General Discussion

CrispyQ

(41,162 posts)

39. If Congress thinks SS is in such dire straights, then why don't they pay it back?

Thu Dec 19, 2013, 10:58 AM

Dec 2013

Pay Back the Money Borrowed From Social Security

http://www.huffingtonpost.com/sen-don-riegle/post_1901_b_845106.html

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

Foreign Holders of Debt
11.7 % -- Oil Exporting Countries
9.5 % -- China and Hong Kong
6.3 % -- Japan
1.4 % -- United Kingdom
1.3 % -- Brazil
1.6 % -- All other foreign countries

We constantly hear about how much we owe China, but we owe the SS fund way more! They're looting the fund & don't want to pay it back.

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Raise the Social Security cap - over $173,000 per year [View all] Aerows Dec 2013 OP

NO CAP!!!! n/t Betsy Ross Dec 2013 #1

Even better Aerows Dec 2013 #2

+1! Incitatus Dec 2013 #6

+a whole lot..... daleanime Dec 2013 #27

I know I sound like a broken record Aerows Dec 2013 #3

What good does that do? joeglow3 Dec 2013 #4

Oh my Aerows Dec 2013 #5

And your response explains everything. joeglow3 Dec 2013 #7

As does yours n/t Aerows Dec 2013 #8

Facts can be pesky, huh? joeglow3 Dec 2013 #11

Clearly I hate discussions Aerows Dec 2013 #13

A maximum benefit that is based on earnings joeglow3 Dec 2013 #14

If they can rewrite the law to remove the cap on income subject to the OASDI tax Mariana Dec 2013 #19

And now you turned social security into a welfare program. joeglow3 Dec 2013 #20

........ daleanime Dec 2013 #29

Wow. joeglow3 Dec 2013 #30

You think the rate of return is equal now? The more you put in the more you get but TheKentuckian Dec 2013 #36

There is a maximum benefit Joe tkmorris Dec 2013 #9

Actually, there isn't. joeglow3 Dec 2013 #10

I may be mistaken tkmorris Dec 2013 #32

I loved your last sentence Aerows Dec 2013 #12

There is no cap on benefits, benefits are calculated from earnings FogerRox Dec 2013 #15

After paying for larger benefits, there should be some leftover FogerRox Dec 2013 #16

I'm under the impression that there's a cap on the payout, and that SheilaT Dec 2013 #24

SS payouts are based on your 35 highest earning years joeglow3 Dec 2013 #25

So just raise the cap a whole lot. SheilaT Dec 2013 #34

Perhaps some actual facts are in order. mbperrin Dec 2013 #28

As much as I want/need my SS benefits to increase, raising the cap won't solve the problems with SS. Hoyt Dec 2013 #17

My Social Security contribution has nothing to do with my tax rate. TheKentuckian Dec 2013 #37

If government takes 13% off the top for FICA, that's 13% not available for other things. Hoyt Dec 2013 #38

Again, my tax rate has nothing to do with my Social Security contribution TheKentuckian Dec 2013 #41

But if we needed to increase your income taxes to pay for education, jobs, etc., it wouldn't make Hoyt Dec 2013 #42

Why not just eliminate it outright? 6% and change doesn't impact a person making bluestate10 Dec 2013 #18

It's really twice that 6+%. Right, 13% isn't a big deal for someone making a million, but Hoyt Dec 2013 #21

Maybe there's another way... KennedyBrothers Dec 2013 #22

I really think that is the type thing we need to look at, or combination of that Hoyt Dec 2013 #23

With the extension of the Bush taxcuts for every couple under $450K...? kentuck Dec 2013 #26

Agreed, with the caveat of a maximum benefit. ALSO... cap the Mortgage Deduction. cherokeeprogressive Dec 2013 #31

Ummm, there is a cap on the mortgage deduction. SheilaT Dec 2013 #35

no brainer....nt Old and In the Way Dec 2013 #33

If Congress thinks SS is in such dire straights, then why don't they pay it back? CrispyQ Dec 2013 #39

Exactly Aerows Dec 2013 #40