Skip to main content

View Diary: Abbreviated pundit roundup: Taking Social Security off the table (76 comments)

Comment Preferences

  •  The GAO's statement (2+ / 0-)
    Recommended by:
    Laconic Lib, One Opinion

    that the program is "projected to pay more in benefits than it receives in tax income each year into the future" doesn't take into account the $2.7 trillion dollars owed to the trust fund by the general account.  That's what the GAO meant by "The Social Security program, which historically ran large cash surpluses that helped reduce the need to borrow from the public."

    This is the money congress has "borrowed" from the program over the years to subsidize the country's operating budget.  That money is part of the national debt, and not paying it back (or paying back only part of it) amounts to reneging on a legitimate U.S. debt.

    If the $2.7 trillion is paid back, the fund is solvent to at least 2033.  And it will be paid back one way or the other - whether money is appropriated in each budget to pay it back or the general fund is hit for the SS trust fund's shortfall each year, as long as the public demands it be paid back.  It's general fund money one way or the other anyway.

    "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

    by SueDe on Wed Nov 28, 2012 at 07:01:28 AM PST

    [ Parent ]

    •  Good luck with that. (0+ / 0-)
      And it will be paid back one way or the other - whether money is appropriated in each budget to pay it back or the general fund is hit for the SS trust fund's shortfall each year, as long as the public demands it be paid back.

      Intolerance betrays want of faith in one's cause. - Gandhi

      by SpamNunn on Wed Nov 28, 2012 at 07:08:20 AM PST

      [ Parent ]

      •  You don't think the public will demand (0+ / 0-)

        that the money congress has borrowed from the trust fund be paid back?

        "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

        by SueDe on Wed Nov 28, 2012 at 12:09:13 PM PST

        [ Parent ]

        •  With what? (0+ / 0-)

          It can only be paid back with big tax increases and big program cuts.  Republicans won't tolerate the first, and Democrats won't tolerate the second.  

          Intolerance betrays want of faith in one's cause. - Gandhi

          by SpamNunn on Wed Nov 28, 2012 at 12:41:27 PM PST

          [ Parent ]

          •  If we put people to work (0+ / 0-)

            for decent wages and the economy picks up steam, the treasury will be spending less money on transfer payments and will be collecting more tax revenue (including FICA taxes).  Surely congress could find $2.7 trillion over the next 20 years to keep from defaulting on their debt to the American people.

            "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

            by SueDe on Wed Nov 28, 2012 at 09:31:39 PM PST

            [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site