This is what the District of Criminals is trying to eliminate, the calling in of all the monies stolen from Social Security, due and payable to the investors in Social Security; the working class. Should the fund actually ever incur a shortage, the Social Security Administration could lawfully force the federal government to borrow money to cover the theft and to restore the 2.7 trillion stolen so far from the fund.
According to Obama, he could not guarantee that Social Security checks would go out on time if an agreement was not reached on raising the debt ceiling. Really? And just what does Social Security have to do with the unfettered and mindless spending that goes on in the District of Criminals, sanctioned by one president after another? From the CBO graph above, you can see that 40% of all receipts in the federal government come from our FICA investments. They have re-designated our investments as “receipts”, as revenue for their use.
What will never be admitted by the District of Criminals is that if the federal government stopped seizing the surplus today, the fund would remain solvent. The projections thrown out continually of just when the fund will run short are all premised on the continued theft of the surplus from invested workers.
The fact is that Social Security has nothing whatsoever to do with raising the debt ceiling unless of course you take into account the fact that 19.5% of the money owed by the federal government, is owed to Social Security as a result of decades of theft from that fund. This is an intra-governmental debt; a nice way of saying we continue to steal money from the investments in Social Security to pay for lots of other crap that benefit, us and our friends. The intra-governmental debt is accrued when money is stolen from one designated fund and used for anything and everything else. It is not money borrowed externally from countries like China and it is not money borrowed from the Federal Reserve. It is money collected as an investment for retirement that was seized and redistributed by the government to other government entities, agencies and programs to cover the loss of revenues generated and accrued after successive tax cuts for the upper 3% and corporations.
Retiree’s were held for ransom and dangled in front of the public as bait, but not one of those haggling over this confessed to the fact that Social Security continues to produce an annual surplus which is immediately seized by the federal treasury (IMF) and used for other purposes.
As noted here: Since the Greenspan Commission in the early 1980s, Social Security has cumulatively collected far more in payroll taxes dedicated to the program than it has paid out to recipients—nearly $2.4 trillion by 2008. This annual surplus is credited to Social Security trust funds that hold special non-marketable Treasury securities, and this surplus amount is commonly referred to as the “Social Security Trust Fund“. The proceeds are paid into the U.S. Treasury where they may be used for other government purposes.” More