And they won’t remove the tax cap. People making above $178,100 DO NOT PAY THEIR FAIR SHARE. They pay only a tiny pittance. $10,000 maximum. While the rest of us pay 6.2 percent of our wages or salary. The rich are destroying the nation’s safety net to create a nation of paupers.
reagan and bush both took big chunks, never paid it back and then started the process of privatization with IRA's and 401Ks. how many workers lost those when the companies they worked for declared bankruptcy? all those personal privatized savings gone in a heartbeat to shareholders.
That is correct. I wanted to vomit when I saw the Democrats response praising Reagan. Really, Reagan? You can also thank Reagan for the economy we have. Trickle down economics is a big pile of 💩. Never worked, never will.
The SS Trust Fund is mandated to invest in T bills. These T-bills are by their nature part of the national debt since they are borrowing from ourselves.
The government is required to pay off the T-bills with interest that will be returned to the fund.
Absolutely true. The only problem with social security is the poor pay contributions on 100% of our income. The rich stop paying at $180,000 when they should pay on 100% of income like we do. Scrap the cap.
He made it taxable. SS has been on a crash course that we've known about since the 70s just due to demographics. They need to remove the contribution cap.
No. This is not true. Noone has been stealing it. Its the funding mechanism. All of the economic benefits from labor go to capital, while labor bears the whole burden of paying for retired workers. All we have to do is tax capital and we can retire younger with bigger benefits.
I miss something. I can't imagine any company willing to take over ("privatizing") a government operation at a loss. If Social Security is failing, why,since day one, do Republicans push to privatize it? If the postal service is a loser, why the push to privatize it? They can do better? At a profit?
Can you imagine the TV commercials for the Insurance/Investment Companies selling you back your Social Security?
Offering a lump sum buyout or increased payment now for less later?
Or the Games they can play for Trillions in cash!
Wonder why the GOP is supporting this? It’s their payday.
They took from it, don’t want to pay it back and now say it’s costing !
Well, don’t borrow money you can’t return !
Mismanagement by republicans cost American taxpayer dollars!!
You pay it back with all the money y’all made with your insider training!!!!
No. This is not true. It has nothing to do with the borrowing and paying back to fund the general budget. That just means the trust fund is invested in treasuries. "They stole social security" is a lie they tell so they can steal social security by "investing" it in private enterprise.
As others have said, Social Security funds are invested in T-bills to free the immediate cash for other products. May as well yell that your 401k funds were stolen because the cash was invested. Please do 5 minutes of research before posting bad information.
Regan denied kids like me survivor benefits- I lost mine due to a “time”
Change of who was still eligible- I was cut off at 18 before I ever went to college.
i'm in canada, our social security (canada pension plan) is secure. healthy, expanding, i had a raise last year, they want to privatize these social programs.
According to the Social Security Administration, a total of $2.9 trillion has been borrowed from the trust fund since 1965. This amount represents a significant portion of the trust fund’s total assets, which currently stand at around $2.9 trillion. https://gbtimes.com/which-president-borrowed-money-from-social-security/
You can go on https://AARP.com and join the fight to save social security. I added the above info to my letter. I also wrote to Senator Mark Kelly - same deal!
One response to this I saw when I looked this up is that Congress has paid the interest payments on time every time like that's the greatest thing ever! Pay the entire amount back! The principle is the majority of the loan! Pay it back!
They were the starting couple of cutting back the commitment with society, the support given to the people who are “weaker” (or should I say more exploited), the percentage of money 💰 the “stronger” return back (after having exploited)…
Put all the boughed funds back into the trust plus the interest it should have earned. They’ve pulled that on the American people before, allowing corporations to avoid their contributions to pensions, if they grew in the market! They when the markets fell, they had unfunded pension liabilities
causing trouble for the companies and the employees who’s pensions were put at risk or destroyed! Hence the companies, dropped their pensions and created the 401k, where the employees are responsible. And in America where the majority of citizens have very little knowledge about finance, has
Except we know what "retirement" was like before Social Security - for the vast majority it either didn't exist or involved moving in with their children when they physically couldn't work anymore.
