Isn't that just intergovernmental lending? IOW, the treasury borrowed FROM SS but its not SS itself that is adding to the debt, yet.
Trump's Policies Part 5
- Thread starter Huckleberry
- Start date
As has been explained already, the SS trust fund is self funded and is at a surplus. What that means is to date there have been more payments into the system than taken out. No money has been borrowed by the US Govt to fund SS payments. That surplus is projected to slip into a deficit some time in the 2030's. At that point we'll have to either raise the FICA tax rates, eliminate the earnings maximum (which the tax is based on) for wealthy Americans, raise the retirement age, cut benefits, or borrow money from the general fund. Some combination of these options is the likely scenario.
Not sure this will play well...
www.nbcnews.com
Republican Sen. Joni Ernst defends proposed Medicaid cuts: 'We all are going to die'
Her comment came in response to an attendee who yelled that proposed GOP cuts to Medicaid would cost lives.
I am far from an expert, but I would wager that there are large sums of money that flow between the two states to cover the cost. In other words, if 1,000 Belgians 65-year olds move to the US, I'd bet the Belgian government transfers a lot of money to cover that cost. And the same applies in reverse. If 1,000 Amerians emigrate to Belgium, I'd bet the US pays a sum of money to cover that.
Based on what I've seen in US spending over the years, I'd wager you're only half-right...
The Social Security trust fund is an accounting gimmick. And as for me, this is like saying you’re not putting your RENT on the credit card when you’re in debt and having to put the total amount of the rent on there but it’s food and advance loan for car payment but you’re rigidly saying “but I’m not paying the RENT with this,” even though part of the reason you’re doing it is the cost of the rent.
Money spent on A can’t be spent on B.
Trump on the announcement he just made to increase steel tariffs to 50%: "I said to the group, 'Would you rather have a 40% increase?' Because I was thinking about 40 when I came. I said, 'Would you rather have a 40% or a 50%?' They said, 'Well take 50!' ... so congratulations."
A court halted his deportation. The Trump administration deported him 28 minutes later.
Officials blamed “administrative errors.” It’s the fourth known case of an improper deportation by the Trump administration.
The Trump administration has admitted that it improperly deported another immigrant in violation of a court order — the fourth known case in which the administration deported someone erroneously or in breach of specific legal requirements.
Jordin Melgar-Salmeron, an undocumented immigrant from El Salvador, had been in immigration detention since 2022 while deportation proceedings against him were pending. But on May 7, shortly after a federal appeals court ordered the government to keep him in the United States, immigration authorities deported him back to his native country.
Trying to equate costs would be a hair-tearing affair, the systems are so radically different. My German SIL declined to go for US citizenship, when he had the opportunity, because he feared it would endanger his German pension...
Trump tells US steelworkers he’s going to double tariffs on foreign steel to 50%
President Donald Trump says he’s doubling the tariff rate on steel to 50%, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods.
apnews.com
My whole point on this was to determine if SS is currently a cause of part of the 36T debt. It doesn't seem to be from what I read here. IOW, if we were to somehow 'solve' the SS liquidity issue it would not effect the 36T one way or the other.
Absolutely. Doing that would be a nightmare.
I was just surprised that we had a system at all. Without discovering this, I would assume losing the social security/pension of one's native land would be part of the cost of emigrating late in life.
I hope the federal government negotiated a fair deal with these 30 countries, but as CrimsonAudio noted, they probably didn't.
If you want to split hairs then every classification of a transaction that codes it somewhere else than just "General Fund" is a "gimmick". This is common practice in every company. You either receive or spend money and you classify it to an account and post it to the ledger. This is how you get the data in order to manage your finances. I guess we could just take all government transactions and classify them all as either "Money In" or "Money out" but that would really obfuscate things.
The only gimmicky thing about the SS Trust Fund is there really isn't a fund anywhere. There is no bank account or whatever holding this money. It's just a running total of all the monies collected via the FICA tax minus all benefit payments to date. Since the US Govt has collected more than what it has paid out WRT Social Security then the "Trust Fund" is in a surplus. That surplus is going to disappear at some point. How long that takes depends on what kind of changes Congress enacts to tackle the problem.
Latest threads
-
-
Alabama’s Carson Ozmer Named Stopper of the Year Finalist- Started by Diamond Tide
- Replies: 0
-
-
-
Three Alabama Student-Athletes Named to College Sports Communicators’ Academic All-District Baseball Team
- Started by Diamond Tide
- Replies: 0
-