Political Wrinkles  

Go Back   Political Wrinkles > General Forum > Open Discussion
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

Open Discussion Discuss Social Security checks could stop if Congress fails to raise the debt ceiling Read m at the General Forum; this first article warns that social security checks may not go out if the debt ceiling isn't raised. Social Security ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 10-12-2013, 10:39 AM
Gordon Shumway's Avatar
essential worker
 
Join Date: Oct 2007
Posts: 5,052
Thanks: 2,261
Thanked 3,703 Times in 2,159 Posts
Default Social Security checks could stop if Congress fails to raise the debt ceiling Read m

this first article warns that social security checks may not go out if the debt ceiling isn't raised.

Social Security checks could stop if Congress fails to raise the debt ceiling

I wonder how that can be if social security is not bankrupt & is totally self-funded as we were told in 2011 by Obama's budget director.

Quote:
“Social Security benefits are entirely self-financing. They are paid for with payroll taxes collected from workers and their employers throughout their careers. These taxes are placed in a trust fund dedicated to paying benefits owed to current and future beneficiaries. … Even though Social Security began collecting less in taxes than it paid in benefits in 2010, the trust fund will continue to accrue interest and grow until 2025, and will have adequate resources to pay full benefits for the next 26 years.”

Opposing view: Social Security isn't the problem - USATODAY.com
the president has claimed that raising the debt limit does not increase the debt but insists it's simply to pay our bills.

Quote:
"Now, this debt ceiling -- I just want to remind people in case you haven't been keeping up -- raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you've already racked up, Congress. It's a basic function of making sure that the full faith and credit of the United States is preserved."

Obama: 'Raising the Debt Ceiling...Does Not Increase Our Debt,' Though It Has 'Over 100 Times' | CNS News
however, the debt limit at its current level would not prevent us from paying our bills.

Quote:
The federal government estimates it will collect almost $3 trillion in revenue for the fiscal year that runs from October 1, 2013 until September 30, 2014. Below I demonstrate one possible way the federal government could institute some priorities and spend only the amount it receives in revenue. (All the numbers I use to construct the balanced budget below can be found here.)
To begin with, the interest on the national debt must be paid. I will budget $240 billion for that. The White House is guessing a little lower, but interest rates have been rising, so I will play it safe. Next, social security payments should run about $860 billion. Place that as the second priority and we already have spent $1.1 trillion of the $3 trillion we have.

Don't Believe The Debt Ceiling Hype: The Federal Government Can Survive Without An Increase - Forbes
$240billion for interest on the debt (from the $3trillion the government will take in this year).
$860billion for social security payments.....@#$%...what the...?...@#$%...I thought there was a lock box or trust fund separately for that?
Nonetheless, still affordable without raising the debt limit if the president wants to make it a priority.

Hhhmmm...seems they've been lying to us about the lock box.
I know; it's a shock; but they've already spent the trust fund.

Quote:
If the budget crisis has done nothing else, it has exposed the decades-long lie about the solvency of the Social Security trust fund. The trust fund may be backed by the “full faith and credit of the federal government,” as defenders constantly remind us, but if it had real assets the president wouldn’t be talking about seniors missing their checks.

What Happened to the $2.6 Trillion Social Security Trust Fund? - Forbes
Reply With Quote
  #2 (permalink)  
Old 10-12-2013, 11:03 AM
Xcali's Avatar
Dog Man Entertainment Grp
 
Join Date: Dec 2011
Location: Arkansas
Gender: Male
Posts: 4,194
Thanks: 486
Thanked 1,395 Times in 998 Posts
Send a message via MSN to Xcali
Default Re: Social Security checks could stop if Congress fails to raise the debt ceiling Re

Quote:
Originally Posted by Gordon Shumway View Post
I know; it's a shock; but they've already spent the trust fund.
The Trust fund never had anything in it , they've been spending it and placing IOU's in it since 1983.
__________________
“The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.”
― Thomas Jefferson


“If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be.”
― Thomas Jefferson
Reply With Quote
The Following User Says Thank You to Xcali For This Useful Post:
  #3 (permalink)  
Old 10-12-2013, 11:27 AM
joec's Avatar
Master
 
