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Isn’t Social Security supposed to be completely funded?

By: kowalski (Diary)  |  July 26th, 2011 at 10:38 PM  | 

RESIZE: AAA

I just have a simple question.

One of the things Geithner has done during the past couple of weeks while mentioning “coffers” is to insinuate that the United States Government can’t be “guaranteed” to have enough money to fund next month’s issuance of Social Security checks.

Does that money really exist there?  If not, where did that money go?

If Geithner and Obama’s threat not to pay the benefits is to be taken seriously, the first question everyone should be asking is:  “What happened to all that money?  I thought it would be there no matter what?”  Unless I’m reading these two guys wrong, they’re saying it just doesn’t even exist!

COMMENTS

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  • kowalski

    Is that there’s actually NO MONEY THERE. That would go a long way to explaining why we have to raise the debt ceiling to pay for the issuance of Social Security checks. Undoubtedly it would be horrible for the government of the United States to have to admit that there’s really nothing but moth eggs and dust bunnies in Social Security, but the more I look at it, the more I think Geithner is trying his best to prevent people from coming to that conclusion.

  • JSobieski

    That money is outside the debt ceiling framework (which is statutory). So the SS can (and in fact must) sell t-bills for cash if they can’t make a payment.

    Rush went through this today.

    • kowalski

      Regardless of whether the debt ceiling is raised or not, the Federal Government has the money to pay Social Security benefits and it MUST do so. No problem with the “coffers” in other words. The “coffers” are all Tim Geithner’s coffers.

      • JSobieski

        The SS Trustees have jobs analogous to folks working for the Federal Reserve—Timmy can’t order them around.

        • kowalski

          I think it’s time someone told the AARP. Because Holy Moses has Obama got the check recipients freaked out. Obama should, at this point, do it as a public service just to prevent the untimely deaths by heart attack.

          • rightwingmom52

            …

  • chbroussard

    It’s hidden away in Al Gore’s lockbox.

  • JSobieski

    http://strengthensocialsecurity.org/media/blog/2011/disentangling-social-security-from-the-debt-ceiling

  • lastgopinillinois

    both have bills they want to pass this week which will prioritize social security, military salaries, and debt payments equally and above all else so that Obama and the Democomms wont be able to scare these groups into thinking they might not be paid if the debt ceiling isnt raised on time.

    It is a political bill aimed at the liberals attempt to blame Republicans for the debt ceiling crisis.