social security slush fund

The higher taxes would generate Social Security surpluses for … When the government taxes Americans to fund Social Security, it promises the American people that the money will be there for them when they retire. Geithner wrote, "In treating Social Security like a slush fund, the federal government has borrowed, spent and vowed to pay back the $2.5 trillion or so ‘surplus' in payroll tax revenue it … Public opinion shows Americans show strong support for … Let’s see. 1 decade ago. Social Security is a welfare slush fund Sep 27, 2010 Sep 27, 2010; 2; Facebook ; Twitter ... passed laws to open that trust fund and put all Social Security reserve funds into the general fund. So Social Security invests 100% in government bonds. First, it allowed Congress to keep all other taxes lower than it otherwise would have been. There is no rational justification for Congress treating the excess Social Security Tax revenue as a slush fund or for the City of Columbia treating excess water and sewer revenues as a slush fund. I’ve got three principles to this. To whose gain was never … Why, even uncle George like the idea so much he “thought” the social security fund privatized and invested. With minor adjustments from time to time to keep it solvent. The Disability Insurance (DI) Trust Fund is now projected to be able to pay full benefits until 2065, 13 years later than indicated in last year’s Social Security report. IV: Obama and the Social Security Time Bomb. A brief history of Social Security will show how we got to the point of financial fraud. Yet the only sensible thing if they want to keep entitlements going is to raise taxes in their view, or raid the Social Security slush fund until it goes dry. A second procedural motion to advance the bill also failed Monday afternoon and talks over the measure's specifics remain in flux. Congress using Social Security as slush fund Share this: Click to share on Facebook (Opens in new window) Click to share on Twitter (Opens in new window) “Mnuchin is pushing a giant slush fund to give handouts to corporate America and was forced to add unemployment insurance for millions of Americans losing their jobs and money for hospitals in … Disabled-worker applications have declined substantially since 2010 and the number of disabled-worker beneficiaries in current payment status has been falling since 2014. Greenspan played a key role in convincing Congress and the public to support a hike in the payroll tax. The Ponzi Scheme has unraveled.According to the New York Times , less than two years ago, Social Security Trustees projected the fund would have income exceeding expenses until 2037: "The trustees did foresee, in late 2008, that the recession … By Thomas Mitchell Harry never did a flip that he couldn’t flop. The GOP tax scam didn’t just funnel money into the hands of the uber-rich, it made it virtually impossible to honor our Social Security … The rate of return is something like 1%. If we put that same money in a CD we'd be getting 5% Federally Guaranteed. The mechanism, which allowed the government to transfer $2.7 trillion from the Social Security fund to the general fund over a 30-year period, was the brainchild of President Ronald Reagan and his advisers, especially Alan Greenspan. Geithner wrote, “In treating Social Security like a slush fund, the federal government has borrowed, spent, and vowed to pay back the $2.5 trillion or … But under the balanced budget amendment, it would essentially be unconstitutional for Social Security to draw down these savings to pay promised benefits. “Social Security should be sacrosanct – it shouldn’t be a slush fund for politicians to raid to pay for other priorities… It’s critical that we pass a long-term transportation bill, but we shouldn’t do it at the expense of Americans who depend on Social Security.” — US Senator Sherrod Brown, July 23, 2015 “Politicians who refuse to stop the raid are part of the problem. Younger workers are at risk of paying Social Security taxes your whole careers, but then not receiving the full benefits. Back in 2015 Nevada Democratic senior Sen. Harry Reid, having already announced his retirement, championed and regaled a[…] While ostensibly intended as a form of relief for employers … The Social Security Preservation Act ensures that the government will keep its promises to America's seniors that taxes collected for Social Security will be used for Social Security. As Alex Lawson, the executive director of Social Security Works, puts it: ... And Trump wants our response to be a half-trillion dollar slush fund to boost favored companies and corporate executives – while they continue to pull down huge paychecks and fire their workers. Our nation’s seniors and people with disabilities, who are among the most vulnerable to COVID-19, need to be the highest priority right now — not the disbursement of the $500 billion corporate slush fund also included in the CARES Act. Social Security, for decades a hidden slush fund that allowed pols to spend beyond what they taxed, has turned into an albatross. Contrary to what many Americans believe and what progressives love to say, there is no money in the Trust Fund … A look at the latest Political news, environmental, jobs, healthcare, and tech stories. Now that those IOUs are coming due, Republicans have dramatically cut the revenue needed to pay them off. Lv 5. A common belief, at least across social media, is that the federal government has