Mike for Ohio
Mike's opponent knowingly voted to bankrupt the SS & HI trust funds, affecting most who plan to retire sometime
Your opponent knowingly voted to bankrupt the SS & HI Trust funds, spending the money on wars, bailouts, and huge tax breaks for rich
(how many baby boomers and children of BBs would vote for him knowing this?)
History and Current Status of Social Security (and health) Trust Funds- another root of the current economic crisis – the stolen future benefits of baby boomer generation used instead for wars, increased military spending, and huge tax cuts to the rich.
1. The Social Security Program was begun in 1939. President Roosevelt promised and intended that the money the participants paid would be put into the independent "Trust Fund," rather than into the General operating fund, and therefore, would only be used to fund the Social Security Retirement program.
2. Over time the trust fund has accumulated huge surpluses (over $4 trillion), intended to cover future costs of retirement of growing numbers of people in the system that have been living longer average lifetimes(1) .
3. This principal has been violated primarily by the Bush II, Bush I, and Reagan administrations, who instead used the surpluses for greatly increased military spending, bailouts of banks and Savings & Loan problems related to lax regulatory policies.
4. The huge surpluses intended for future benefits were converted to IOUs to be paid back by future generations as part of public debt of $10.5 trillion run up by these 3 administrations alone, if possible at all, which would be difficult.
5. Already, on average the first $6000 paid in federal taxes by a family of 4 goes just to cover the national debt. Adding unfunded Medicaid, Social Security, Medicare, and similar obligations for existing individuals, this figure rises to a total of $59.1 trillion, or $516,348 per household.[5] Already these obligations amount to much more than a typical home mortgage for a family of 4.
6. The current president, G.W. Bush explained his view of the trust funds in a state of the union address as follows(3):
“Some in our country think that Social Security is a trust fund -- in other words, there's a pile of money being accumulated. That's just simply not true. The money -- payroll taxes going into the Social Security are spent. They're spent on benefits and they're spent on government programs. There is no trust.” In other words the Bush Administration has spent the over $1 trillion dollars in the social security trust fund that have accumulated during his administration on other things, primarily the wars in Iraq and Afghanistan. The “on paper” surplus of trust funds has been converted to a “government backed obligation” to be funded by a future administration like the national debt.
This does not include the additional approx. $1 trillion currently being debated by Congress. Nor does this include the over $750 billion per year in federal trade deficits, primarily to cover fuel and energy related purchases, which is resulting in devaluation of the dollar and everyone’s economic assets.(2)
Documentation:
(1) http://www.ssa.gov/history/tftable.html
(2) www.flcv.com/natdebtS.html
(3) ^ "Disability Insurance Trust Fund". Social Security Administration (November 9, 2007). Retrieved on 2008-03-28 , http://en.wikipedia.org/wiki/Social_Security_Trust_Fund
(4) http://mwhodges.home.att.net/deficit-trusts.htm
(5) http://en.wikipedia.org/wiki/United_States_public_debt
more detailed version: www.flcv.com/TFhist.html
(how many baby boomers and children of BBs would vote for him knowing this?)
History and Current Status of Social Security (and health) Trust Funds- another root of the current economic crisis – the stolen future benefits of baby boomer generation used instead for wars, increased military spending, and huge tax cuts to the rich.
1. The Social Security Program was begun in 1939. President Roosevelt promised and intended that the money the participants paid would be put into the independent "Trust Fund," rather than into the General operating fund, and therefore, would only be used to fund the Social Security Retirement program.
2. Over time the trust fund has accumulated huge surpluses (over $4 trillion), intended to cover future costs of retirement of growing numbers of people in the system that have been living longer average lifetimes(1) .
3. This principal has been violated primarily by the Bush II, Bush I, and Reagan administrations, who instead used the surpluses for greatly increased military spending, bailouts of banks and Savings & Loan problems related to lax regulatory policies.
4. The huge surpluses intended for future benefits were converted to IOUs to be paid back by future generations as part of public debt of $10.5 trillion run up by these 3 administrations alone, if possible at all, which would be difficult.
5. Already, on average the first $6000 paid in federal taxes by a family of 4 goes just to cover the national debt. Adding unfunded Medicaid, Social Security, Medicare, and similar obligations for existing individuals, this figure rises to a total of $59.1 trillion, or $516,348 per household.[5] Already these obligations amount to much more than a typical home mortgage for a family of 4.
6. The current president, G.W. Bush explained his view of the trust funds in a state of the union address as follows(3):
“Some in our country think that Social Security is a trust fund -- in other words, there's a pile of money being accumulated. That's just simply not true. The money -- payroll taxes going into the Social Security are spent. They're spent on benefits and they're spent on government programs. There is no trust.” In other words the Bush Administration has spent the over $1 trillion dollars in the social security trust fund that have accumulated during his administration on other things, primarily the wars in Iraq and Afghanistan. The “on paper” surplus of trust funds has been converted to a “government backed obligation” to be funded by a future administration like the national debt.
This does not include the additional approx. $1 trillion currently being debated by Congress. Nor does this include the over $750 billion per year in federal trade deficits, primarily to cover fuel and energy related purchases, which is resulting in devaluation of the dollar and everyone’s economic assets.(2)
Documentation:
(1) http://www.ssa.gov/history/tftable.html
(2) www.flcv.com/natdebtS.html
(3) ^ "Disability Insurance Trust Fund". Social Security Administration (November 9, 2007). Retrieved on 2008-03-28 , http://en.wikipedia.org/wiki/Social_Security_Trust_Fund
(4) http://mwhodges.home.att.net/deficit-trusts.htm
(5) http://en.wikipedia.org/wiki/United_States_public_debt
more detailed version: www.flcv.com/TFhist.html
Add a Comment
About
Videos
© 2009 Created by Mike Carroll on Ning. Create a Ning Network!
You need to be a member of Mike For Ohio to add comments!
Join this Ning Network