2007-01-12 05:40:47 · 11 answers · asked by duane321 1 in Politics & Government ➔ Law & Ethics
Because there is no "bank account" that holds those funds to be borrowed from or paid back.
The entirety of the money used for Social Security consists of a bunch of filing cabinets filled with Government IOUs. There's not a penny in any savings mechanism you or I would recognize a such.
Social Security is strictly a transfer payment system -- your FICA taxes paid in today's check are immediately sent to soeone who is collecting a Social Security check. In the future, when you and I will collect Social Security, the money in our check will come from the FICA taxes paid by our children. That's where the inoslvency problem comes from -- we're living longer and collecting far more in Social Security than we ever paid into the system, and there will be far fewer workers paying FICA than retired folks collecting SS.
2007-01-12 05:47:02 · answer #1 · answered by Dave_Stark 7 · 2⤊ 0⤋
That is the same question that I have been asking. I can't seem to get a rational answer from anyone. If I were to borrow money from a bank or such, I would HAVE to pay it back. The Congress isn't borrowing the money they are TAKING IT. Shame on them. Hope someone can come up with a way to stop it.
2007-01-12 13:45:01 · answer #2 · answered by Nancy W 3 · 1⤊ 0⤋
oh, i did a paper on this one. not only that, where is the interest that the massive account accumulates? they dont pay it back because they say they cant, and other committees excuse the payments. its the way they do things over there in dc.
2007-01-12 13:46:54 · answer #3 · answered by Buk (Fey) 3 · 2⤊ 0⤋
Crooks never pay back what they steal.
Oh, and their pensions are guaranteed, so they really don't give a crap what happens to social security.
2007-01-12 14:39:57 · answer #4 · answered by Goose&Tonic 6 · 1⤊ 0⤋
Because they are elected, unaccountable, professional thieves.
The 'people' get the type of government they deserve. We should vote to throw all these thieves out on their ears. Sort of follow Thomas Jefferson's thoughts!
2007-01-12 13:44:08 · answer #5 · answered by Anonymous · 2⤊ 2⤋
Becasue thats the way it is. They are congress and have that right granted to them by the government they represent.
2007-01-12 13:48:36 · answer #6 · answered by Goober W 4 · 0⤊ 1⤋
For the same reason they keep voting to give themselves more pay raises and vacations, if you could wouldn't you?
2007-01-12 13:46:42 · answer #7 · answered by huckleberry 3 · 2⤊ 1⤋
you ever heard of the national debt? what do you think that is?
maybe a combo of SSN debt & foreign debt, hmmm?
2007-01-12 13:43:39 · answer #8 · answered by Anonymous · 0⤊ 1⤋
http://www.delta.edu/mkhiatt/surplus_myth.html
2007-01-12 13:53:47 · answer #9 · answered by Anonymous · 1⤊ 0⤋
because we pay it back for them ;_;
2007-01-12 13:49:10 · answer #10 · answered by croato87 5 · 0⤊ 2⤋