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Edited on Sat Jul-16-11 02:42 PM by sabrina 1
there was no revenue coming in. You are forgetting that the fund is receiving money all the time, not just from payroll taxes, but from interest on the Treasury Bonds which has ALWAYS been paid.
And it won't be for many more years before it needs to dip into the surplus.
You are thinking of the surplus which was over 2 trillion dollars.
Rightwingers are trying to scare people into thinking that the US Govt won't make good on the Treasury Bonds in which the SS Surplus is invested.
We the people are CREDITORS of the US Govt. Just like any other creditor, and those Treasury Bonds are backed by the 'full faith and credit' of the US Govt.
However, many in DC want to keep the surplus rising so they can keep dipping into the fund for their wars and bailouts etc.
Which is why they are trying to 'trim' or 'cut' or whatever word they use, any way they can. Any savings they achieve WILL NOT GO TO THE DEFICIT. Sorry to yell, but they try to make people believe that. The savings will remain in the SS fund, instead of being used by the people who need that money. But that means the Govt can continue to use the funds.
The ultimate goal is to privatize that fund, to invest it in Wall St. and that should scare anyone even to think of it.
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