Does anybody know where the surplus flows of social security money has gone?
This entry was posted on Monday, July 13th, 2009 at 4:56 am and is filed under Security Systems. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.3 Responses to “Does anybody know where the surplus flows of social security money has gone?”
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July 15th, 2009 at 12:07 am
Jimmy Clemmer
baby boomers got old. there was like this huge glut of babies for a while there and the babies are all retiring… young and living … and living … and living …. unproductively. Blame the doctors for padding their pockets with keeping geriatrics who never had any plan for retirement except social security alive at the expense of the working class.
July 16th, 2009 at 8:49 pm
Edith Bigham
The surplus has been used up by the federal government “borrowing” from it.
By law, the Social Security program is treated as an “off-budget” entity, and its financial figures are displayed separately from the rest of the budget. The separate display, along with the use of trust funds as an accounting device, is a means of distinguishing the program’s finances from those of other government activities. However, the distinction can be confusing when it leads people to think of Social Security as an independent financial entity. Social Security is a federal program, and as such, all of its taxes are received by and its outlays dispensed from the U.S. Treasury.
Focusing on an accumulating balance in the Social Security trust funds can also be misleading. The only economically significant way that the government has a surplus is if there is a unified budget surplus–when total receipts are greater than total outlays. Although separate taxes are collected for Social Security, the money left over after benefits are paid is used to fund other government programs or to pay down the debt held by the public. Moreover, in the future, those separate tax receipts will become insufficient to maintain the program once the post-World War II baby-boom generation begins drawing federal entitlement benefits. Social Security and other entitlement programs will then be dependent on the federal government to cover their costs–at the same time that the government must pay for its many other functions.
Regardless of how any federal program is financed and accounted for–and whether it is presented as on- or off-budget–a full understanding of the government’s looming fiscal strains and the potential economic impact of its fiscal condition requires that all government functions be considered together. It is the federal government’s total claims on the nation’s resources that affect the economy—not the individual components that make up those claims.
July 17th, 2009 at 5:16 pm
Jason Lambert
To many people are using it now that have even work to pay in to it. I know of three that are liveing on what i payed in so when we need it it will be gone.