Trillions in Social Security IOUs due

Trillions in Social Security IOUs due

There are 57 comments on the LA Daily News story from Mar 14, 2010, titled Trillions in Social Security IOUs due. In it, LA Daily News reports that:

The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.

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Searchlight

Van Nuys, CA

#1 Mar 14, 2010
How was collected from persons using false social securty numbers and thus never will de due?
Bees Knees

Brea, CA

#2 Mar 14, 2010
Time to bill all the Illegals... Like the IRS does to Americans... PAY UP suckers... plus interest too!

“bamboo forest and an iced tea”

Since: Jul 08

Location hidden

#3 Mar 14, 2010
now i know where bernie madoff got his idea from,, LOL !!!
DRW

Winchester, CA

#4 Mar 14, 2010
It goes again to prove that politicians are not to be trusted. They grab money whereever they find it and let someone else deal with it when they are out of office and the cash register had been cleaned out. Poor things, they just can't control themselves. Their promises mean nothing.
non political

San Bernardino, CA

#5 Mar 14, 2010
In my world thats called embezzlement. They should all get jail time. You and I would,,,,,,
Tony

Bradenton, FL

#6 Mar 14, 2010
Anyone that thinks money is going to be sitting in an account and used only for the purpose of the account is delusional.

Why are Americans so friggin stupid when it comes to politicians.
Richard

Fullerton, CA

#7 Mar 14, 2010
Social security is a Ponzi scheme of the first
magnitude. The original retirement age had people
paying for decades only to die, on average, after
getting paid back for a couple of years.

Problem is, they really have not adjusted the
retirement age to allow them to continue to raid
the cookie jar of its "surplus".

And, of course, they expanded the concepts with
medicaid and so forth . Not to mention the
retirement programs of government works are not
tied to social security. Oh no, they have their
own plans that are far more independent. "They"
understood it was an easy way for them to milk
the taxpayers to fund "their" lifestyles.

Cut off "their" retirements plans and tie then to
social security and maybe, just maybe, it will be
properly funded, but I won't hold my breathe in
either case.
Maxc

Garden Grove, CA

#8 Mar 14, 2010
Bees Knees wrote:
Time to bill all the Illegals... Like the IRS does to Americans... PAY UP suckers... plus interest too!
Yes, bill the illegals, because they cause TRILLIONS in debt right? Oh wait, that's not true. Get off FOX News, it's political BS to keep idiots like you heated over the immigration issue. Speaking of which, where is Lou Dobbs nowadays? The immigration issue lost its steam and with it, Lou Dobbs' ratings. "Pursuing other opportunities" My A$$!! haha

Anyway, illegals pay into the social security fund and most will never see a dime. How about medicare you might ask? Well that's part of employee expenses (FICA) which are deducted when they are paid. So yes, they use up emergency services at hospitals and get free health care, but they do pay for it.

"PAY UP suckers" ??

By your logic, aren't American citizens the suckers in your portrayal of the story? I'm just sayin'...
Richard

Fullerton, CA

#9 Mar 14, 2010
Actually, Maxc, there have been cases where the
illegals do indeed contribute to SS, but a third
party, like a relative of the person who smuggled
them in, receives the payments.

But the do indeed consume far more resources than
they pay for via taxes. Take a family of say 4.
Assume both parents work and pay taxes. Their
children cost more to school than the amount of taxes they pay in. This is especially true in
that they often pay SS (federal taxes) but not
local income taxes.

Simple math. The importation of poor people
benefits a portion of society, but not the public
at large.
cjh

Fullerton, CA

#10 Mar 14, 2010
Proof that it's not SSI that was the problem, but greedy politicians that can't keep their hands off our money. Could this be the reason for Bush wanting to privatize retirement? This has nothing to do with illegals. It has everything to do with politicians that are out of touch with the people they represent and don't know how to live within their means. Illegals are too busy raping the rest of our system.
cjh

Fullerton, CA

#11 Mar 14, 2010
Correction, SSI WAS NOT the problem
Maxc

Garden Grove, CA

#12 Mar 14, 2010
Richard wrote:
Actually, Maxc, there have been cases where the
illegals do indeed contribute to SS, but a third
party, like a relative of the person who smuggled
them in, receives the payments.
But the do indeed consume far more resources than
they pay for via taxes. Take a family of say 4.
Assume both parents work and pay taxes. Their
children cost more to school than the amount of taxes they pay in. This is especially true in
that they often pay SS (federal taxes) but not
local income taxes.
Simple math. The importation of poor people
benefits a portion of society, but not the public
at large.
Look I'm not going to pretend like there is a net gain (financially) from illegal immigrants. My point was directed more at the fact that illegals do not cause trillions in debt to the US. It that were the case, the US and its citizens would surely fix the issue.

