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Mr Copper

Posted by goldielocks @ 17:07 on February 28, 2016  

WHERE’S the plan to pay back what they borrowed?!?!?! Yes even Armstrong mentions that here which is behind the outsourcing. It doesn’t negate the fact like everything else from these play it by ear hand to mouth clueless politicians faking the fact that they know what their doing have been mismanaging and stealing ” borrowing” from SS as well. WHERE WAS THE PLAN TO PAY BACK WHAT WAS BORROWED AND WITH INTEREST??!!?? With no plan to pay it back its THEFT then have the audacity to say it’s going broke. GDP declines with Gov expansion. Armstrong The OECD has done studies but nobody ever pays attention. Any way you cut it, the larger the share of the economy consumed by the government, the lower the economic growth. So the sublime fool never looks at the data and simply regurgitates the same socialist propaganda into infinity. They live in a state of total denial simply because the core of their position is sheer material jealousy. They justify robbing other people because they lack the wealth they wish they had. It is just a question of greed. https://www.armstrongeconomics.com/armstrongeconomics101/basic-concepts/gdp-declines-when-govt-grows-this-is-basic-common-sense/ Regan: Instead of being a proud day for America, April 20, 1983, has become a day of shame. The Social Security Amendments of 1983 laid the foundation for 30-years of federal embezzlement of Social Security money in order to use the money to pay for wars, tax cuts and other government programs. The payroll tax hike of 1983 generated a total of $2.7 trillion in surplus Social Security revenue. This surplus revenue was supposed to be saved and invested in marketable U.S. Treasury bonds that would be held in the trust fund until the baby boomers began to retire in about 2010. But not one dime of that money went to Social Security. The 1983 legislation was sold to the public, and to the Congress, as a long-term fix for Social Security. The payroll tax hike was designed to generate large Social Security surpluses for 30 years, which would be set aside to cover the increased cost of paying benefits when the boomers retired. Let’s have a look at the events leading up to this proposal. Reagan and the government had big financial problems. Supply-side economics was not working like Reagan had promised. Instead of the lower tax rates generating more revenue as the supply-siders claimed would happen, there was a dramatic drop in revenue. Something had to be done, so Ronald Reagan set for himself a new mission. He would have to figure out a way to get the additional revenue he needed from another source. The mechanism, which allowed the government to transfer $2.7 trillion from the Social Security fund to the general fund over a 30-year period, was the brainchild of President Ronald Reagan and his advisers, especially Alan Greenspan. Greenspan played a key role in convincing Congress and the public to support a hike in the payroll tax. A few years later, Reagan appointed Greenspan to become Chairman of the Federal Reserve System. Since Greenspan’s new job was one of the most coveted positions in Washington, many observers have wondered whether or not this appointment represented, at least in part, payback for the role Greenspan had played in making vast sums of new revenue available to the government. more http://www.fedsmith.com/2013/10/11/ronald-reagan-and-the-great-social-security-heist/#sthash.WJ9lXwjo.dpuf

 

George Bush SPENT EVERY DIME OF SS surplus! Did George W. Bush ‘borrow’ from Social Security to fund the war in Iraq and tax cuts? By Linda Qiu on Monday, August 3rd, 2015 at 1:27 p.m. Evoke George W. Bush, his income tax cuts and the war in Iraq, and you’re sure to arouse some liberal ire. Suggest that Bush financed those projects by plundering Social Security’s retirement coffers, and you’ve got yourself a popular meme. “Next time a Republican tells you that ‘Social Security is broke,’ remind them that Pres. Bush ‘borrowed’ $1.37 trillion of Social Security surplus revenue to pay for his tax cuts for the rich and his war in Iraq and never paid it back,” reads one version of the meme, which appeared on the Facebook pages of Occupy Democrats and Americans Against the Republican Party. A number of readers asked us to check out the claim, so we decided to take a look. The meme seems to extrapolate a point made in a 2009 newsletter post by Allen W. Smith, a professor of economics emeritus from Eastern Illinois University. “Bush spent every dime of Social Security surplus revenue that came in during his presidency. He used it to fund his big tax cuts for the rich, and much of it was spent on wars,” Smith wrote. The meme’s claim and Smith’s argument circle back to how Social Security funds are managed. Experts say words like “borrow” and “raid” don’t really capture how the system works. Bonds, ‘borrowing,’ and Bush For about 50 years, Social Security was a “pay-as-you-go” system, meaning annual payroll taxes pretty much covered that year’s benefits checks. Then in 1982, President Ronald Reagan enacted a payroll tax hike to prepare for the impending surge of retiring baby boomers, and a surplus began to build. By law, the U.S. Treasury is required to take the surplus and, in exchange, issue interest-accruing bonds to the Social Security trust funds. The Treasury, meanwhile, uses the cash to fund government expenses, though it has to repay the bonds whenever the Social Security commissioner wants to redeem them. More http://www.politifact.com/truth-o-meter/statements/2015/aug/03/facebook-posts/did-george-w-bush-borrow-social-security-fund-war-/

 

One sticking point for conservatives in the latest budget deal is that it effectively robs money from an already ailing Social Security to make up for shortages in an all-but-broke and failing Disability Insurance program. The problem begins here, as pointed out by Gail Buckner at Fox Business in July of this year. Fast-forward to today and Congress is doing precisely what it has done in the past: using accounting gimmicks to transfer dollars without solving, in the case, the real problems behind disability funding. Instead of doing its job and being financially responsible, presumably, some later generation will be left holding that bag. Disability Fund is Hurting The Trustees did not change their outlook for the Social Security fund that pays Disability Insurance benefits, which has been on life support for years. The DI Trust Fund will run out of money sometime next year. Given the fact that this would result in an immediate 20% cut in benefits, this is one aspect of the report that might actually spur Congress to act. Oh they acted all right, unfortunately, the same way as they have in the past. None-the less, when this situation has arisen in the past, Congress simply ordered the Social Security Administration to shift money out of the Retirement Trust Fund and into the Disability fund. That above is precisely what Congress and the White House are about to do again, as Daniel Horowitz notes at Conservative Review: Now, with the DI program expected to face a 19% shortfall next year, Obama and Republicans plan to “borrow” the needed funds from the main Social Security program to make up for the shortfall. After all, the old-age benefits trust fund will only face insolvency in 2033 so there is time to kick the can down the road. I guess they figure that once we are diverting $141 billion from the original purpose of the program, why not throw in an extra $30 billion? Who will be harmed most by these policies? As Mark Levin noted in his book, Plunder and Deceit (p.44), “the rising generation and generations unborn are harmed most by these practices, particularly with massive generational transfer payments and debt accumulation.” Additional information on this precise problem with the latest D.C. backroom deal that fails to resolve genuine problems facing America, merely kicking the can down the road so Congress and Obama can go play golf on the taxpayer’s dime, can be found here via The Daily Signal. Budget Deal Kicks the Can on Disability Insurance, Robs $150 Billion from Social Security More http://www.breitbart.com/big-government/2015/10/27/budget-deal-robs-social-security-pay-disability/

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.