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1-Old-Man

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59. Now people will understand that there is no "Trust Fund", and that most of the debt is owed to SS

Tue Oct 15, 2013, 05:45 PM

Oct 2013

When they talk about the national debt, not the deficit but the debt, it should be understood that it is not the Chinese who own most of it, as many a politician would have you believe. Nope. Most of the debt is owed to us by virtue of the fact that every dime that the Social Security Administration takes in is handed over to provide the first funding source for the expenditures of Government an in return gets the bonds that constitute their holding of the public debt. So the first problem here is the myth of the lock-box, the 'trust fund' that no longer exists. Well, if it did exist we would not have even half the level of debt we have today and there would be no question about social security checks going out in November or any other month.

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If we default, when do Social Security checks stop coming? [View all] AmBlue Oct 2013 OP

It has been estimated that on the 23rd of Oct....SS will no longer pay .. MindMover Oct 2013 #1

Wonderful. Blue_In_AK Oct 2013 #66

No SS checks on November 1 nt geek tragedy Oct 2013 #2

That is my understanding also. kentuck Oct 2013 #6

So we will get Oct check just not any after this until they raise debt limit? Liberalynn Oct 2013 #17

Nothing after Thursday is guaranteed. nt geek tragedy Oct 2013 #18

gotcha Liberalynn Oct 2013 #21

Thanks for this info. My parents were asking this very question Butterbean Oct 2013 #55

My check is due tomorrow. RebelOne Oct 2013 #36

My thoughts are with you. I hope this all works out somehow for everyone. Liberalynn Oct 2013 #44

Thanks, and I am hoping it works out by the deadline. n/t RebelOne Oct 2013 #57

According to this... pipi_k Oct 2013 #48

that's shutdown, not default nt geek tragedy Oct 2013 #50

Here is the title pipi_k Oct 2013 #52

From the last page of the article geek tragedy Oct 2013 #53

I posted the same pipi_k Oct 2013 #54

Seniors should be calling their reps - TBF Oct 2013 #3

I live in Georgia and my reps do not give a damn. n/t RebelOne Oct 2013 #37

Doesn't matter if they want to hear it or not. AmBlue Oct 2013 #41

Aren't the lines not being answered due to the shut down? Liberalynn Oct 2013 #45

Assuming default would be on the 17th, the next SS payments aren't due until the 23rd.. PoliticAverse Oct 2013 #4

Thank you for that link. SheilaT Oct 2013 #43

I think Soc Sec will be able to draw on their trust fund to meet October / November payments. pinto Oct 2013 #5

The trust fund is mostly T-bills, IIRC Trekologer Oct 2013 #7

Yeah, that's where the funds are invested. I'm unclear on whether they can be cashed out or not. pinto Oct 2013 #13

can't cash in a bond if there is no cash to pay it with rurallib Oct 2013 #25

What... onyourleft Oct 2013 #46

yep rurallib Oct 2013 #62

Social Security Bonds Sgent Oct 2013 #33

So Soc. Sec. bonds remain in escrow or on hold in the event of a default? pinto Oct 2013 #35

Essenitally Sgent Oct 2013 #37

Thanks. pinto Oct 2013 #47

Existing debt including SS bonds constitutionally guaranteed econoclast Oct 2013 #61

If the Republicans think their ohheckyeah Oct 2013 #8

There are also a lot of minors getting benefits due to deceased or disabled parents. Shame. libdem4life Oct 2013 #9

True that.... ohheckyeah Oct 2013 #11

Thank you! ScreamingMeemie Oct 2013 #49

And Paul Ryan was once one of them - TBF Oct 2013 #56

Oh, I'd forgotten that. Probably got low-interest college loans and grants. So did I, but that's libdem4life Oct 2013 #58

And I will be one of those raising hell. RebelOne Oct 2013 #10

I'll be raising hell... ohheckyeah Oct 2013 #12

I'm Sure The Idiots Of America Don't Even ChiciB1 Oct 2013 #26

major portion of ours also rurallib Oct 2013 #27

there are going to be a lot of people who can't pay their rent G_j Oct 2013 #14

My landlord would understand and cut me some slack if necessary. Buns_of_Fire Oct 2013 #23

yep G_j Oct 2013 #28

Hopefully, seniors will be furious regardless ecstatic Oct 2013 #15

I am furious Liberalynn Oct 2013 #19

I am worried about Medicare will my doctor visits still be covered if we default? Liberalynn Oct 2013 #16

If this comes to pass, the Teabilly Representatives might as well stay in Washington Buns_of_Fire Oct 2013 #20

Mine comes tomorrow. THANK GOD!!! lamp_shade Oct 2013 #22

Ours Is Due Next Wednesday! ChiciB1 Oct 2013 #29

mine is due next Wed too Liberalynn Oct 2013 #30

Well, As I Said, I Can Hold Out ChiciB1 Oct 2013 #63

Totally agree with you that what is going on is SHAMEFUL! Liberalynn Oct 2013 #67

Oy! Not good. I'll cross my fingers for you. lamp_shade Oct 2013 #31

Thank you. Liberalynn Oct 2013 #32

Thanks From Me Too! ChiciB1 Oct 2013 #64

Mine too. And it worries me that it may be the last one for a while. n/t RebelOne Oct 2013 #40

Mine is tomorrow too. ScreamingMeemie Oct 2013 #51

The Tea Pukers won't care if the seniors complain Liberalynn Oct 2013 #24

I dunno abelenkpe Oct 2013 #39

I think you are right about Fox Liberalynn Oct 2013 #42

For my teabagger parents? abelenkpe Oct 2013 #34

Now people will understand that there is no "Trust Fund", and that most of the debt is owed to SS 1-Old-Man Oct 2013 #59

Should be NO default on existing debt econoclast Oct 2013 #60

Looks like I'll be homeless soon. n/t geomon666 Oct 2013 #65