Bell Curve The Law Talking Guy Raised by Republicans U.S. West
Well, he's kind of had it in for me ever since I accidentally ran over his dog. Actually, replace "accidentally" with "repeatedly," and replace "dog" with "son."

Friday, October 14, 2011

Rading Social Security Funds

This is a short post, but this article, Looting of Social Security posted on today is the clearest explanation of what has happened to Social Security funds that I have yet seen. It is a quick and easy read.

Basically, the 2.7 trillion surplus that was to be invested in Social Security has been poured into the general fund and spent. It's gone. There is nothing but a literal cabinet filled with IOU statements.

Now, will the government repay this money?? Well that is a good question. From where will it get the money? Since it wasn't invested as promised.

Again, I remind everyone that this isn't news. Remember Al Gore and his "lock box". So we are all investors who have been swindled. So, in light of this, I agree with the President that the 2% cut in payroll taxes should be continued. And it's all legal. Because in a democracy, you can pass all kinds of laws to make what you want or need to do legal. In another context, this would be termed "corruption".

Because money paid for social security is going into the general fund, it amounts to a 2% income tax hike on the salaried class. Another reason we are the 99%.


Robert said...

Are you a lying moron or just a moron? $2.7 trillion is the amount Social Security holds in Treasury certificates. It was never put into the general fund. It was invested the same way the big banks invested during the meltdown. In the safest vehicle they could find. Moron (and probably liar).

Robert said...

I apologize for calling you a moron and a probable liar. This was the first of your blogs I read, and noe that I have seen others, I know I was wrong. I assumed (rashly) that yours was just another mindless right wing Koch-funded outlet for the usual neoconservative talking point/disinformation campaign. From reading your other opinions, I realize you are neither moronic nor disingenuous, but you are still, I fear, misinformed by that spin machine on the matter of how Social Security funds have been invested. Here's a pretty good explanation: