Is Social Security Really Broke?

[Is Social Security Really Broke? by Pastor Don Swarthout] "To many times we watch a politician on television tell us that Social Security is broke. These politicians do not go on to tell us the reason they say Social Security is broke is because they cannot keep their hands off of it. What I am saying is that our politicians have borrowed money from the general public's Social Security Plan for years.

In fact, they have borrowed more than $2,500,000,000 of tax payers money and replaced it with IOU's, which are now starting to come due. No wonder so many of our politicians are telling us our Social Security Program is broke, they want us to forget their little indiscretions.

This unauthorized "borrowing" has allowed our politicians to continue to spend, spend and spend some more. However, they never mention that they have robbed this money from the citizens' Social Security Account..." Full text: Is Social Security Really Broke

Oopsie. (Ex 20:15, Ec 7:12, Jn 10:10, Amos 8:5, Ge 31:15).

Response to comment [from a Christian]:  "SS is not broke."

Great.   Show me the money.

"It's invested in treasury bills, the safest security on the planet."

That's great--sounds very safe. Let's see it.

"So now your position is that t-bills, the most heavily traded security on the planet (which is currently at record low yields) isn't a safe investment."

My position is:  "show me the money". 

"Is that your financial expertise at work?"

"Show me the money."

"...[T]ell us where should social security put the trillions in cash..."

In boxes for each person who invested.  Let's open them. 

"Oh I get it -- you don't understand anything about basic investing."

Do you work in Washington? :Shimei:

"You actually think the SS administration should keep $2T in cash in vault somewhere."

I think that would be a saver.

Thanks for admitting your ignorance of the topic.

Wh-at?  Does this mean I don't get to see the money.

"I just want to get this straight -- your proposal is that the SSA should take $2-3T in cash and lock it up in a giant vault somewhere, without earning interest..."

I think that would be safer.

"...rather than investing it in a the safest security on the planet?"

I'm goin' with the boxes.

"Is that what you're saying?"

That's correct.

Response to comment [from a Christian]:  "Ponzi scheme..."

Exactly.

Response to comment [from a Catholic]:  "I think that the retirement age should be 55. If there's not enough money in Social Security, then the government should raise taxes to cover the difference."

Why should the retirement age be raised later instead of now?  Those who created the mess should take the hit.  Why should generations to come be burdened by our failed policies?  Those who pay into the system now know that they'll never see their money.  :greedy:  

Charles Krauthammer: It's still an empty lockbox

Is Social Security Really Broke?