Just a Brief reminder: These are not "borrowers" you've been looking for ...
FOR SOUTH CAROLINA’S 6th DISTRICT AND ALL OF AMERICA (pdf)
Social Security, Medicare and Medicaid Work
October 2011 -- Strengthen Social Security -- Don't Cut it.
[pg 1]
In fact, Social Security never has and never will contribute to federal budget deficits because, by law, it does not have borrowing authority.[2]
[pg 2]
Social Security has a $2.7 trillion surplus today, which is projected to grow to $3.7 trillion by 2022.[12] And Social Security does not, and, by law, cannot add a penny to the federal deficit.[13] Therefore, it should not even be under consideration by the Supercommittee.
Short Intermission. Go get a snack or a refreshing beverage ... before the next technical slog.
[pg 9]
ENDNOTES
2) Social Security does not contribute to the deficit, because benefits can only be paid from revenue collected by the Social Security trust funds -- the Old-Age and Survivors Insurance (OASI) trust fund and Disability Insurance (DI) trust fund -- which are completely separate from the general budget. Social Security Trustees, Table II.B1 in 2011 Trustees’ Report, May 13, 2011, p.5. www.ssa.gov/oact/TR/2011/tr2011.pdf.
The trust funds do not have borrowing authority, and therefore, cannot deficit-spend. In the event that trust fund revenues fall short of what is needed to pay 100 percent of benefits, then, by law, benefits could not be paid in full and on time. That is why, if Congress does nothing to shore up the program’s finances by 2036, Social Security will only have sufficient revenue to pay three-quarters of scheduled benefits until 2085. Security Trustees, 2011 Trustees’ Report, May 13, 2011, p. 9. www.ssa.gov/oact/TR/2011/tr2011.pdf.
This modest funding shortfall is often cited as evidence that the program is financially unsustainable, or “in deficit.” In fact, it is just the opposite: it attests to Social Security’s self-sustaining funding structure that bars it from deficit-spending or borrowing from the general budget in any way.
13) See end note 2.
But in our 24/7 Ping-pong Media tournaments --
Who's got time for Footnotes?
Geeky fine-print translates into a smaller audience -- don't you know?
Glassy-eyed looks spells death in this domain. Must.not.discuss. Not now. Not ever.
.
.
.
Hmmm? "Social Security will NEVER contribute to Federal Budget Debts -- by LAW."
Who knew?
Who needs to know how consumer price-indexing really works anyways -- certainly not those being quietly downshifted into evermore inadequate zones of poverty.
Alliance for Retired Americans Blog -- 10/26/2011
This morning she said, “I’m one of the people who relies on Social Security to take care of myself. … Without Social Security, I would probably be homeless.”
[...]
A new report came out yesterday outlining the importance of Social Security, Medicare, and Medicaid to residents in South Carolina’s 6th District and for the state’s economy.
Turns out, these three programs provide benefits to 1 out of every 5 residents and contribute $4.2 billion per year to South Carolina's 6th district economy alone.
[...]
Without Social Security, the elderly poverty rate in South Carolina would increase from 1 out of 9 (11 percent) to half of all (50.7 percent) residents.
Like it or not, Social Security is a vital part of the Economy.
We've FUNDED it to be just that --
a lifeline against elderly poverty. That's what OUR lifetime of FICA Payroll deductions
PAY for.
ie. the exact opposite of a Federal Debt, by the way.
FOR SOUTH CAROLINA’S 6th DISTRICT AND ALL OF AMERICA (pdf)
Social Security, Medicare and Medicaid Work
October 2011 -- Strengthen Social Security -- Don't Cut it.
[pg 8]
Conclusion
Social Security, Medicare and Medicaid represent the best of America’s values, including caring for aging parents and neighbors. If the Supercommittee and Congress cut Social Security, Medicare, or Medicaid they would not be representing those whom they have been elected to serve. Poll after poll has shown that Americans overwhelmingly support these programs and do not want to see them cut. Moreover, cutting them would be weakening the economic security of all Americans. While that would be bad policy anytime, it would be disastrous in this time of widespread economic loss.
Just a Brief reminder:
These are not the Free-loaders and Moochers you're looking for ...
THEY hide their Society Sapping, parasite-tricks of the trade elsewhere. Beyond the shores of those not-so-pesky IRS inspectors.