What is the point of having a House and Senate if this insane clown can just go around them and do stuff?
This can’t be legal (i.e. constitutional).
The SS tax is not ‘dedicated’ to anything; the funds are used to buy government bonds which are used to finance anything and everything. There is no ‘trust fund’, just an accounting entry. No government that can print money at will, would ever allow SS payments to stop. If the accounting shows a dearth of SS funds, the government can just transfer money from another source. If nothing else, just let inflation lower the value of the currency like the old USSR did. I fear that this inflation is coming anyway with the huge amount of money (trillion$) that are flooding the markets (what do you think is driving the DOW - confidence?) This whole story reeks of doom porn.
That is not exactly true. Until Bush Jr. it was a dedicated retirement account meaning the general spending could not touch it. The only real way to open the door to corruption, now the federal deficit owes SSA several billion dollars.
Republicans can’t stand anything that is self sufficient that they can’t exploit and destroy. I’ll stop there in favor of better left unsaid.
This guy has had his head up his ass for so long he can no longer describe sunlight. Blind, willfully deaf and dumb as a sack of hammers. Clever like a snake, poisonous and contageous in the same measure as the chaos he willfully creates.
Very close to descriptions throughout history of the opposite of love or a growth from the stench of the satanic corpus.
yeah, to bad we can’t stuff a sock in that gaping hole under his nose.
It is dedicated on paper only. All the funds are invested in general issue bonds. SS holds the bonds, not cash or stocks, and the money from the bonds can be spent on anything. It is like me having a $1000 in a box nominally dedicated for the benefit of my kids, and I just put an IOU in the box and use the money to pay my bills - someday I’ll pay it back (wink,wink) If it was really a ‘trust fund’, it would be managed by a group of financial advisors with the goal to make the fund grow, instead of looting it for pet projects.
When workers and employers pay more money into the Social Security system than it needs to pay benefits, those “excess” contributions are invested in special U.S. government securities.
“The Devil is right at home. The Devil, the Devil himself, is right in the house.
And the Devil came here yesterday. Yesterday the Devil came here. Right here. [crosses himself] And it smells of sulphur still today. Yesterday, ladies and gentlemen, from this rostrum, the president of the United States, the gentleman to whom I refer as the Devil, came here, talking as if he owned the world. Truly. As the owner of the world.”
Words by Hugo Chavez re: W. , and most definitely fits the madman named trump.
Just as a point of information, for about 50 years annual payroll taxes pretty much covered that year’s SS benefits checks. In 1982 however, Ronald Reagan enacted a payroll tax hike to prepare for the impending surge of retiring baby boomers, and a surplus began to build.
By law, the Treasury is required to take any SS surplus and issue bonds payable at some future date to the fund. Meanwhile the cash obtained can be used to to fund any government expense, including war debt. About half went for the war and the other half went for the 2008 financial bailout. During Bush’s presidency SS was still running a surplus - which stopped in 2010.
No problem, I just wrote a CITIZENS EXECUTIVE ORDER demanding that the orangubrat turn over all of his properties to the good recipients of Social Security benefits so that we may either live in them or house all those immigrant families in them!
PHUQ THE TRUMPRETARD AND THE TRICYCLE HE RODE IN ON!
So how many “senior” votes does this con-man think he’s going to garner with this action? The lack of people working right now has to have a detrimental affect on S.S. to begin with, this is compounding a severe problem.
What are the older folks (like me) and disabled going to live on? How will any survive? Or is that some sadistic outcome he’s aiming for?
Yes - bonds - and then the money obtained can be spent on anything. Any excess should actually be invested by professional financial advisors with fiduciary obligations, just like a real trust fund.
Yes, when all they had to do was raise the cap, there are simple ways to fix this program for future generations. It operates fine at 3% of the money it generates.
Indeed, George Bush was busy:
I hope you don’t mean professional financial advisors like Steven Mnuchin?
And this is why the repugnant scoundrels didn’t vote drumpf out of office after being impeached! He will try to give them everything they’ve always wanted but couldn’t pass any other way. Well, at least now some of those 40% MAGA imbeciles may finally see for themselves and get it through their thick skulls that Mexico was never going to pay for the wall and they’re being had once again.
The fund still legally has to invest any surplus in government promissory notes. " These special-issue things, they’re all in a filing cabinet in West Virginia. That’s the entire trust fund. There’s no trust, and there are no funds." - Allen W. Smith, professor of economics emeritus, Eastern Illinois University
Have a lawsuit filed the minute he signs the exe order, have a judge ready to sign on to it or whatever it takes so it does not go into effect.
President Donald Trump speaks to the press before boarding Air Force One at Joint Base Andrews in Maryland on August 6, 2020. (Photo: Jim Watson/AFP via Getty Images)
Today – where the flokk does he think he needs to go on OUR DIME on yet ANOTHER DAY when he should be doing everything in his power to deal with COVID-19?!