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View Diary: GOP Stealth Privatization Exposed (27 comments)

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  •  Told you all, told you! (none)
    copy/paste>Some House Republicans, including Rep. Sam Johnson of Plano, would use Social Security's current surpluses for private accounts, rather than to curb the overall budget deficit.<end of copy/paste</p>

    Read that very carefully.

    1. Sam Johnson is a profound liar or completely ignorant. Which is it?

    2. House Republicans are profound liars or completely ignorant. Which one is it?

    3. "current surpluses for private accounts" What current surpluses? Where they at? Are they here? Are they there? Maybe, behind door number 2 over there?  THERE ARE NO CURRENT SURPLUSES. THERE ARE IOUs that pay interest in ADDITIONAL IOUs but there are NO CURRENT SURPLUSES.

    4. "rather than to curb the overall budget deficit" WTF? THEY ARE PART OF THE OVERALL DEFICIT!

    As of 08/26/2005

    $4,618,337,467,882.36 Debt Held by the Public

    $3,313,838,304,669.62 Intragovernmental Holdings

    $7,932,175,772,551.98 Total debt

    What is Intragovernmental Holdings?
    Intragovernmental Holdings -- Government Account Series securities held by Government trust
    funds, revolving funds, and special funds; and Federal Financing Bank securities. A small
    amount of marketable securities are held by government accounts.

    Still don’t understand what Intragovernmental Holdings is?

    There are 150 trust accounts with surplus funds. Congress spent the surplus funds and put
    Government Account Series securities to keep track of the money owed. IOUs that pay interest in
    additional IOUs. GAS - Government Account Series bonds. They are used as an accounting entry method.

    You don’t know what the trust accounts are? Well, take a look.

    Notes to the Schedules of Federal Debt Managed by the Bureau of the Public Debt

    Note 3. Intragovernmental Debt Holdings

    As of September 30, 2004  Intragovernmental Debt Holdings are owed to the following:

    SSA: Federal Old-Age and Survivors Insurance Trust Fund     $1,452,599,000,000    
    OPM: Civil Service Retirement and Disability Fund     $631,860,000,000
    HHS: Federal Hospital Insurance Trust Fund      $264,375,000,000
    SSA: Federal Disability Insurance Trust Fund       $182,799,000,000
    DOD: Military Retirement Fund        $177,280,000,000
    DOL: Unemployment Trust Fund        $45,239,000,000
    DOD: DOD Medicare Retirement Fund        $35,864,000,000
    FDIC: Bank Insurance Fund                $32,089,000,000
    DOE: Nuclear Waste Disposal Fund           $30,518,000,000
    OPM: Employees' Life Insurance Fund        $28,107,000,000
    HUD: FHA – Liquidating Account                $23,321,000,000
    HHS: Federal Supplementary Medical Insurance Trust Fund   $17,439,000,000
    DOL: Pension Benefit Guaranty Corporation Fund   $13,166,000,000
    DOS: Foreign Service Retirement & Disability Fund   $12,828,000,000
    FDIC: Savings Association Insurance Fund (SAIF)    $11,852,000,000
    VA: National Service Life Insurance Fund    $10,948,000,000
    OPM: Employees Health Benefits    $10,772,000,000
    Treasury: Exchange Stabilization Fund    $10,319,000,000
    DOT: Highway Trust Fund    $10,212,000,000
    DOT: Airport & Airway Trust Fund    $9,892,000,000
    Other Programs and Funds $60,229,000,000
    Total Intragovernmental Debt Holdings        $3,071,708,000,000

    Wow, that was as of September 30, 2004 today is August 29, 2005. I wonder how much we will owe by the time every American finally wakes up?

    Finally figure it out that we pay into these Trust accounts and Congress SPENDS every penny?

    Question,.... Who the hell is Carl Leubsdorf and DMN? Don't you think he should be informed? Gentle reminder type of thing....

    •  Couple of things (none)
      geordie hereinabove is correct, this is not new news but please, it always seems to need repeating.

      Another thing, after this, "Finally figure it out that we pay into these Trust accounts and Congress SPENDS every penny?" I meant to include the mention of the word surpluses. I also neglected to include mention of double taxation.

      So, in order to complete my comment above, "Finally figure it out that we pay into these Trust accounts and Congress SPENDS every penny of the surplus funds?"

      We have to re-pay the surpluses that Congress spent. Isn't that double taxation? Paying taxes more than once...

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