UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5267  
Subject: Re: Social Security and US Debt Date: 4/4/2011 8:30 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
bdlessans: "Could it be beneficial/possible to recognize unnecessary Social Security expenditures and end them."

Defining them and then using the political capital to enact such reform is the daunting task.

Have you ever seen the Dan Rostenkowski pictures after a medicare meeting in Chicago in 1989?

"For Dan Rostenkowski, D-Ill., then powerful chairman of the House Ways and Means Committee, it all boiled over on a hot day in August when he failed to sell the new coverage to elderly activists at a seniors' center on Chicago's North Side. Brandishing canes, some waving signs saying "Rottenkowski," they chased the sweating, panicked lawmaker to his car. When they surrounded his car, he got out and ran down the street.

Within months, Congress had repealed the law."

http://www.commondreams.org/headlines03/1123-11.htm

"Currently, 20% of our budget is spent on Social Security with another 23% on Medicare and Medicaid. How are we ever supposed to get out of debt with such a high percentage of our spending there?"

Social securityis off-budget.


"So, to sum up:

1- Social Security was off-budget from 1935-1968;
2- On-budget from 1969-1985;
3- Off-budget from 1986-1990, for all purposes except computing the deficit;
4- Off-budget for all purposes since 1990."

http://www.ssa.gov/history/BudgetTreatment.html

Furthermore, given that SS has been running surplus since 1983, it has actually obsucred the size of the real deficit.

Regards, JAFO
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Social Security Website
www.ssa.gov is a massive information storehouse about all things Social Security. Check it out if you're looking for anything from general info to personalized answers.
Invest Better Hub
Take advantage of our newest free service, Invest Better!
New Fool-Branded Credit Card Available!
How does your card compare to ours?
Post of the Day:
iPIG Portfolio

Something Had to Change
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Facebook Fool Fan Club
Be a fan of the Fool over on Facebook!
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Get the Fool Phone App
Save and share content, zero in on sectors, podcasts, and much more!
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement