Quote:
Originally Posted by Riot
Social Security is fully funded for disbursements through 2037, and at 78% after that for years, if we do nothing to it. A minor tweek, such as raising the cap to $150,00 or $200,000, would fund it virtually forever at current benefit levels. And yes, SS is safely kept in US Treasury bonds. We have no anticipated trouble paying ourselves back as we need it. SS has never, ever missed a payment, and there is no indication or reason it ever should.
As long as the Tea Party never gains a majority in Congress, the full faith and credit of the US should be okay. .
|
The Treasury held $70 billion in its account prior to borrowing $2 trillion so it could in part make this month's SS payments. The fact the SS fund holds nothing but IOU's from the Treasury should be a huge wake up call and seniors should never be concerned about receiving a check while SS is funded, especially when its balance is supposedly $3 trillion. The Fed government is sadly incapable of surviving all its giveaways w/o diverting 40% of tax money but it should certainly make an effort to start trying.
I think it prudent in the future to start funding SS with cash. The government should not be allowed to touch SS taxes for anything (including Cash for Clunkers) but for making SS payments period! Shame on Washington for 'borrowing' the seniors' retirement accounts on a promise. And this is as much the fault of republicans as it is the dems.