Join Date: Nov 2012
Location: Russell Springs, Kentucky
Gender: Male
Posts: 1,869
Thanks: 65
Thanked 1,246 Times in 874 Posts
Default Re: Social Security checks could stop if Congress fails to raise the debt ceiling Re

Quote:
Originally Posted by Xcali View Post
The Trust fund never had anything in it , they've been spending it and placing IOU's in it since 1983.
Absolutly correct on that and they would pay foreign debt first such as China, Japan and Great Britain which would pretty much not leave the money to pay back the greatest debts they own that of the US Citizens which is the biggest part of our debt.
__________________
Joe

I used to be Apathetic. But Now I Just Don't Care.
Reply With Quote
The Following User Says Thank You to joec For This Useful Post:
  #4 (permalink)  
Old 10-12-2013, 11:42 AM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 82,971
Thanks: 55,949
Thanked 26,444 Times in 18,944 Posts
Send a message via AIM to saltwn Send a message via MSN to saltwn Send a message via Yahoo to saltwn
Default Re: Social Security checks could stop if Congress fails to raise the debt ceiling Re

Quote:
Originally Posted by Gordon Shumway View Post
this first article warns that social security checks may not go out if the debt ceiling isn't raised.

Social Security checks could stop if Congress fails to raise the debt ceiling

I wonder how that can be if social security is not bankrupt & is totally self-funded as we were told in 2011 by Obama's budget director.



the president has claimed that raising the debt limit does not increase the debt but insists it's simply to pay our bills.



however, the debt limit at its current level would not prevent us from paying our bills.



$240billion for interest on the debt (from the $3trillion the government will take in this year).
$860billion for social security payments.....@#$%...what the...?...@#$%...I thought there was a lock box or trust fund separately for that?
Nonetheless, still affordable without raising the debt limit if the president wants to make it a priority.

Hhhmmm...seems they've been lying to us about the lock box.
I know; it's a shock; but they've already spent the trust fund.
Social Security checks could stop if Congress fails to raise the debt ceiling


we know, Gordie. u think this whole thing is about obama care? then u dont knoe much about the john birch society and the heritage foundation.
__________________
I like presidents who don’t forget the words to the Pledge of Allegiance.
~Scott Dworkin
Reply With Quote
  #5 (permalink)  
Old 10-12-2013, 11:43 AM
Xcali's Avatar
Dog Man Entertainment Grp
 
Join Date: Dec 2011
Location: Arkansas
Gender: Male
Posts: 4,194
Thanks: 486
Thanked 1,395 Times in 998 Posts
Send a message via MSN to Xcali
Default Re: Social Security checks could stop if Congress fails to raise the debt ceiling Re

Quote:
Originally Posted by joec View Post
Absolutly correct on that and they would pay foreign debt first such as China, Japan and Great Britain which would pretty much not leave the money to pay back the greatest debts they own that of the US Citizens which is the biggest part of our debt.
Yeah paying China and other nations is far more important than buying back enough of those bonds to pay the Americans who rely on those benefits. That doesn't even cover the Disabled veterans who served their country that won't get paid , and they don't have a trust fund to blame it on.
__________________
“The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.”
― Thomas Jefferson


“If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be.”
― Thomas Jefferson
Reply With Quote
  #6 (permalink)  
Old 10-12-2013, 12:32 PM
Gordon Shumway's Avatar
essential worker
 
Join Date: Oct 2007
Posts: 5,052
Thanks: 2,261
Thanked 3,703 Times in 2,159 Posts
Default Re: Social Security checks could stop if Congress fails to raise the debt ceiling Re

first, i didn't mention the affordable care act.
instead, the point is the government taking in $3trillion has the money available to pay its bills.

and, the borrowing from social security began pretty much right away.


