Social Security

An example of how politics and Social Security work

Ann Nelson The ONLY reason there is any kind of problem with SS is because you nasty Republicans stole funds from it which you have never returned to it. You Republicans are liars & robbers.

The above is from the Social Security Works Facebook page a decidedly not nonpartisan organization. This is only one of many similar posts. Yet, the page sponsor never bothers to correct the misinformation or even tell the truth. 

Nobody, nobody stole Social Security funds. Since Social Security began, the use of tax receipts has been handled the same. They were invested in Treasury Bonds, bonds that today pay $98 billion annually in interest to the trust that allows 100% of earned benefits to be paid. 

All incoming taxes are now used to pay benefits. There is no surplus money left to invest for the future. This has been the case since 2010. 

The ONLY reason there is any problem with SS is because one Congress and one Administration after the other have failed to follow the Trustees urging to address the funding problems and either adjust taxes or the promised benefits. 

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Categories: Social Security

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3 replies »

  1. Well that is another post from someone with no idea of what happened. A brainwashed person who believes every word a Politician says. In fact both parties have stolen the money, mostly democrats because they give away money to any loser who wants it, for a vote.

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    • MD – No one has stolen anything from SS. The government issued special bonds for the money borrowed from the SS trust fund, that have been earning interest for years. There is 2.3 Trillion dollars in the SS trust fund. I wish people would stop saying that the politicians have stolen the money. The thing that is causing the shortage in SS funding is 10,000 boomers are retiring every day for the next 18 years and the SS tax and interest on the bonds will not cover the promised benefits. The SS tax has not been raised since 1990, but the promised benefits keep going up. Does anyone see a problem???

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      • Apparently only the trustees see a problem and have been warning about it for many years. Far too many seniors buy into the “they stole the money” myth most often blaming Reagan and Bush. Watch out when you tell them the truth, they are far happier in their ignorance.

        The solution is easy of course and it’s being parroted endlessly… just tax somebody else.

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