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The Social Security Promise Not Yet Kept

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posted on Mar, 3 2004 @ 02:54 PM
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Social Security retirement benefits are going to have to be cut, Alan Greenspan announced last week, because there just is not enough money to pay the promised benefits. President Bush said those already retired or "near retirement age'' should not worry. They will get their promised benefits.

Click below for full story:
www.nytimes.com...

[Edited on 3-3-2004 by mrmulder]




posted on Mar, 3 2004 @ 02:59 PM
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"This year someone making $50,000 will pay $6,200 in Social Security taxes, half deducted from their paycheck and half paid by their employer. That total is about $2,000 more than the government needs in order to pay benefits to retirees, widows, orphans and the disabled, government budget documents show.

So what has happened to that $1.8 trillion?

The advance payments have all been spent.

Congress did not lock away the Social Security surplus, as many Americans believe. Instead, it borrowed the surplus, replacing the cash with Treasury notes, and spent the loan proceeds paying the ordinary expenses of running the federal government."

Oh man! Ever have those days when you feel as if you are so aggravated that your body would spontaniously combust?



posted on Mar, 3 2004 @ 03:02 PM
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I posted something about this a few days ago.
www.abovetopsecret.com...

My husband reminded me they boo-hoo about this every few years and have been talking about it for the last thirty years.

There was a guy on TV the other night talking about how it is all bunk. He wrote a book. Of course, I can't remember which show, what day, etc.
He also claimed they've been taking more $$$ then needed from us!



posted on Mar, 3 2004 @ 03:04 PM
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Originally posted by Jonna
"This year someone making $50,000 will pay $6,200 in Social Security taxes, half deducted from their paycheck and half paid by their employer. That total is about $2,000 more than the government needs in order to pay benefits to retirees, widows, orphans and the disabled, government budget documents show.

So what has happened to that $1.8 trillion?

The advance payments have all been spent.

Congress did not lock away the Social Security surplus, as many Americans believe. Instead, it borrowed the surplus, replacing the cash with Treasury notes, and spent the loan proceeds paying the ordinary expenses of running the federal government."

Oh man! Ever have those days when you feel as if you are so aggravated that your body would spontaniously combust?



Yes, I do. Bush is once again not keeping a promise just like Iraq and the WMD's. Sorry about that Tread. Didn't see that one.


[Edited on 3-3-2004 by mrmulder]



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