OK so is the SS trust fund real or not? What if it's not?

[stevebreeze]

The GOP in order to move up the date that SS is in financial trouble. It's a fiction, ponzi scheme, fraud, they claim. We can't count on it since the money is spent! It's gone! It used to just piss me the hell off, since the trust fund is do to your and my overpayment of payroll taxes. Then I got the concept! I immediately approached the bank where I have my mortgage. "Sure you gave me money some years ago, but I spent it!" I said. "The money's gone, and I no longer want to pay it back". My bank was less then enthusiastic about the new no repayment concept. I told them I had the money but refused to pay. They informed me about possible bank fraud and the surety that at the very least my credit would be crap. You just can't default on a loan, and expect the same rate of interest. My finances would be destroyed.
This is of course my point, if the US government decided to default on the United State Treasury bills, in the SS trust fund or anywhere else, the full faith and credit of the United States would be distant memory. The economy would be in the same shambles as any deadbeat.

[xray s]

1. We're fucked

The plutocracy that rules us all is about to fuck us. Enron was just a warm up. Private pension meltdowns a mere preview. When they default on 4 trillion of US treasuries that is supposed to be there to fund our social security, this bullshit house of cards economy will implode.

You can bet the farm that guys like Bush and Cheney and Greenspan will have their asses covered though.

[Viva_La_Revolution]

2. we'll just declare bankruptcy...

and apply for new credit cards. simple. no worries. go back to sleep now... it was all a bad dream.

[sandnsea]

3. It's sort of like

You own two businesses. One business is making alot of money, so you loan money to keep the other business going. When it comes time to pay the first business back, it's still your money going from one to the other. So in that sense that the money comes from you, one way or the other. If there isn't enough money in that second business, you have to figure out a way to pay back the first business, which is still you.

So if there's not enough money in general revenue taxes to pay back SSI, the money still has to come from the people.

The problem comes in if other people invested in the first business and were unaware that I was loaning money to my second business. They have a right to their money, just like I have a right to the FICA money I've been paying in for over 20 years now. Bush gave the money that would have paid back FICA to the rich with his tax cuts and I, by god, want it back!

[stevebreeze]

5. this is of course their aim

Keep payroll taxes high, slash benefits on SS and on any government programs that help the middle class or poor. Then lavish money on the wealthy and the corporate.

[FloridaPat]

4. Since it's a fraud, why aren't they arresting themselves and electing

a new congress and president. Rumor on tbrnews.org had Gonzalez writing a brief that states the government doesn't owe any SS to the people, so they get rid of the trillions they owe the public and overnight the deficit is wiped out and Bush is a hero for reversing the deficit.

They keep up with this crap and I envision congress hanging from trees on Constitution Avenue.

[stevebreeze]

6. I would like to point out if it's fraud it's Reagan and Greenspan are the

perpetrators.