General Discussion

Faryn Balyncd

(5,125 posts)

31. You are correct. Forbes wants everyone to think the theft is a fait accompli, when in reality...

Thu Dec 27, 2012, 05:06 PM

Dec 2012

...it is a loan, invested in Treasury securities, as originally planned, and as required by law.

These $2.7 trillion in Treasury securities are OWED to the SS TRust Fund, just as the remainder of the $16 trillion in national debt financed by Treasury securities is owed to other investors, including Chinese and other foreign bond-holders, institutional investors, individual investors, etc.

Nobody is talking about the $13 trillion owed to anyone other than the SS Trust Fund as having been permanently stolen.

It will only be permanently stolen if politicians decide to not honor the bonds held by the SS TRust Fund (ie, cut SS benefits rather than allow the Trust Fund to utiliz the Treasury bonds to pay benefits as intended.

Forbes is in reality advocating the permanent theft of Trust Fund assets by mis-representing it as something that has already occurred.

He is advocating a SELECTIVE DEFAULT on bonds held by the SS Trust Fund, and not on the other $13 trillion owed to other bondholders.

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WOW - Steve Forbes right now on CSPAN - THEY HAVE LOOTED THE SOC SEC FUND! [View all] SugarShack Dec 2012 OP

actually that's not true is it.. the private sector has done that Schema Thing Dec 2012 #1

Yep, and the only stripes they are wearing are pinstripes. JHB Dec 2012 #5

Exactly. HereSince1628 Dec 2012 #27

Here in the SF Bay Area adieu Dec 2012 #40

They seem to forget to what happens to a ruling class that put themselves above the law. alfredo Dec 2012 #57

Hostess cakes (NT) The Wizard Dec 2012 #42

And yet Al Gore was mocked for using the term "lockbox" arcane1 Dec 2012 #2

Yep. Was thinking the same thing... TDale313 Dec 2012 #12

Yup, he was ridiculed by the Republicans. ErikJ Dec 2012 #29

as he deserved. the 'lockbox' was a misleading concept; it actually helped make the public stupider HiPointDem Dec 2012 #54

I thought the looting happened earlier ... ReasonableToo Dec 2012 #76

Classic RW meme that leads to cutting Soc Sec benefits. Mass Dec 2012 #3

+1 G_j Dec 2012 #4

+1 HiPointDem Dec 2012 #46

Clearly, there's a desperation for heroes. ProSense Dec 2012 #6

The gleaners are making their internet rounds. It's all about "body" count at this point. nt patrice Dec 2012 #35

Steve Forbes is an enemy of Social Security Enrique Dec 2012 #7

explain your "WOW" Enrique Dec 2012 #8

Steve Forbes is an idle rich Third-base baby who widens moats and burns the bridges. HughBeaumont Dec 2012 #9

Back slowly away from the Steve Forbes... cthulu2016 Dec 2012 #10

serously, the eyes on that guy disturb me... CTyankee Dec 2012 #22

kinda like mitch mcconnell, imo eShirl Dec 2012 #24

There used to be a congressman from NYC who had those eyes. They never blinked... CTyankee Dec 2012 #28

true, there's no "there" there wordpix Dec 2012 #51

You actually believe that lying sack of shit? tjwash Dec 2012 #11

The Social Security Trust Fund is *invested* in special US Treasuries.... TheProgressive Dec 2012 #13

THIS is why "Social Security is on the table" Skittles Dec 2012 #14

They have looted foreign treasuries also... kentuck Dec 2012 #15

If the money hadn't been spent, we could have a 2 Trillion dollar sovereign wealth fund Taitertots Dec 2012 #16

By law, SS must invest the surplus... TheProgressive Dec 2012 #18

They're NOT all US Treasuries customerserviceguy Dec 2012 #63

So what's your issue? They are invested in US backed investment instruments... TheProgressive Dec 2012 #64

There are negotiable and non-negotiable instruments customerserviceguy Dec 2012 #65