raided or stolen funds from Social Security's asset reserves to fund wars and other nefarious activities. A few years later, … By … Currently, Social Security holds $2.9 trillion in Treasury securities. By the way, it is worth noting that the excess Social Security taxes began being collected after the 1983 Reagan Social Security Fix. (Google it – it’s a fact). Now comes Reagan in the early 80's He picked Greenspan (before Greenspan was fed chief) to head a commitee to overhaul SS so it would be solvent for 100 … The Perfesser has a point: The social security fund has been used as a slush fund, and furthermore, it’s how uncle Greenspan set it up to be in ’83. Raiding the Social Security Trust Fund was a precedent set in 1968 by another progressive president, Lyndon B. Johnson, to help pay for the Vietnam War. 1 0. curious21. As proposed by Franklin Delano Roosevelt in the 1930's, Social Security was voluntary and the tax rate was 1%. A hunting buddy of mine proposes the following plan to ultimately eliminate the Social Security congressional slush fund: Anyone over the age of 45 will receive Social Security. Echoing Moynihan, DeMint decries spending the surplus on other government programs, saying it transforms Social Security into a "secret slush fund" that … In 2000, the minister of employment, Khalid Alioua, said that the CNSS had worked as a slush fund rather than a social security provider, and it had by this time acquired a widespread reputation for inefficiency and unfairness, with only half of those entitled to insurance being enrolled in the fund. Until the mid 1960's, politicians used Social Security as a vote getting slush fund-increase the benefits to get votes and increase power. The loss has come at the “opportunity risk” of leaving the money in bonds. Some argue that the whole thing was a … NathanG May 29, 2011 . While the slush fund is supposed to be spent on war-related efforts, an estimated $103 billion has been spent on non-war programs since 2001. The deal would not offset the additional spending on the Pentagon's slush fund, which means it will add to the nation's forecasted deficit in 2016 and 2017. To date, the federal government has borrowed over $2 trillion from the Social Security Trust Fund to spend on other programs. The “read-my-lips-no-new-taxes” president was not about to give up his huge slush fund. Congress has a moral obligation to keep that … I definitely know that I would opt out of the program, which takes 4.2% (down from 6.2% as of the first of the year) out of my … The Social Security Trust Fund every retiree is relying on is not what most Americans believe it is.. The 1983 Social Security “fix” required the baby boomers to pay much higher payroll taxes so that they would prepay most of the cost of their own benefits. Terrible, when privatization occurs, heads are placed as the ones that determine and control … Social Security was NOT a huge slush fund for congress to spend and just writ IOUs for. It’s a plutocrats’ wet dream, and those plutocrats run around on the Pentagon’s gold courses. The net effect is that Social Security is simply a slush fund with no possible economic growth. They’ve treated Social Security as a slush fund and spend the money instead of saving it for Seniors. … If the Social Security trust fund invested in U.S. corporate stocks or bonds, or bonds of state and local governments, the money would get spent, as noted above. The Fed lowered the interest rates to “stimulate” the economy. It then wrote IOUs back to the Fund. Instead, benefits could have to be cut, because all federal expenditures would have to be covered by tax revenues collected By using Social Security money to fill the gap, current and soon-to-be retirees got an effective discount on their share of the cost of government. The money is immediately spent on other than social security items. @oasis11 - Every now and then I get a statement from the Social Security Administration showing me how much I have paid into the system. Our government took cash that you paid into the Social Security Trust Fund and treated it as a slush fund. Here’s what I know and how we stop it: — Elizabeth Warren (@SenWarren) March 22, 2020. We need to address the long-term solvency of social security, but we need to do it in a way that protects seniors. We urge the Administration to work hard not just to get the payments out immediately but also to clean up any confusion its misguided … That’s almost three times more than today’s average Social Security benefit of $1,230 per month, according to the Social Security Administration. And your retirement fund would last more than 33 years (until you’re 98 if you retire at age 65)! Having used those Social Security surpluses as a slush fund for the rest of government has indeed complicated things. Social security is nothing but a slush fund for Congress. How many of you, if given the chance, would opt out of Social Security if you could?I believe many would, as the money “put away” into Social Security has been recently used to pay for wars and other government programs, acting as a kind of a slush fund.. “It had no proper accounting and was mismanaged and corrupt to the … The truth is that SS was set up as a pay as you go fund. The Senate GOP's legislation, which also contains a $500 billion "slush fund" for corporations, failed to clear a procedural hurdle Sunday night amid unified Democratic opposition.

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