Is Social Security Broke?

15 Of Last 25 Months The US Treasury Had To Borrow For Social Security Payments

According to Robb Port at sayanythingblog.com:

Every time conservatives sound the alarm on Social Security, saying that’s a ponzi scheme that’s quickly reaching the point of collapse, we are poo-poo’ed by the liberals and their allies in the media. They say that we’re just fear-mongering, and that Social Security is solvent and not in crisis.

They also talk of a Social Security trust fund that can go on paying benefits for some time. The problem? The Social Security trust fund is an illusion, just words on paper, and the reality is that we’re already borrowing money to pay out Social Security benefits:

(CNSNews.com) – The U.S. Treasury has needed to borrow money to pay Social Security benefits in 15 out of the last 25 months on record because the Social Security system was in deficit in those months, with the cost of monthly benefit payments exceeding the Social Security tax revenues flowing into the Old Age, Survivors and Disability Insurance trust funds, according to data published by the Social Security Administration.

Because the overall federal budget was in deficit during this entire period, the surplus revenues Social Security earned in the remaining 10 months of the last 25 was used during those months to pay ongoing general government expenses and was not saved to pay future Social Security benefits.

The government gave the Social Security trust funds IOUs for this money.

IOUs. Lovely.

Nothing says “there is no crisis” like Congress giving IOUs it can’t pay for to the nation’s biggest entitlement program.

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One blogger wrote:

Social Security makes Bernie Madoff look like a small time hood! Biggest Ponzi scheme ever !

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I've paid into Social Security for over 30+ years and I will be lucky if I get to start collecting anything before I'm 75, and all you youngins out there. . . .You can forget it. . . .When you look at your paystub and see that deduction that shows FICA - Social Security. . . .I can guarantee you will NEVER receive a penny of that money for use in your retirement.

Back in the day companies offered a "retirement pension" to employees as an incentive. Now about the only jobs you can get with a retirement is taypayer funded city, state or government jobs. Companies decided why should they invest in their employees future when their employees will eventually be receiving Social Security.

We are going to be seeing this same thing happen with healthcare. . . .In the next decade employers are going to quit offering medical benefits, because of Obamacare. . . .Just wait and see. . . .

I have said it OVER AND OVER AND OVER again when the government interferes nobody wins. . . .

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http://sayanythingblog.com/entry/15-of-last-25-months-the-us-treasury-had-to-borrow-for-social-security-payments/