The SS Trust Fund earned $114 Billion in interest last year... TheProgressive Dec 2012 #66

Who cuts the check for the interest payments? Elmergantry Dec 2012 #69

What about all those Treasuries and Bonds owed to Countries and TheProgressive Dec 2012 #71

Well the US better make good on them. Elmergantry Dec 2012 #73

Investors are not getting nervous... TheProgressive Dec 2012 #74

Hope your right. NT. Elmergantry Dec 2012 #75

Please remember that steve forbes is a lying sack of shit. russspeakeasy Dec 2012 #17

That works for me :) nt abelenkpe Dec 2012 #20

"If the private sector did this with the people's pension funds, they'd be wearing stipes!" abelenkpe Dec 2012 #19

He's now preaching his Flat Tax and Deregulation propaganda. ErikJ Dec 2012 #21

The only time anyone should listen to Steve Forbes reflection Dec 2012 #23

"looted the soc sec fund". They keep saying that and it's not true. pa28 Dec 2012 #25

You are correct. Forbes wants everyone to think the theft is a fait accompli, when in reality... Faryn Balyncd Dec 2012 #31

If the Treasury notes that are there to replace the SS funds the government borrowed are no good? kentuck Dec 2012 #32

True! Elmergantry Dec 2012 #72

I don't usually agree with Forbes but he's right. A Simple Game Dec 2012 #26

They will pay it back...by issuing more TBills Elmergantry Dec 2012 #30

It is a bit more bizzarre than that quaker bill Dec 2012 #33

Yep, its my understandin that the biggest purchaser of Tbills Elmergantry Dec 2012 #70

It is indeed a very big cat and a very small bag. n/t A Simple Game Dec 2012 #62

??? FACT: The private sector DID do that AND MORE to people's pension funds. Steve Forbes???? patrice Dec 2012 #34

Nobody has EVER 'raided' the soc sec fund. iamthebandfanman Dec 2012 #36

Screw raising the payroll tax! Remove the income withholding ceiling. xtraxritical Dec 2012 #55

that off-budget/on-budget, johnson did it stuff is an irrelevant red herring. HiPointDem Dec 2012 #61

Have to respectfully disagree... Elmergantry Dec 2012 #68

The private sector has done this with people's pension funds adieu Dec 2012 #37

Steve Forbes, enough said. duffyduff Dec 2012 #38

As long as we can tax the rich we can lovuian Dec 2012 #39

His aim is to eliminate Social Security. So I"m not interested in any of his opinions. n/t pnwmom Dec 2012 #41

Bullshit. They have looted the future of the USA with War Debts. Coyotl Dec 2012 #43

Steve Forbes is a winger who wants to cut social security. They have *not* 'looted' the TF, HiPointDem Dec 2012 #44

Damn, you may just be right on this, HiPoint. AverageJoe90 Dec 2012 #50

yes, i'm right on this. HiPointDem Dec 2012 #53

In his wildest dreams TexasProgresive Dec 2012 #45

Stevie's concern for the little people is touching. Like getting a BD card from Stalin. n/t jtuck004 Dec 2012 #47

This message was self-deleted by its author AverageJoe90 Dec 2012 #48

Just another GOP tactical maneuver - try to make government look like the bad guys melody Dec 2012 #49

Not true. The SS Fund is holding US Treasuries. As long as there's a USA they will be honored. Zen Democrat Dec 2012 #52

+1 FreeBC Dec 2012 #59

Steve Forbes is, in no particular order: Warren Stupidity Dec 2012 #56

SS is all that's left BobbyBoring Dec 2012 #58

No, no they wouldn't be wearing stripes shintao Dec 2012 #60

Steve Forbes? I'm going to need a courtesy flush... progressoid Dec 2012 #67

Steve Forbes is why we need serious and punitive death duties. aquart Dec 2012 #77

who are "they" ? madrchsod Dec 2012 #78

Forbes is an idiot Gothmog Dec 2012 #79