Misleading information and uninformed people seem to have control of every segment of the media. That’s unfortunate because it leads to poor judgements, poor solutions and it scares people.
Read this letter to the Editor from one such person. There is no surplus in Social Security and the $2.9 is already invested in Treasury Bonds, the proceeds of which have long ago been used by government just as it uses the proceeds from all Treasury sales. This type of funding has been in effect since Social Security began in the 1930s. And no, it’s not contradictory when I say there is no surplus, but there is a reserve. That’s because the reserve is already committed to provide benefits for the next 18 years and the already created total liability is far greater.
The payroll tax proceeds are designated by law for the SS trust and to casually and ignorantly speculate that they will simply be diverted elsewhere and benefit payments stopped is just stupid.
And about “their” annual deficits! “Their” is us, we Americans who demand more and more from government and don’t ask how it’s going to be paid for or we expect others to pay. There is no “their,” the government is we the people.
House Joint Resolution 2 — Balanced Budget Amendment to the Constitution: “Section 7. Total receipts shall include all receipts of the United States Government except those derived from borrowing. Total outlays shall include all outlays of the United States Government except for those for repayment of debt principal.”
This section allows the government to use all receipts coming in. This includes receipts from FICA taxes (Social Security). It could also be used to take the current $2.9 trillion surplus in the Social Security Trust Fund to pay down the deficit. In other words, they could steal Social Security money to cover their annual deficits. This could cause you to lose your Social Security benefit checks.
Rep. Darin LaHood voted “yes” for this resolution. Does he want the elderly to lose their monthly checks and starve to death? This amendment didn’t get the two-thirds required vote to pass but Congress is actively working to steal your Social Security money. This amendment is one of eight that they have tried to pass lately.
Letter to the Editor
Peoria Journal Star