Is Bush maneuvering to default on the 2+ Trillion National Debt to Social Security?

Question

Is he trying to kill Social Security with the "Investment accounts" scheme to keep from paying it back?
Is that why he says the Debt he has increased from 5.7 Trillion to 10 Trillion "Doesn't matter"?


http://www.usatoday.com/news/washington/2007-12-03-debt_N.htm?csp=34
http://www.treasurydirect.gov/govt/reports/pd/mspd/mspd.htm

Answer 1

well it wont work for the him or anyone....the people will grease up some rope first...F.P

Answer 2

What do investment accounts have to do with the US Treasury Bonds that Social Security owns ?

Even if the idea of individuals being able to invest part of thier Social security was passed.

The Government would still have to pay back the US Treasury Bonds that SS currently owns.

They would have to do that, to continue to cover benefits for those who have already been paying into SS and were not part of the individual investment plan.

Your mixing apples and Oranges,

The two have nothing to do with each other.

And plus, they would have a hard time, passing that plan now.

Since Congress would have to replace the 200 billion in excess SS revenue, that we currently issue US Treasury Bonds for each year.

So Congress would have to either cut spending by 200 billion a year or increase the deficit by 200 billion a year.

Neither which is likely to occur.

Answer 3

Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program He promised:

1.) That participation in the Program would be completely voluntary,

2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program,

3.) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year,

4.) That the money the participants put into the independent "Trust Fund" rather than into the General operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program, and,

5.) That the annuity payments to the retirees would never be taxed as income.

Since many of us have paid into FICA for years and are now receiving a Social Security check every month -- and then finding that we are getting taxed on 85% of the money we paid to the Federal government to "put away" -- you may be interested in the following:

Q: Which Political Party took Social Security from the independent "Trust Fund" and put it into the General fund so that Congress could spend it?

A: It was Lyndon Johnson and the democratic controlled House and Senate.

Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?

A: The Democratic Party.

Q: Which Political Party started taxing Social Security annuities?

A: The Democratic Party, with Al Gore casting the "tie-breaking" deciding vote as President of the Senate, while he was Vice President of the US.

AND MY FAVORITE:

Q: Which Political Party decided to start giving annuity payments to immigrants?

A: That's right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, began to receive Social Security payments! The Democratic Party gave these payments to them, even though they never paid a dime into it!

Then, after doing all this lying and thieving and violating of the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away!

And the worst part about it is uninformed citizens believe it!

Answer 4

Well bush is not a King so he can't just decide to not pay the debt to SS .

And as the Supreme court has said the US government has no legal duty to repay SS if they chose not to. SS taxes are just another form of tax that the government has collected and doesn't have to be re-paid , that's why its called a "trust-fund" We have to trust that they will pay this money to us

Answer 5

investment accounts is the only lifepreserver that can save the system...
you can thank the dems and aarp for killing it.... and your kids and grandkids will be the ones who suffer... as for you and me.. its not gonna affect us

just do the math ... i put 100 month in a mutiual fund .. started it 40 years ago.. gonna get 3800 a month for life.when i hit 65. and leave my kids over 300 grand of whats left when i die,
tell me the 250 or more a month that social sercurity takes will do that...