Comments on: How Social Security is Financed http://perotcharts.com/2008/05/how-social-security-is-financed/ Charting Government Fiscal Irresponsibility Tue, 27 Jul 2010 21:36:40 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: 0hio http://perotcharts.com/2008/05/how-social-security-is-financed/comment-page-1/#comment-763 0hio Fri, 12 Sep 2008 06:27:42 +0000 http://perotcharts.com/?p=111#comment-763 1st profound lie: Social Security is largely a pay-as-you-go program. Since its inception it has been a BUILD A GIANT SURPLUS program. Point of order: The payroll tax deduction was first started in 1937. How many dollars were collected the very first year? Try $767 million dollars. $1 million was spent on administration expense so the social security trust fund had $766 million dollars the first year with no monthly benefits to be paid. Can you imagine how much money $767 million dollars was in 1937? The very first year a monthly benefit check was issued was in 1940. Folks the program has been a blessing and a pathetic joke since day one. If you want to learn about this program and your government create a time line. Do some research. Make sure you include the year 1985 WHEN CONGRESS AND Sec. of Treasury BAKER started selling off the marketable US Treasury bonds and replacing them with non-marketable Government Account Series securities. What does that mean? It means YOU have a lot of research to do if you are going to be able to discuss the problems/solutions. It also means you have to research the other 142 trust funds that were treated exactly like social security trust fund. There isn't a social security trust fund crisis. There is a general revenue fund crisis. There is a truth crisis. 1st profound lie: Social Security is largely a pay-as-you-go program. Since its inception it has been a BUILD A GIANT SURPLUS program.

Point of order: The payroll tax deduction was first started in 1937. How many dollars were collected the very first year? Try $767 million dollars. $1 million was spent on administration expense so the social security trust fund had $766 million dollars the first year with no monthly benefits to be paid. Can you imagine how much money $767 million dollars was in 1937?

The very first year a monthly benefit check was issued was in 1940.

Folks the program has been a blessing and a pathetic joke since day one. If you want to learn about this program and your government create a time line. Do some research. Make sure you include the year 1985 WHEN CONGRESS AND Sec. of Treasury BAKER started selling off the marketable US Treasury bonds and replacing them with non-marketable Government Account Series securities.

What does that mean? It means YOU have a lot of research to do if you are going to be able to discuss the problems/solutions.

It also means you have to research the other 142 trust funds that were treated exactly like social security trust fund.

There isn’t a social security trust fund crisis. There is a general revenue fund crisis. There is a truth crisis.

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