Social Security Issues

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Morpheus's picture
Morpheus
Status: Diamond Member (Offline)
Joined: Dec 27 2008
Posts: 1200
Social Security Issues

Does anyone have any links to information on the status of Social Security. Chris noted a few weeks ago that more people than expected are entering into early retirement due to the lousy economy. Where can I get the facts on SS inflows, outlays, number of recipients, and particularly (I'd really appreciate help on this) HARD PROOF that there are ZERO assets in the trust fund? Any government links or well respected sources to confirms this? 

 

I want this because I think a discussion on SS is impt. It's the bulk of our debt and a barometer or how badly the implosion will turn out.

Thanks. So, add your comments please. And those links! LOL

PlicketyCat's picture
PlicketyCat
Status: Platinum Member (Offline)
Joined: Feb 26 2009
Posts: 680
Re: Social Security Issues

Sorry Pete, don't have any links for you. But I can tell you that times must be hard in the SSA Financial World because it took almost two years and 3 appeals for me to get awarded my disability benefits (same vault, different books). I'm not betting the farm on those benefits lasting too awful long though. With the Boomers retiring and the resources already meager, I figure the well is gonna run dry pretty soon.

SamLinder's picture
SamLinder
Status: Diamond Member (Offline)
Joined: Jul 10 2008
Posts: 1499
Re: Social Security Issues
Pete In Florida wrote:

Does anyone have any links to information on the status of Social Security. Chris noted a few weeks ago that more people than expected are entering into early retirement due to the lousy economy. Where can I get the facts on SS inflows, outlays, number of recipients, and particularly (I'd really appreciate help on this) HARD PROOF that there are ZERO assets in the trust fund? Any government links or well respected sources to confirms this? 

 

I want this because I think a discussion on SS is impt. It's the bulk of our debt and a barometer or how badly the implosion will turn out.

Thanks. So, add your comments please. And those links! LOL

Pete,

There is no trust fund. There is simply a file cabinet with a bunch of IOU's from the federal government promising to redeem the IOU's at some time in the future. All social security money is spent by paying out benefits to retirees and other qualified social security recipients. Whatever is left over was supposed to be placed in a trust fund for future beneficiaries. The federal gov't simply took this money and left behind the above mentioned IOU's. It's a national disgrace that few are willing to fess up to.

SamLinder's picture
SamLinder
Status: Diamond Member (Offline)
Joined: Jul 10 2008
Posts: 1499
Re: Social Security Issues

More info on the Social Security scam:

Social Security: There is No Trust Fund, Only IOU's

http://www.capmag.com/article.asp?ID=4190

TNdancer's picture
TNdancer
Status: Silver Member (Offline)
Joined: Aug 20 2008
Posts: 127
Re: Social Security Issues

There is no need to worry about social security "running out".   Sir Alan Greenscam was asked about this year ago, and replied:

 

"We can absolutely guarantee payments"

 

Of course, he also added ".....but not purchasing power"

That last part is what you need to worry about, along with everyone else......for what they intend to do is simply print whatever it takes to make the payments, which will, in turn, make the payment fairly worthless.

The end result of ALL fiat paper currencies is a return to zero value.  Our will be no exception.

 

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