the UsefulIdiots you are, and then end up humiliated and crying when it gets laughed at. But you never learn. You just go running back to abusers for more abuse. The relationship between conservatives and their party is rather sick, and quite mystifying to those without the conservative disfunctional mindset.

It's good to be part of the rational and honest crowd, the liberals. Sionce we aren't part of a liars' cult that orders us to lie, we never get left hung out to dry and humiliated like all the conservatives on this thread. Instead, we get to sit back with a cold one and laugh as the pissy wankers of the right get slapped around yet another time, caught parroting another big lie. Ah, life is good.

 

[NYcarbineer]

White House Wanted Him to Lie, Claims a Former Obama Cabinet Official | LibertyNEWS.com
“I remember during one Roosevelt Room prep session before I appeared on the Sunday shows, I objected when Dan Pfeiffer wanted me to say Social Security didn’t contribute to the deficit. It wasn’t a main driver of our future deficits, but it did contribute. Pfeiffer said the line was a ‘dog whistle’ to the left, a phrase I had never heard before. He had to explain that the phrase was code to the Democratic base, signaling that we intended to protect Social Security.” - See more at: White House Wanted Him to Lie, Claims a Former Obama Cabinet Official | LibertyNEWS.com

Social Security doesn't contibute to the deficit.

Tell me, when there is a shortfall in payroll taxes and the SS administration has to cash out bonds to make up the difference, where does the money come from? Can you say the general fund?

Of course it does. The general fund is the debtor. SS is the creditor.

SS doesn't add to the deficit because SS doesn't borrow money. Borrowing money is what creates the deficit. It's the only way deficits are created.

If the only way deficits can be created is by borrowing money, and if SS doesn't borrow money,

then SS cannot possibly be adding to the deficit.

See how simple logic is?

 

[candycorn]

Social Security does NOT have shortfalls. That is where you make your first mistake.

Since 2010, Social Security has taken in less money through payroll tax revenues than it pays out in benefits, generating cash-flow deficits. Social Security’s 2012 cash-flow deficit was $55 billion.
Social Security covers cash-flow deficits by drawing down interest payments from the U.S. Treasury on previous trust fund borrowing. Cash-flow deficits mean the Treasury can no longer cover interest payments to the Social Security trust fund by issuing additional IOUs; instead, it must produce actual cash from taxes or borrowing. Thus, Social Security is adding to today’s deficits

2013 Social Security Trust Fund Reports Massive Deficits, Benefit Cuts

Care to try again?

Social Security is not adding to the deficit. The general fund is adding to the deficit by not collecting enough taxes or cutting spending somewhere else to pay Social Security what it owes it.

Social Security has nothing to do with HOW the federal government pays its creditors, therefore Social Security has nothing to do with whether or not the federal government borrows money to pay SS what it's owed.

SS Supports itself. And will for the foreseeable future.

 

[NYcarbineer]

If SS put the Trust Fund in Canadian bonds, let's say, instead of US bonds, would you people then say that SS doesn't add to the US deficit?

And then, if Canada's SS, whatever it might be called, put its trust fund in US bonds, would you then blame Canada for adding to the US deficit?

Think about it. Use the thinking cap; it might help.

 

[NYcarbineer]

Since 2010, Social Security has taken in less money through payroll tax revenues than it pays out in benefits, generating cash-flow deficits. Social Security’s 2012 cash-flow deficit was $55 billion.
Social Security covers cash-flow deficits by drawing down interest payments from the U.S. Treasury on previous trust fund borrowing. Cash-flow deficits mean the Treasury can no longer cover interest payments to the Social Security trust fund by issuing additional IOUs; instead, it must produce actual cash from taxes or borrowing. Thus, Social Security is adding to today’s deficits

2013 Social Security Trust Fund Reports Massive Deficits, Benefit Cuts

Care to try again?

Social Security is not adding to the deficit. The general fund is adding to the deficit by not collecting enough taxes or cutting spending somewhere else to pay Social Security what it owes it.

Social Security has nothing to do with HOW the federal government pays its creditors, therefore Social Security has nothing to do with whether or not the federal government borrows money to pay SS what it's owed.

SS Supports itself. And will for the foreseeable future.

What the politicians fear is that Social Security might start a long term stretch of paying recipients with the year's payroll tax revenues PLUS the year's interest earned -

which is about 100 billion a year if I'm not mistaken. That of course is money SS is legitimately due and fully entitled to use, but it would represent in effect a brand new 100 billion a year spending program that the writers of future budgets would have to cope with.

 

[OKTexas]

Social Security does NOT have shortfalls. That is where you make your first mistake.

Since 2010, Social Security has taken in less money through payroll tax revenues than it pays out in benefits, generating cash-flow deficits. Social Security’s 2012 cash-flow deficit was $55 billion.
Social Security covers cash-flow deficits by drawing down interest payments from the U.S. Treasury on previous trust fund borrowing. Cash-flow deficits mean the Treasury can no longer cover interest payments to the Social Security trust fund by issuing additional IOUs; instead, it must produce actual cash from taxes or borrowing. Thus, Social Security is adding to today’s deficits

2013 Social Security Trust Fund Reports Massive Deficits, Benefit Cuts

Care to try again?

Social Security is not adding to the deficit. The general fund is adding to the deficit by not collecting enough taxes or cutting spending somewhere else to pay Social Security what it owes it.

