General Discussion
In reply to the discussion: Heads-Up !!! - 'Why Democrats Might Cave On Social Security Cuts' - HuffPo [View all]JDPriestly
(57,936 posts)The Social Security Trust Fund is a huge creditor of the US. Delaying paying the debt owed to Social Security would be a default by another name. The US government would not be meeting its obligation to seniors. That's a default. That money is loaned to the general fund.
The percentages taken out of paychecks was increased in the 1980s under Reagan. The claim then was that mathematically that would cover the increased demand for Social Security payments when the baby boomers retired.
Baby boomers have paid the extra sums INTO the Social Security trust fund all these years. (Yes, the Social Security Trust Fund exists. It was created by statute. It is still in the statute.)
George W. Bush borrowed the money from the Trust Fund rather than raise taxes to fund his wars. Just to make sure we would have the crisis right now, George W. Bush not only did not raise taxes to fund his nasty little wars, but he gave tax breaks to cover up his other economic problems.
And now, the seniors, the most needy and helpless in the country, are to pay for George W. Bush's dirty tricks.
No. We seniors will not accept this default by the government on its obligations to us that lightly. No. Our work, our taxes, our incomes helped make this country great. We brought the country back from the debt and obligations of WWII. We will not allow our government to default on us. No way.
If we stopped importing so much from China and India and Japan and brought the jobs and paychecks home, we would not be in such a financial bind. Stop the free trade. Tax imports and all will be well.