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Name:
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Mack
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Subject:
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Social Security Fiasco
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Date:
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3/14/2010 8:20:15 PM
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Just read an AP article summarizing the status of the Social Security Balance Sheet, and I am royally P%$&^d!!
Per the article, the SSA collected more than they paid out as benefits. Congress elected to "Borrow" the excess to fund programs XYZ, backed by IOU's in the form of nonnegotiable Treasury Bonds. I suspect Mr. LBJ started that trend, and it has continued until now, WITHOUT REGARD TO POLITICAL PARTY CONTROL.
Now, funds going out are more than funds coming in to SSA. The excess funds have already been spent. Those IOU's need to be cashed into an economy that is already choking on debt.
The obvious choices are to either cut benefits and/or raise SS taxes, plus borrow more funds for the shortfall. Political suicide.
The total funds "borrowed" from the SSA account is $2.5 Trillion, according to the AP article, fully one fifth of the total National Debt this year.
Most of us are rational people, employing a "pay as You Go' discipline for the checkbook. Obviously, our representatives cannot control themselves likewise.
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