GOP plan dramatically reduces Social Security benefits, actuary finds, page 2

reply to post by Fiberx

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Thata why we need to come togethor and help each other not tear down this group or that group or put that group out of work or cut that groups life-line so we can have a human society.

Originally posted by dawnstar
reply to post by Fiberx

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...the fact of the matter, the social security fund is rather healthy...

Then why did the Treasury have to BORROW another $41 Billion (i.e., issue MORE bonds) just to cover this year's redemptions?

the interest it gets from the bonds the gov't has sold to it in exchange for all the money that we've put into it will keep it running through the rough spot..

That's EXACTLY the Democrat's argument! But, if Treasury has to borrow to pay principal, how can it pay "interest" as well? Easy answer: MORE Treasury bonds!

Essentially, the government is borrowing to pay off the redemptions of the money it borrowed from the SS trust fund - even more a true ponzi scheme. That is it exchanged SS cash for Treasuries, but can't pay off those Treasuries (including interest) unless it issues more Treasuries.

Only a Democrat would think borrowing to pay off borrowing makes fiscal sense. That's why we face this dilemna.

... what the republicans are saying is that they don't want to honor the debt that the US has accumulated throughout the years robbing the fund! ...

No, what they're saying is: 'since we can't pay redemptions as it is, we need to re-balance contributions and withdrawals if we ever hope to keep the program solvent for those who've paid into it.'

Of course, that makes no sense to a Democrat, who believes that you can borrow forever without ever paying on principle. (And we wonder why there's an explosion in foreclosures.)

All you have to do is read the 2009 Social Security trustees report

"Neither the redemption of trust fund bonds, nor interest paid on those bonds, provides any new net income to the Treasury, which must finance redemptions and interest payments through some combination of increased taxation, reductions in other government spending, or additional borrowing from the public."

Social Security Trustee's Report

Simple, really.

So why try to paint someone who wants to actually DO something to fix this as a villain? Where's the Democrat solution? I haven't heard anything from Obama, Reid, Pelosi, Frank or Dodd yet.

Deny ignorance.

jw

reply to post by jdub297

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so, what it tells me is that the social security system isn't the problem!! heck it's been not only doing what it was intended to do for this long but has also been funding our gov't!!
it's the gov't that has the problem..mainly is can't help spending more and more money....even for stupid things like trout bridges!
the solution....
quit the danged spending spree and if you have to raise the taxes some!!
by the way...how much money did the gov't borrow to bail out those nice big banks that caused our economy to crash?? they can borrow money to do this and provide the staff of those banks nice big bonuses!! don't gripe at me if they are borrowing money to pay off their debts!! the only alternative they have is to be like all those people who are walking away from their mortgages.....and default!!
and we all know what most of the republicans think of those horrible people who are walking away from their debt!

reply to post by dawnstar

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how much money did the gov't borrow to bail out those nice big banks that caused our economy to crash??

The original TARP funding, established by the Bush administration, has been repaid WITH INTEREST by the original banks that were "bailed out." So, whatever the government borrowed, it PROFITED at the banks' expense!

they can borrow money to do this and provide the staff of those banks nice big bonuses!!

Actually, it wasn't until the second round of funding, under the Obama administration that the really idiotic bailouts occurred. It was the Obama's Treasury dept. and Chris Dodd who secretly slipped language into the legislation that allowed the banks to use bailout money for bonuses.
Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In
Dodd: Administration sought bonus limit revision

Those who forget history are doomed to repeat it.

Deny ignorance.

jw

reply to post by jdub297

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www.chron.com...

like I said, social security has been working good enough to not only do what it was intended, but to also provide extra funds for the gov't to blow....
wonder how many billions all those different programs, ect add up to???
if they can come up with that kind of money when their buddies are in need, well, they can come up with the money they need to pay what they owe to the social security fund and it will run along just fine!!

Originally posted by jdub297
reply to post by dawnstar

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how much money did the gov't borrow to bail out those nice big banks that caused our economy to crash??

The original TARP funding, established by the Bush administration, has been repaid WITH INTEREST by the original banks that were "bailed out." So, whatever the government borrowed, it PROFITED at the banks' expense!

they can borrow money to do this and provide the staff of those banks nice big bonuses!!

Actually, it wasn't until the second round of funding, under the Obama administration that the really idiotic bailouts occurred. It was the Obama's Treasury dept. and Chris Dodd who secretly slipped language into the legislation that allowed the banks to use bailout money for bonuses.
Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In
Dodd: Administration sought bonus limit revision

Those who forget history are doomed to repeat it.

Deny ignorance.

jw

edit on 25-10-2010 by jdub297 because: additional references to liar president and senator

Well TARP hasnt been entirely paid back. This article states that the banks did a good job of paying back but the other institutions. have not done so well.
TARP

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