PLUS COMPOUND INTEREST!
OVER THE YEARS CONGRESSIONAL THIEVES AND THEIR RICH SUPPORTERS HAVE STOLEN OVER 2 TRILLION DOLLARS FROM THE SOCIAL SECURITY’S TRUST SURPLUS AND ARE NOW REDUCING TAXES, CITIZEN, COUNTY AND STATE RESOURCES AND BENEFITS TO HIDE THEIR OWN CRIMES.
BOTTOM-LINE: THEY ARE NOW STEALING FROM THE MIDDLE AND LOWER CLASS CITIZENS(including the elderly, sick, untrained, unemployed, etc.) to protect themselves and their rich supporters, corporations, earmarks, etc. and resisting regulations on wall street, banks, corporations, hospitals, protecting the environment, etc; while leaving the average citizens to scape for themselves. -mackie
…..Social Security currently has a $2.6 trillion surplus which has been building up since the 1983 amendments and is intended to help absorb the retirement of the baby boomers. This surplus is invested in US Treasury securities that are backed by the full faith and credit of the US government. According to the Social Security Trustees 2010 report, Social Security can pay full benefits until 2037, at which time, if nothing were done to strengthen its financing, Social Security would still be able to pay about 78 percent of benefits. This quarter of a century means there is time to strengthen its financing without cutting benefits for future beneficiaries. The American people will insist that Congress do what is needed for the program to pay full benefits and protect these benefits they were promised and have earned..
……….This is what the opponents don’t like. Social Security did not create the economic problem or the budget deficit. Wall Street and other government spending did. But the opponents of Social Security don’t want to pay back all the money that was borrowed from Social Security, including the interest earned. Instead, they want to cut Social Security benefits.
Pay Back Social Security — The Government Has Borrowed More from Social Security than any Other Entity or Foreign Government
Another argument made by Social Security opponents to raise fear about the national debt is how much our government has borrowed from China. They never mention how much our government has borrowed from Social Security. In fact, the government has borrowed more from the Social Security surplus than it has from any other source in the world, including China. As a result, Social Security now “owns” nearly 18 percent of the federal debt, making it the largest single holder of US debt. The government owes almost twice as much to Social Security as it does to China and Hong Kong.
Why aren’t the opponents worried about paying back Social Security — why aren’t they talking about repaying this debt to the American people?
According to the U.S. Treasury Department’s “Monthly Statement of the Public Debt of the United States” (9.30.10), the total debt was $13.562 trillion and was held as follows:
US Holders of Debt
42.1 % — US Individuals and Institutions
17.9 % — Social Security Trust Fund
6.0 % — US Civil Service Retirement Fund
2.1 % — US Military Retirement Fund
42.1 % — US Individuals and Institutions
17.9 % — Social Security Trust Fund
6.0 % — US Civil Service Retirement Fund
2.1 % — US Military Retirement Fund
Foreign Holders of Debt
11.7 % — Oil Exporting Countries
9.5 % — China and Hong Kong
6.3 % — Japan
1.4 % — United Kingdom
11.7 % — Oil Exporting Countries
9.5 % — China and Hong Kong
6.3 % — Japan
1.4 % — United Kingdom
For much more click on http://www.huffingtonpost.com/sen-don-riegle/post_1901_b_845106.html