Tag Archives: trust fund
If we treat the military budget like Social Security, Army will consist of one “Mad Dog” and 3 puppies
The Social Security Trust Fund now totals $2,892,000,000 – just about the highest amount in history, and some scolds are still sad.
To promote their austerity charade, the front groups of the Koch Brothers (descendants of the co-founder of the John Birch Society) just released their attack dog, John Stossel.
J. S. rants on FOX News about silly things, even suggesting everyone should save some 20% of their wages for retirement and maintaining that the poor don’t need luxuries like public schools or highways.
Social Security is running out of money. You may not believe that, but it’s a fact. That FICA money taken from your paycheck was not saved for you in a “trust fund.” Politicians misled us. They spent every penny the moment it came in. – Stossel (worth $4 million) laments.
Federal Reserve is now big part of National Debt for bailing out banks; Social Security $$ not owed to us?
What government pretends to owe…
The Social Security Trust Fund of some $2.8 trillion is often listed in charts – such as the one above – as part of the National Debt. This particular graphic, the latest available, is from the Federal Reserve, an institution that is part of the huge debt and is owed $2.465 trillion by taxpayers.
The difference between the Social Security “debt” and the Fed debt is an amazing accounting sleight of a sharp pencil. Continue reading →
Social Security is not in “trouble”, except that it has vast wealth in reserves, and politicians want to steal this treasure trove (designed only to insure future Social Security benefits), and use it for something else. That something would probably be tax cuts for the rich by the GOP, or more redistribution downward from the middle class to the poor by the Democrats.
When I combine Treasury Note rates, Cost of Living, Interest on the Social Security fund and the total reserves (in Millions) of the Trust Fund, the resulting Trust Fund Table demonstrates the steady growth of these reserves from year to year – now exceeding $2.7 trillion total, invested in special Treasury notes.
The table also shows that reserves decreased from 1976 to 1983 (except a small increase in 1982), but since 1983, reserves have grown 1,000%. Every year since 1983 has registered more taxes (FICA) paid, than benefits distributed.
The deficit scolds want benefit cuts, higher retirement age, to accomplish what? Even larger reserves? They never mention that every other government program shows a deficit year after year, while Social Security “makes money.” Today’s trust fund is the largest in its history and growing every year. Continue reading →