General Discussion

HiPointDem

(20,729 posts)

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

Thu Dec 27, 2012, 05:53 PM

Dec 2012

but steve wants you to think so, because then people like him won't have to have their *income taxes* raised to pay it back.

This is misleading bullshit.

All excess SS taxes *must,* by the terms of the original SS law, be borrowed into the general fund and spent.

The problem came in 1983, when a BIPARTISAN congress voted to increase SS taxes above the amount needed to support then-current retirees and fund a reasonable cushion. 30 years of ever-increasing surpluses were the result, turning the TF from a 1 year cushion to a 5+ or more year big pot o' money.

The rich don't want to pay it back. That's why steve forbes is spouting this misleading crap -- he is one of the would-be 'looters'.

It's not looted until they decide they won't pay it back. forbes is hoping he can scare you into believing it's already happened.

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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