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I thought Social Security was in a lock box

Discussion in 'Political Discussion' started by khayos, Jul 14, 2011.

  1. khayos

    khayos Rookie

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    How can they threaten to not send out the checks?!?!
  2. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey

    That box got breached a long time ago. It might as well belong to Pandora by now.

    11.29.08
    Today, OMB press secretary Corinne Hirsch, renewed the oft-made government argument that reporters should focus on just that part of the national debt that is held by the public – now about $5.6 trillion and not include that portion billed as "intra-governmental holdings" – money the government owes itself – especially the Social Security and Medicare trust funds.

    Of course, the government doesn't have that money either. It's been spent.

    President Bush made that point himself on April 5, 2005, when he paid a visit to the offices of the Bureau of the Public Debt in Parkersburg, W.Va.

    He was shown a white file cabinet with keypad locks on each of its four drawers in which the Social Security Trust Fund is stored. On that day, there was no cash – as he noted in a speech later in the day.

    "There is no 'trust fund,' just IOUs that I saw firsthand
    , that future generations will pay – will pay for either in higher taxes, or reduced benefits, or cuts to other critical government programs," he told an audience at West Virginia University.

    The government didn't have the money it owed itself back then – and still doesn't.


    Bush Administration Adds $4 Trillion To National Debt - Couric & Co. - CBS News
  3. khayos

    khayos Rookie

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    I love that article you linked. In the eight years of his presidency, Bush added $4 trillion and the liberals were SHOCKED!

    How much has it gone up in Obama's 2 1/2 years?
  4. JackBauer

    JackBauer On the Roster

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    Really?

    Bush's contribution: 7 trillion

    Obama's contribution: 1.7 trillion

    And a good portion of that was a contingency measure (stimulus) designed to prevent the economy from going off a cliff.
  5. Real World

    Real World Moderator Staff Member

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    This is from October 2010 so you know it's worse now.

    October 18, 2010 3:46 PM

    National Debt Up $3 Trillion on Obama's Watch

    By Mark Knoller

    New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.


    The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.


    The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job.


    http://www.cbsnews.com/8301-503544_162-20019931-503544.html


    BTW...

    The US has $100+ trillion in unfunded liabilities (SS, Medicare, etc.). The US has also been counting excess SS tax reciepts as revenue, which means that the debt you see each year, is actually worse than the figure publicly provided, since those SS receipts have to be paid back with interest. I really don't think enough people understand how deep in doo-doo we are.
    Last edited: Jul 14, 2011
  6. IllegalContact

    IllegalContact On the Roster

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    obama's the lipstick on a pig.......

    he was convinced that the govt could spend its way out of a recession. wrong tactic
  7. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    You have to wonder what would have happened if we did not go on the Iraq Crusade based on lies, how much debt would we now have?

    Politicians never talk about that stuff...
  8. IllegalContact

    IllegalContact On the Roster

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    in order to keep this on the original point......

    I also wonder how worried we would be about our old age if Johnson didn't start raping SS
  9. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."

    Another version, not from Conservapedia..

    Social Security History FAQs Internet Myths II

    Last edited: Jul 14, 2011
  10. IllegalContact

    IllegalContact On the Roster

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    right.....the change that wasn't really a change......gotcha......

    so where's the 11T that should be in the SS box?
  11. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Probably right next to the WMD's in Iraq, cannot imitate the sly smile of George W.
  12. Wolfpack

    Wolfpack Banned

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    Don't you ever get sick of being wrong all the time? Obama's contribution to the national debt is $3.7 trillion in 30 months, whereas Bush's total contribution was $4.97 trillion.

    http://www.politifact.com/truth-o-m...el/5-trillion-added-national-debt-under-bush/

    So you overstated Bush by $2 trillion and understated Obama by $2 trillion. No wonder your perspectives are so warped; your information is ridiculously inaccurate.

    I look forward to your response which will no doubt be bitter and anger filled directed at me instead of just manning-up and admitting you were wrong.
    Last edited: Jul 14, 2011
  13. Real World

    Real World Moderator Staff Member

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    Never fails.....


    IRAAAAAAQ!!!!!


    The only thing in the SS trust fun is a pile of treasury notes that say IOU on them.
  14. JackBauer

    JackBauer On the Roster

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    What part of the word "contribution" do you not understand?

    Given that it has a number of syllables >1, I'm going to venture on a limb and say the whole damn thing.
  15. Wolfpack

    Wolfpack Banned

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    It's ok to make mistakes Jack. We all do it all the time. It's hilarious how you compound your own mistakes by refusing to acknowledge you made one when you've already been called out on it multiple times. :rofl:

    Keep it up, Jack! You're just making a fool of yourself and providing us with great amusement! :rofl: :rocker: :rofl:
  16. JackBauer

    JackBauer On the Roster

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    Oh, what's that? You were completely and utterly ill-informed, yet again?

    http://www.washingtonpost.com/busin...o-massive-debt/2011/04/28/AFFU7rNF_story.html

    Owning you in every debate we have would be a lot more gratifying if it were at all challenging.
    Last edited: Jul 14, 2011
  17. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    That is called consistency;)
  18. Wolfpack

    Wolfpack Banned

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    It's too bad you're not smart enough to realize when you've been had by manipulative, agenda based accounting. The article you link admits their numbers come from "a separate Washington Post analysis" (and then they do absolutely nothing to explain the methodology of their "analysis"). Meanwhile my numbers come from actual, direct sources (such as the CBO) and are without analysis or spin. Just simple math, which I recognize is something you don't understand.

    It's just the typical liberal line that George Bush is responsible pretty much for everything starting in July of 2000 and continuing to September of 2010. Meanwhile those of us living in the real world using real numbers know that the debt has gone up $3.7 under Obama's watch (2.5 years) compared to roughly $5 trillion on Bush's watch (8 years).

    All your spin and redirection does nothing to change that. Stop being such a coward and blaming Bush for what happened in 2009 and 2010.
    Last edited: Jul 14, 2011
  19. tehmackdaddy

    tehmackdaddy Rookie

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    The excess revenue (SS tax revenue - SS payments) is borrowed by the federal government for use in the general fund.
  20. JackBauer

    JackBauer On the Roster

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    You could have spared yourself the time writing three paragraphs and simply distilled it down to "I'm choosing to arbitrarily dismiss this because it doesn't fit my tired, blinkered narrative."

    I prefer this mode of analysis because it measured debt accumulated as a direct result of policies enacted by the respective presidents. I find it silly, for example, to blame Obama for sum debt accrued when a healthy share of it is due to lost revenues from the economic downturn. Though rest assured, being a simpleton, I can see how such an economically illiterate line of argument would resonate with you.

    Finally, I wasn't blaming Bush for anything in this thread. Simply pointing out how disingenuous and transparent this nascent deficit hysteria is amongst those on the right.

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