Current Social Security surplus dwarfed by deficit ahead - News and Current Events | futures io social day trading
futures io futures trading


Current Social Security surplus dwarfed by deficit ahead
Updated: Views / Replies:280 / 0
Created: by Victory Trader Attachments:1

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Current Social Security surplus dwarfed by deficit ahead

  #1 (permalink)
Membership Revoked
LA, California, USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL,ES mainly
 
Victory Trader's Avatar
 
Posts: 530 since Sep 2011
Thanks: 205 given, 373 received

Current Social Security surplus dwarfed by deficit ahead

Since 2010, Social Security has been paying out more in benefits than it collects in taxes, adding to the urgency for Congress to address the program's long-term finances.

Current Social Security surplus dwarfed by deficit ahead | Nation & World | The Seattle Times

========================================
The problem is that while Social Security taxes were increased to create a cash surplus to pay for the expected retirements, successive administrations have "borrowed" from the Social Security fund to cover shortfalls, and the US Government is now unable to pay that money back. In effect, Social Security (the American people) is a creditor to the US Government, the one the US Government can default on without fear of damage to its credit rating. The Clinton administration created its false "budget surplus" by "borrowing" (embezzling) the retirement funds of millions of American workers!

FEDERAL "BORROWING" OF SOCIAL SECURITY FUNDS

The following excerpt is from the 1998 Senate Budget Committee session. Note the underlined portions.

BEGIN EXCERPT

U.S. FEDERAL RESERVE BOARD CHAIRMAN ALAN GREENSPAN: .....making sure that surplus is there.

U.S. SENATOR ERNEST F. HOLLINGS (D-SC): Yeah, making sure that surplus is there. I'm telling you, Dr. Greenspan, that's music to my ears.

GREENSPAN: Well, I remember you taking this song a long way over recent years, and I must say, Senator, a number of us were skeptical that was even discussable, figuring we would never get to unified surplus that we said which you were preaching was very interesting, scientifically sound, but unrealistic. I apologize.

HOLLINGS: Well that's all right, because your Greenspan Commission report in section 21 says just exactly what you're saying here. That was in 1983; here now, in 1999, on page two, "simply put, enough resources must be set aside over a lifetime of work to fund retirement consumption." Now that section 21 said set it aside. President Bush, in section 13 3 01 on November the 5th, 1990 signed that into law. And we making headway. Let's understand, though, that we're still running deficits. 'Cause I'm not going along with this monkeyshine about unified. 'Cause unified is not net, the debt still goes up, is that correct?

GREENSPAN: If you're...it depends on whether or not you wish to create the savings...

HOLLINGS: I'm not asking what you're trying to create. The simple fact is the debt has been going up at least $100 billion for the last several years.

GREENSPAN: Outside, on budget, that is correct.

HOLLINGS: That's right, on budget, you're spending a hundred billion more than you're taking in.

GREENSPAN: Correct.

HOLLINGS: And this president's budget spends another hundred billion more than we take in.

GREENSPAN: I haven't seen it yet.

HOLLINGS: You haven't seen it? You're testifying about it now.

GREENSPAN: I haven't seen the budget. You haven't seen it either.

HOLLINGS: Well, you know his plan. Look you think he's going to spend less than a hundred billion more?

GREENSPAN: I will wait to see what the numbers look like.

HOLLINGS: Well, the truth is...ah, shoot, well, we all know there's Washington's math problem. Alan Sloan in this past week's Newsweek says he spends 150%. What we've been doing, Mr. Chairman, in all reality, is taken a hundred billion out of the Social Security Trust Fund, transferring it over to the spending column, and spending it. Our friends to the left here are getting their tax cuts, we getting our spending increases, and hollering surplus, surplus, and balanced budget, and balanced budget plans when we continue to spend a hundred billion more than we take in.

That's the reality, and I think that you and I, working the same side of the street now, can have a little bit of success by bringing to everybody's attention this is all intended surplus. In other words, when we passed the Greenspan Commission Report, the Greenspan Commission Report only had Social Security in 1983 a two hundred million surplus. It's projected to have this year a 117 million surplus. I've got the schedule, I'll ask to put in the record the CBO report: 117, 126, 130, 100, going right through to 2008 over the ten year period of 186 billion surplus. That was intended; this is dramatic about all these retirees, the baby boomers. But we foresaw that baby boomer problem, we planned against that baby boomer problem. Our problem is we've been spending that particular reserve, that set-aside that you testify to that is so necessary. That's what I'm trying to get this government back to reality, if we can do that.

We owe Social Security 736 billion right this minute. If we saved 117 billion, we could pay that debt down, and have the wonderful effect on the capital markets and savings rate. Isn't that correct? Thank you very much, Sir. Thank you, Mr. Chairman.

END EXCERPT

It should be obvious from the above that the government has for decades been taking the money intended to pay Social Security benefits and spending it as general revenue. The Social Security trust fund is filled with Government IOUs, and those people who insists Social Security is solvent are operating in the faith that T-bills are always good, because the taxpayer can always be forced to redeem them.

But there is a problem. There are so many T-bills in the Social Security fund that when the baby-boomers start applying for benefits, the sudden surge of T-bills being presented for payment would collapse the Federal System, because there are not enough young taxpayers to carry the extra load.

Regardless of the mechanism, the bottom line is that the government looted the retirement funds of Americans, and that means one of two things has to happen (and maybe even both). Either Americans will be taxed twice for the same benefits, or the benefits will be cut.

Attached Thumbnails
Current Social Security surplus dwarfed by deficit ahead-capture.png  
Reply With Quote

Reply



futures io > > > > Current Social Security surplus dwarfed by deficit ahead

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Deficit streak ends: Obama sees first monthly surplus kbit News and Current Events 1 May 7th, 2012 09:57 PM
Fix Social Security for $50? Big Mike Off-Topic 2 April 26th, 2012 02:07 AM
Social Security 2011 – Another Bad Year Quick Summary News and Current Events 0 December 6th, 2011 06:50 PM
Federal Retirement Plans Cost Almost as Much as Social Security kbit News and Current Events 0 October 3rd, 2011 06:55 PM
Social Security disability on verge of insolvency kbit News and Current Events 0 August 22nd, 2011 05:13 PM


All times are GMT -4. The time now is 01:59 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.09 seconds with 20 queries on phoenix via your IP 54.226.113.250