Jul 27, 2011

Robbing Peter to pay Paul: how they stole social security

 
 

Sent to you by terry via Google Reader:

 
 

via The Ethics of Madness by Bughi on 7/27/11

What really happened to the Social Security "Trust Fund"? The key words in the answer are Trust Fund.
Establishing the social security resources as a trust fund allowed our government to use that tax known by all who earn a paycheck as FICA.
In fact making it a trust fund required our government to "invest" the social security funds.
http://www.ssa.gov/pressoffice/factsheets/WhatAreTheTrust.htm
And invest they did. Our representatives have used social security as a blank check for so long they have created the current debt for which they want to blame Barak Obama.
It is a fact that the solvency of the social security trust fund diminished and then disappeared.
The short answer is that money was sold in the form of treasury bonds, meaning the government used it to borrow money which paid out to investors more than the government collected in revenues.
http://en.wikipedia.org/wiki/Social_Security_Trust_Fund
Now if someone "borrowed" money from you, got in a poker game and lost it, you would say he owed you that money right?

Well guess what? Our government borrowed our money, gambled and lost it, and now they say we owe that money to our government. Isn't that stealing?



 
 

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