Social Security has nothing to do with HOW the federal government pays its creditors, therefore Social Security has nothing to do with whether or not the federal government borrows money to pay SS what it's owed.

OMG can you try to spin it any harder, If social security doesn't have enough cash to pay its recipients, then money has to be taken from the general fund in cash to buy back the bonds SS holds. That means the money has to be borrowed because the general fund in running a deficit. Period end of story.

 

[OKTexas]

Social Security doesn't contibute to the deficit.

Tell me, when there is a shortfall in payroll taxes and the SS administration has to cash out bonds to make up the difference, where does the money come from? Can you say the general fund?

Tell us where the tax cuts on dividends came from if it was not borrowed from Social Security.

Treasury Secretary Geithner said he “does not believe he was encouraged to go out and mislead the public on the Sunday shows.”

No, they take it from other programs or they borrow to make up the difference for what they are spending. Have you ever balanced a check book, the concepts really aren't that hard to understand.

 

[Trinnity]

This penchant for lying by dems has been building. They're the party of outright, in-your-face-lies now. They make no pretense of it. They know their base is uninformed and will believe those lies.

Would you like to prove that Social Security is paying out more than it's taking in, and therefore is adding materially to the deficit?

All taxes go to the Treasury and are spent. Much of it is wasted. SS is therefore an unfunded liability. The govt spends more than it takes in, no matter how much it takes in. It borrows to pay what it doesn't have enough to pay for. Therefore, SS adds to the deficit/debt any way you slice it.

Accounting tricks and parsing words do nothing to support your argument.

 

[OKTexas]

Since 2010, Social Security has taken in less money through payroll tax revenues than it pays out in benefits, generating cash-flow deficits. Social Security’s 2012 cash-flow deficit was $55 billion.
Social Security covers cash-flow deficits by drawing down interest payments from the U.S. Treasury on previous trust fund borrowing. Cash-flow deficits mean the Treasury can no longer cover interest payments to the Social Security trust fund by issuing additional IOUs; instead, it must produce actual cash from taxes or borrowing. Thus, Social Security is adding to today’s deficits

2013 Social Security Trust Fund Reports Massive Deficits, Benefit Cuts

Care to try again?

Social Security is not adding to the deficit. The general fund is adding to the deficit by not collecting enough taxes or cutting spending somewhere else to pay Social Security what it owes it.

Social Security has nothing to do with HOW the federal government pays its creditors, therefore Social Security has nothing to do with whether or not the federal government borrows money to pay SS what it's owed.

SS Supports itself. And will for the foreseeable future.

Yep if the foreseeable future is only 19 years, before drastic reductions in benefits will have to take place.

 

[NYcarbineer]

This penchant for lying by dems has been building. They're the party of outright, in-your-face-lies now. They make no pretense of it. They know their base is uninformed and will believe those lies.

Would you like to prove that Social Security is paying out more than it's taking in, and therefore is adding materially to the deficit?

All taxes go to the Treasury and are spent. Much of it is wasted. SS is therefore an unfunded liability. The govt spends more than it takes in, no matter how much it takes in. It borrows to pay what it doesn't have enough to pay for. Therefore, SS adds to the deficit/debt any way you slice it.

Accounting tricks and parsing words do nothing to support your argument.

Payroll taxes do not 'go' to the Treasury. They are loaned to the Treasury by the SS Trust Fund. SS is a creditor, not a debtor. SS doesn't borrow, it loans. SS cannot therefore be adding to the deficit,

any more than the Chinese are, or US money market funds are, or your kid with his Savings Bond is.

 

[NYcarbineer]

Social Security is not adding to the deficit. The general fund is adding to the deficit by not collecting enough taxes or cutting spending somewhere else to pay Social Security what it owes it.

Social Security has nothing to do with HOW the federal government pays its creditors, therefore Social Security has nothing to do with whether or not the federal government borrows money to pay SS what it's owed.

SS Supports itself. And will for the foreseeable future.

Yep if the foreseeable future is only 19 years, before drastic reductions in benefits will have to take place.

Then you simply adjust payroll taxes and/or benefit payouts to bring it actuarily in line for another 50 or 75 years.

 

[Dont Taz Me Bro]

A Social Security shortfall would be if Social Security's payouts for the year exceed its income for that year.

That has not happened, therefore, you are wrong and I am right.

What you are is an ignoramus extraordinaire.

Social Security has been running in the red for several years and will see a 12 percent gap between the taxes it’s collecting and the benefits it’s projected to pay out over the next 10 years, according to a report Tuesday from the Congressional Budget Office.

And the problem will only get worse as the years go on, CBO said.

Social Security to run 12% deficit for next decade - Washington Times

 

[Dont Taz Me Bro]

Look at all the bitter whiny conservatives, crying again because they got caught lying about SS and liberals.

Conservatives, when will you understand that your leaders _always_ lie to you? Yet every single time, you believe the BS, parrot it like the UsefulIdiots you are, and then end up humiliated and crying when it gets laughed at. But you never learn. You just go running back to abusers for more abuse. The relationship between conservatives and their party is rather sick, and quite mystifying to those without the conservative disfunctional mindset.

Are you describing conservatives or yourself because honestly, I can't tell the difference.

You also don't know how to spell very well.