Social Security now officially running on IOUs by piratenews

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Social Security now officially running on IOUs

POSTED BY: PIRATENEWS
UPDATED: Tuesday, October 26, 2010 02:58
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Sunday, October 24, 2010 5:02 PM

John Lee, conspiracy therapist at Hollywood award-winner History Channel-mocked SNL-spoofed PirateNew.org wooHOO!!!!!!

The U.S. Treasury has needed to borrow money to pay Social Security benefits in 15 out of the last 25 months on record because the Social Security system was in deficit in those months, with the cost of monthly benefit payments exceeding the Social Security tax revenues flowing into the Old Age, Survivors and Disability Insurance "trust funds," according to data published by the Social Security Administration.

Because the overall federal budget was in deficit during this entire period, the surplus revenues Social Security earned in the remaining 10 months of the last 25 was used during those months to pay ongoing general government expenses and was not saved to pay future Social Security benefits.

The government gave the Social Security trust funds IOUs for this money.

Prior to August 2008, the Social Security system usually—but not always—ran monthly surpluses, and surplus Social Security taxes were always used by the government to cover deficits in the general federal budget with a promise by the Treasury to eventually pay the money back to the Social Security trust fund when the funds were needed to cover anticipated shortfalls in Social Security revenue. Surplus Social Security tax revenue was never actually set aside to cover these anticipated deficits in Social Security. It was always immediately spent.

In August, the latest month on record, the Social Security system was $8.621 billion in the red, according to the Social Security Administration. That was the fifteenth month since August 2008 in which the system posted a monthly deficit. Back in August 2008, the Social Security system dipped into deficit by $118 million.

http://www.cnsnews.com/news/article/august-social-security-paid-out-mo
re-it

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Sunday, October 24, 2010 5:47 PM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)

Social Security itself is not in deficit; what's in deficit is the U.S. government, in that it borrowed against the money *IN* the trust fund to do things like pay for Bush's illegal and immoral wars, and his ten year tax cuts which are now set to expire, as originally intended.

The Social Security trust fund has over 2.5 trillion dollars allocated to it; if it had been put in the "lock box" as Gore wanted to do, we wouldn't be having this conversation.

And if it had been privatized and gambled away in the stock market, as Bush wanted to do - and as the GOP *still* wants to do, and is actively campaigning on to this very day - then all $2.5 trillion dollars would have simply vanished into the pockets of the already-rich.

The modern definition of "socialist" is anyone who's winning an argument against a tea-bagger.

AURaptor's Greatest Hits:

Friday, September 24, 2010
I hate Obama's America. You're damn right about that.

Friday, May 28, 2010 - 18:26 To President Obama:
Mr. President, you're a god damn, mother fucking liar.
Fuck you, you cock sucking community activist piece of shit.
... go fuck yourself, Mr. President.

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Monday, October 25, 2010 8:28 AM

DREAMTROVE

This isn't new, what did you think that thing in Parkersburg WV was about?

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Tuesday, October 26, 2010 2:58 AM

KANEMAN

Quote:
Originally posted by Kwicko:
Social Security itself is not in deficit; what's in deficit is the U.S. government, in that it borrowed against the money *IN* the trust fund to do things like pay for Bush's illegal and immoral wars, and his ten year tax cuts which are now set to expire, as originally intended.

The Social Security trust fund has over 2.5 trillion dollars allocated to it; if it had been put in the "lock box" as Gore wanted to do, we wouldn't be having this conversation.

And if it had been privatized and gambled away in the stock market, as Bush wanted to do - and as the GOP *still* wants to do, and is actively campaigning on to this very day - then all $2.5 trillion dollars would have simply vanished into the pockets of the already-rich.

The modern definition of "socialist" is anyone who's winning an argument against a tea-bagger.

AURaptor's Greatest Hits:

Friday, September 24, 2010
I hate Obama's America. You're damn right about that.

Friday, May 28, 2010 - 18:26 To President Obama:
Mr. President, you're a god damn, mother fucking liar.
Fuck you, you cock sucking community activist piece of shit.
... go fuck yourself, Mr. President.

I think you mean "debt", it is indeed in "deficit" this year.......This is the begining of a long line of deficit years.

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