What's happening to Social Security?
We all know by now that $720 BILLION was borrowed from our Social Security fund by the current administration to pay for it's new Government run HealthCare.
Throughout its 75 year history, Social Security has provided critical economic security to millions of retirees, families, children and the disabled. Social Security is paid for by the dedicated contributions of workers and their employers, has administrative costs of less than one percent, and since it cannot borrow to fund its operations, Social Security does not contribute to the deficit. No wonder that Americans from all walks of life consistently and overwhelmingly support our nation's most successful social insurance program -- a level of support that is not achieved by other governmental programs.Social Security is self-financed, cannot borrow, spends less than one percent on its administrative costs.
The government borrows these Social Security funds to pay for other government spending -- but is obligated to pay interest on these borrowings -- and pay back the borrowed funds in full when they are needed by Social Security for benefit payments. WHY aren't they paying it back?
A look at the federal budget over the same time frame reveals a starkly different picture -- many years of deficits, with only a few years of surplus -- a surplus that disappeared during the G.W. Bush Administration. In 1993, a Democratic Congress and President Clinton, without a single Republican vote in either the House or Senate, enacted a budget plan that put it on a path to elimination of the deficits --and brought the budget into balance, and then later into surplus.
The taxpayers of America bailed out the banks -- wouldn't it be fair now to ask the banks to pay back what they have cost Social Security? A tax on financial transactions and a tax on Wall Street bonuses, with revenues dedicated to Social Security, would pay back to Social Security and its contributors what has been taken from them.
Pay Back Social Security! -- The Government Has Borrowed More from Social Security (easy pickens) than any Other Entity or Foreign Government.
Another argument made by Social Security opponents to raise fear about the national debt is how much our government has borrowed from China. They never mention how much our government has borrowed from Social Security. In fact, the government has borrowed more from the Social Security surplus than it has from any other source in the world, including China. As a result, Social Security now "owns" nearly 18 percent of the federal debt, making it the largest single holder of US debt. The government owes almost twice as much to Social Security as it does to China and Hong Kong. ...and most Americans have no idea about this debt it seems, and are doing nothing to demand that the Feds pay US back!
We elect people who take
How many Americans over 50 do you think are ready for life with no Social Security? The answer is not many! Only about 10% have saved enough to live life without a dime from social security.