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 You Should Know This About Social Security Before You Listen To The 2012 Presidential debates !!!

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Abracadabra
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PostSubject: You Should Know This About Social Security Before You Listen To The 2012 Presidential debates !!!   Tue 13 Sep 2011, 5:31 am

An excellent article ...Misleading the Public: How the Social Security Trust Fund Really Works....from The Heritage Foundation and I point to the following from the article....

According to the Office of Management and Budget under the Clinton Administration in 1999:

The Social Security trust fund balances are available to finance future benefit payments and other trust fund expenditures--but only in a bookkeeping sense. These funds are not set up to be pension funds, like the funds of private pension plans. They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury, that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits or other expenditures.

In short, the Social Security trust fund is really only an accounting mechanism. The trust fund shows how much the government has borrowed from Social Security, but it does not provide any way to finance future benefits. The money to repay the IOUs will have to come from taxes that are being used today to pay for other government programs.



Read the entire article...@...
http://www.heritage.org/research/reports/2004/09/misleading-the-public-how-the-social-security-trust-fund-really-works




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You Should Know This About Social Security Before You Listen To The 2012 Presidential debates !!!

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