I'm tired of hearing social security is going broke

[truep]

Social Security has plenty of money in the trust fund, but the government "borrowed" it and can't afford to pay it back!

[Mark]

There is no Social Security trust fund. There has never been a Social Security trust fund. It has always been a pay as you go system....



"Despite the term “trust,” the Social Security system contains nothing that remotely resembles the common law trust. There is no segregation of assets, no equitable property rights, no private right of enforcement (all characteristics of the common law trust). It is merely a system of taxation and appropriation sprinkled with trust terms to hide its true nature.18

Moreover, Social Security’s Trust Fund does not operate as a trust fund does. Social Security revenues go into the Treasury’s general fund and are automatically credited to the Trust Fund in the form of Treasury bonds. The Treasury pays Social Security benefits and administrative outlays out of general revenue and debits the Trust Fund an equivalent value of bonds. Any leftover Social Security revenue finances general government operations, with an equivalent value of bonds remaining in the Trust Fund as Social Security’s “surplus;” to cover any revenue shortfalls.19 This is how a Treasury account, not a trust fund, works. And calling a Treasury account a “trust fund” to influence public opinion does not make it one.

In all respects, then, Social Security’s Trust Fund is bogus."

http://fee.org/freeman/detail/the-myth- ... trust-fund

[ralph]

the stories that I've read most recently are that its the DISABILITY part of 'social security' that is going broke very soon , like the next year or 2 .

[Kiamichi]

The "Trust Fund" is just a way of counting the amount of the national debt that is committed to Social Security.

[GFB]

Mark and Kiamichi are right..Social Security is just another debt..just like the rest of the national debt.

There is no trust fund to go broke..

[truep]

It would still be solvent if they hadn't used the money we put in for other needs!

[GFB]

It would still be solvent if they hadn't used the money we put in for other needs!

Truep, in a way you can think of it as solvent..because the politicians will do whatever it takes to keep it going forever..you can count on that.

[Kiamichi]

The "Trust Fund" is just a way of counting the amount of the national debt that is committed to Social Security.

That being said, the U. S. is the only major country that takes into account its equivalent of Social Security liabilities when computing the national debt, by listing it in the "internal debt" part of the national debt. Its "public debt" is what other countries refer to as their national debt, which is the only reason the national debt of the U. S. ranks as high as it does among major nations.

[Mark]

The "Trust Fund" is just a way of counting the amount of the national debt that is committed to Social Security.

That being said, the U. S. is the only major country that takes into account its equivalent of Social Security liabilities when computing the national debt, by listing it in the "internal debt" part of the national debt. Its "public debt" is what other countries refer to as their national debt, which is the only reason the national debt of the U. S. ranks as high as it does among major nations.

All debts combined currently stand somewhere in the neighborhood of $220 trillion.

[planosteve]

Social Security is not going broke as long as the govt. can print money. But, the purchasing power shrinks every year so eventually it will be worthless. The govt. covers this up by lying about the cost of living.

[Zephyr]

We should have a bake sale.

[GFB]

We should have a bake sale.

Yeah, let's get those old folks workin' for it!