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Is Social Security built on "Funny Money"?

Washington Post: Today, let’s talk about one of the world’s biggest piles of funny money — the $2.54 trillion Social Security trust fund. It matters now because Social Security revealed plans last week to tap the fund for $41 billion this year and will begin tapping it on a regular basis in less than five years.
This year’s cash deficit, the first since the early 1980s and the biggest ever, means the government will have to borrow money to redeem some of the Treasury securities in the trust fund. Even at a time when Uncle Sam is borrowing $1.5 trillion a year to keep his checks from bouncing, $41 billion is real money....

Answer Question
 
grlygrlz2

Asked by grlygrlz2 at 6:11 PM on Aug. 10, 2010 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (24)
  • grlygrlz2

    Comment by grlygrlz2 (original poster) at 6:12 PM on Aug. 10, 2010

  • No imo it is built on the money i paid in it and the millions of others too through working a job and paying the taxes
    MTM

    Answer by MTM at 6:13 PM on Aug. 10, 2010

  • Then add to it the SSA trustee reportNeither 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.

    grlygrlz2

    Comment by grlygrlz2 (original poster) at 6:14 PM on Aug. 10, 2010

  • Yep, it is one huge ponzi scheme. The money chest labeled "Social Security Funds" is full of I.O.U.'s and dust bunnies...
    29again

    Answer by 29again at 6:18 PM on Aug. 10, 2010

  • MY money is in the fund...I contributed since my first job in 1960.....
    I get a monthly SS payment as a retiree and it had better not go away. It IS my money.
    gertie41

    Answer by gertie41 at 6:25 PM on Aug. 10, 2010

  • Actually, no YOUR money isn't actually in the fund. They used YOUR money to pay off someone else. Then Democrats and Republicans RAIDED any bit of 'savings' there was for other reasons... NOW~They borrow each month to pay YOU. Research... Educate... Eventually the well will run dry... I hope the younger adults on here have a plan b and aren't relying on SS..
    grlygrlz2

    Comment by grlygrlz2 (original poster) at 6:31 PM on Aug. 10, 2010

  • I told my kids not to rely on SS. There have been bad decisions made for many years with those funds. Sure I pay into this fund, I get my statements but I don't trust the system AT ALL, it could change tomorrow! I always felt my SS money has been going to my mom, which really does make it a little easier to cope with.
    parrishsky

    Answer by parrishsky at 6:39 PM on Aug. 10, 2010

  • Actually, no YOUR money isn't actually in the fund. They used YOUR money to pay off someone else. Then Democrats and Republicans RAIDED any bit of 'savings' there was for other reasons... NOW~They borrow each month to pay YOU. Research... Educate... Eventually the well will run dry... I hope the younger adults on here have a plan b and aren't relying on SS..
    Comment by grlygrlz2 (original poster
    *********************
    How many people make enough money to be able to retire and survive wthout Social Security? How many people still have their 401K??? Its great to think we can all provide for our retiement but its just wishful thinking.
    gertie41

    Answer by gertie41 at 6:59 PM on Aug. 10, 2010

  • Well the government doesn't have enough to go around. What happens as the ever so large baby-boom generation continues to retire and those entering retirement grow faster than the number of workers paying into Social Security?  Did you know that is coming SOON?  Do you think the government will magically print more money and make it all better?  Where are the checks and balances?  Let me guess there is ANOTHER political commission formed. Another ::gasp:: Czar to analyze... Till one day it is an emergency... But hey, at least we borrowed money from China for Sea Turtles, golf courses, and other pet projects to fund a stimulus. Meanwhle SS is falling apart. Priorities.

    grlygrlz2

    Comment by grlygrlz2 (original poster) at 7:18 PM on Aug. 10, 2010

  • The only thing "funny" about it is that it's not there.
    itsmesteph11

    Answer by itsmesteph11 at 7:21 PM on Aug. 10, 2010

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