How much Social Security money does the government borrow? - The Prescott Daily Courier - Prescott, Arizona

Quote:
The Treasury Department "borrows" surpluses in the Social Security trust funds for use across the federal government. As a practical matter, the amount of money borrowed equals the balances in the trust funds after benefits are paid out.
Two funds exist: one for disability benefits and a much larger one for retirement benefits. The surplus in those funds at the end of fiscal 2007 (Sept. 30, 2007) was about $2.2 trillion, all in non-marketable U.S. Treasury bonds.
The bonds now earn about 5 percent interest. Last year the government paid $110 billion in interest to the trust funds.
This practice began in 1937 with the creation of the Social Security system during Franklin D. Roosevelt's administration. That first year the government paid $2 million in interest on money it borrowed from the retirement trust fund.
Reply With Quote
The Following User Says Thank You to Gordon Shumway For This Useful Post:
  #7 (permalink)  
Old 10-12-2013, 12:35 PM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 82,971
Thanks: 55,949
Thanked 26,444 Times in 18,944 Posts
Send a message via AIM to saltwn Send a message via MSN to saltwn Send a message via Yahoo to saltwn
Default Re: Social Security checks could stop if Congress fails to raise the debt ceiling Re

Quote:
Originally Posted by Gordon Shumway View Post
first, i didn't mention the affordable care act.
instead, the point is the government taking in $3trillion has the money available to pay its bills.

and, the borrowing from social security began pretty much right away.


How much Social Security money does the government borrow? - The Prescott Daily Courier - Prescott, Arizona
exactly the new crises they want to manufacture. well they created this so now they want us to pay the price of their theft. Nada. My husband is already making plans to march in washington if they TOUCH Social Security or Medicare.
__________________
I like presidents who don’t forget the words to the Pledge of Allegiance.
~Scott Dworkin
Reply With Quote
  #8 (permalink)  
Old 10-12-2013, 12:44 PM
Gordon Shumway's Avatar
essential worker
 
Join Date: Oct 2007
Posts: 5,052
Thanks: 2,261
Thanked 3,703 Times in 2,159 Posts
Default Re: Social Security checks could stop if Congress fails to raise the debt ceiling Re

Quote:
Originally Posted by saltwn View Post
exactly the new crises they want to manufacture. well they created this so now they want us to pay the price of their theft. Nada. My husband is already making plans to march in washington if they TOUCH Social Security or Medicare.
the point is they don't have to touch it.
they have enough money to pay it.
this whole thing about not paying social security if the debt limit isn't raised is nothing but scare tactics.
Reply With Quote
The Following 2 Users Say Thank You to Gordon Shumway For This Useful Post:
  #9 (permalink)  
Old 10-12-2013, 12:47 PM
Dave1's Avatar
...Fair and Balanced...
 
Join Date: Feb 2010
Location: Houston, Texas
Gender: Male
Posts: 7,427
Thanks: 4,303
Thanked 5,432 Times in 3,202 Posts
Default Re: Social Security checks could stop if Congress fails to raise the debt ceiling Re

Either way you slice it, the political games both parties are playing is shameful.....


And the voting electorate is sick of it....
Reply With Quote
The Following User Says Thank You to Dave1 For This Useful Post:
  #10 (permalink)  
Old 10-12-2013, 12:49 PM
PT Again's Avatar
No Cactus Expert
 
Join Date: Sep 2010
Location: Houston
Posts: 2,349
Thanks: 325
Thanked 567 Times in 439 Posts
Default Re: Social Security checks could stop if Congress fails to raise the debt ceiling Re

Quote:
Originally Posted by Gordon Shumway View Post
the point is they don't have to touch it.
they have enough money to pay it.
this whole thing about not paying social security if the debt limit isn't raised is nothing but scare tactics.
Mediscare is always the fallback.............whenever they run out of boogymen, they always fall back to Reps are out to get your medicare/SS/whatever handout seems to garner them the most attention

In all their years of using this scam, not a single time has it come to fruition.

yet the sheep still believe it
__________________
"Well, the trouble with our liberal friends is not that they're ignorant; it's just that
they know so much that isn't so.": Ronald Reagan

Reply With Quote
Reply

Tags
ceiling, checks, congress, could, debt, fails, raise, read, security, social, stop, the

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 08:28 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2020, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0