Although there is a deficit incurred by the illegal immigrant population, taking them out of the picture would decrease US GDP immensely, lets face it, account for large portion of purchasing power. It would be devastating blow to the US economy, especially during these last couple years of low consumption and investment.

Generally speaking, with a little tweaking involved, economies fix themselves. Case and point, huge numbers of illegal immigrants are returning to their home countries because they literally have no place to work. You don't need mass deportation to return to the normal unemployment rate, which usually hovers around 5%.
Maxc

Garden Grove, CA

#13 Mar 14, 2010
Sorry for the grammar errors (and missing words) in the above comment...studying for finals...
FedUp

Los Angeles, CA

#14 Mar 15, 2010
Well heck, let's start another war so we can deplete our reservers even more....oh ya, we have no reserves, 14 trillion dollars in debt and counting.
Maybe Palin will now be in favor of "death panels" so we can get rid of the really old people who are taxing the system and have used way more benfits than they ever paid for.
old guy

Van Nuys, CA

#15 Mar 15, 2010
No wonder Washington DC is in trouble the GENERAL FUND stricks again..borrow borrow borrow from everyone...go back to each dept having it's on fund and when the money is gone TUFF ! learn to live on a budget "WE DO" ...no some people do ...
old guy

Van Nuys, CA

#16 Mar 15, 2010
Maxc wrote:
<quoted text>
Yes, bill the illegals, because they cause TRILLIONS in debt right? Oh wait, that's not true. Get off FOX News, it's political BS to keep idiots like you heated over the immigration issue. Speaking of which, where is Lou Dobbs nowadays? The immigration issue lost its steam and with it, Lou Dobbs' ratings. "Pursuing other opportunities" My ****!! haha
Anyway, illegals pay into the social security fund and most will never see a dime. How about medicare you might ask? Well that's part of employee expenses (FICA) which are deducted when they are paid. So yes, they use up emergency services at hospitals and get free health care, but they do pay for it.
"PAY UP suckers" ??
By your logic, aren't American citizens the suckers in your portrayal of the story? I'm just sayin'...
WHERE DID you get this BS ? what about their free health care at the emergency room that cost the most ? and the ones that get SS and have never paid in not one dime ? and illegals are only asked to pay taxes so you think they will ? No they won't...they get a pin number from the IRS to pay taxes on a job they are not suppose to have ??? and the co's can pay them under the table .....

“All power to the people.”

Since: Mar 07

San Diego, CA

#17 Mar 15, 2010
cjh wrote:
Proof that it's not SSI that was the problem, but greedy politicians that can't keep their hands off our money. Could this be the reason for Bush wanting to privatize retirement? This has nothing to do with illegals. It has everything to do with politicians that are out of touch with the people they represent and don't know how to live within their means. Illegals are too busy raping the rest of our system.
SSI was never the problem as you said. There was no reason for bush to try to scare us into privatizing it except to cover up the IOU situation.
Valley Cynic

North Hollywood, CA

#18 Mar 15, 2010
It will be unfortunate if the geezers lose because D.C. is so stupid they don't understand the meaning of "trust fund." It's money that can't be touched.

We've put our money into Social Security in good faith that it will be there when we retire, which they can easily do by taking a billion from the Pentagon on weapons that are useless and other useless programs...like paying farmers not to grow things.

“All power to the people.”

Since: Mar 07

San Diego, CA

#19 Mar 15, 2010
Valley Cynic wrote:
It will be unfortunate if the geezers lose because D.C. is so stupid they don't understand the meaning of "trust fund." It's money that can't be touched.
We've put our money into Social Security in good faith that it will be there when we retire, which they can easily do by taking a billion from the Pentagon on weapons that are useless and other useless programs...like paying farmers not to grow things.
The sad part is when Al Gore spoke about a lockbox, to take the SS surplus and lock it away from being used, he was ridiculed.
Sanity Now

Surfside, CA

#20 Mar 15, 2010
Both Dem and Repub pols make Madoff look like Mother Teresa.

No INCUMBENTS. None. It is the only sane choice at this dismal point.

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