You do remember correctly. He also almost bankrupted the Depart of the Post Office. Which is when it had to detach from the federal budget onto its own budget. That’s when it became the USPS.
When they borrow the money, social security gets Treasury bonds, when the bonds mature they are cashed in with interest and the funds are paid back at that time. Nobody just takes money from social security. The problem is rich don't pay 100% on income like the poor.
Thank you. So many people have zero understanding of how SS actually works.
Now if people will stop thinking there's a pot of money sitting in an account with their name on it.
It’s been top of the GOPs list since Regan.
They want your future. Greed must be met with force. There’s more of us than them. They need useful idiots, to control us, don’t fall for it.
So this version is a little more accurate. The current projections of SS not being able to pay full benefits in roughly a decade are based on the Treasury bonds being redeemed. Any changes that extend that will inherently at least push back the repayment.
The GOP pushes for benefit cuts, Dems for revenue fixes, but both approaches push back repayment. In the long run, that debt will need to be repaid and SS return to a roughly pay as you go plan. The Fund shouldn't simple be grown forever.
I remember when Reagan took it said he’d repay as did the congress. Did they ever?
Now?
Let’s see what their “ riot police “ do with a bunch of 70,80,90 years young , sitting in the halls of congress. The new tourist.
Reagan also convinced the people they were the problem, not the solution, cut taxes, and sold their government to the real problem. Since then, the vote has been a ruse.
Starting in 1972, via Tax Cuts which have overwhelmingly profited the obscenely wealthy, about $50 Trillion have been diverted from the Working & Middle Classes to the top 10%.
Reagan signed some of those Laws.
Curious how this is possible since Regan didn’t become president until 1981. Nixon was president in 1972, then Ford and Carter. So if this started in 1972, are you saying Congress tried to pass these laws and it wasn’t until Regan that they became law?
Solution. Remove the maximum income restriction on Social Security until the "debt" is repaid. If the ultra rich cann afford mega donations to Republicans, they too are responsible for the "debts" incurred by their "bought" candidates.
While it is true that the government borrows from Social Security, that's normal. The government receives Social Security payments and puts them into the Social Security Trust Fund. While they could be left as cash, the SSTF instead invests in US Treasuries and receives interest. That's it.
Comments
1) so they don’t have to pay it back.
2) is to cover their asses.
The SS Trust Fund is mandated to invest in T bills. These T-bills are by their nature part of the national debt since they are borrowing from ourselves.
The government is required to pay off the T-bills with interest that will be returned to the fund.
I assure you I am neither rich nor likely to have a comfortable retirement. Waaaaay worse for people less fortunate than me.
What do tax cuts do? Make the poor, poorer; and shrinks the middle class
Offering a lump sum buyout or increased payment now for less later?
Or the Games they can play for Trillions in cash!
Wonder why the GOP is supporting this? It’s their payday.
As a kid everyone liked him
In the 90s I found out why i couldn’t afford to live. Fucking bs
Well, don’t borrow money you can’t return !
Mismanagement by republicans cost American taxpayer dollars!!
You pay it back with all the money y’all made with your insider training!!!!
Change of who was still eligible- I was cut off at 18 before I ever went to college.
https://www.politifact.com/factchecks/2015/aug/03/facebook-posts/did-george-w-bush-borrow-social-security-fund-war-/
https://gbtimes.com/which-president-borrowed-money-from-social-security/
https://5calls.org/
They were the starting couple of cutting back the commitment with society, the support given to the people who are “weaker” (or should I say more exploited), the percentage of money 💰 the “stronger” return back (after having exploited)…
Now if people will stop thinking there's a pot of money sitting in an account with their name on it.
They want your future. Greed must be met with force. There’s more of us than them. They need useful idiots, to control us, don’t fall for it.
Now?
Let’s see what their “ riot police “ do with a bunch of 70,80,90 years young , sitting in the halls of congress. The new tourist.
Reagan signed some of those Laws.