Security Trust Fund | InvestmentWatch

After Taking $10 Billion From Taxpayers, CEO Of Goldman Sachs Wants To Cut Your Social Security ‘Because We Can’t Afford Them’

You’d think that Goldman Sachs — the mega-bank that took $10 billionof taxpayer money — would show a little bit of humility in the wake of the financial crisis. You’d be wrong.

In an interview with CBS News, Lloyd Blankfein, the Goldman CEO who famously said he was doing “God’s work,” said that Social Security benefits must be cut by raising the retirement age and Medicare and Medicaid must be “contained” as well:

“PELLEY: Social [...]

The Federal Reserve Is Systematically Destroying Social Security And The Retirement Plans Of Millions Of Americans

by Michael

Last week the mainstream media hailed QE3 as the “quick fix” that the U.S. economy desperately needs, but the truth is that the policies that the Federal Reserve is pursuing are going to be absolutely devastating for our senior citizens. By keeping interest rates at exceptionally low levels, the Federal Reserve is absolutely crushing savers and is systematically destroying Social Security. Meanwhile, the inflation that QE3 will cause is going to [...]

H.R. 6249: The scheme to tax water

H.R.6249 is the latest tax scheme to surface in the District of Criminals.

As if we are not taxed to the max now on every conceivable thing that we do, Rep. Blumenauer of Oregon has come up with a new scheme to tax water. Why not? They tax the air we breath, the land we live on, the products we buy, our wages and everything else that comprises our lives……why not an inflated [...]

POLL: ROMNEY 49, OBAMA 44

The Rasmussen Reports daily Presidential Tracking Poll for Tuesday shows Mitt Romney earning 49% of the vote and President Obama attracting 44% support. Three percent (3%) would vote for a third party candidate, while another three percent (3%) are undecided.

Matchup results are updated daily at 9:30 a.m. Eastern (sign up for free daily e-mail update).

The uptick for Romney comes as investor confidence has fallen six points in the wake of last week’s [...]

OMG! Social Security is going bankrupt!!

The government now says that Social Security finances have worsened dramatically, which will reduce the life of the supporting trust funds by 2033. This is three years earlier than previously forecasted.

Here’s the government’s report. The key points:

• Timothy Geithner: “Social Security’s retirement and disability programs have dedicated funds sufficient to cover benefits for the next 20 years, but in 2033, incoming revenues and trust fund resources will be insufficient to maintain payment of [...]

Bernanke’s Warning: We Stand on the Precipice of Economic Destruction

Kurt Nimmo
Infowars.com
April 12, 2012

Earlier this week, Federal Reserve boss Ben Bernanke again warned that out of control borrowing and spending will eventually destroy the country.

Said Ben to the the Budget Committee:

Sustained high rates of government borrowing would both drain funds away from private investment and increase our debt to foreigners, with adverse long-run effects on U.S. output, incomes, and standards of living. Moreover, diminishing investor confidence that deficits will be brought under [...]

Congratulations to President Obama, who has managed to oversee a near tripling of the official national debt from the time he gave his eloquent speech as a senator justifying his vote against a debt ceiling hike just 6 short years ago:

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is [...]

Lies we tell ourselves…

Social Security Trust Fund Outlook Takes $1 Tril Dive

This is another great example of lies we tell ourselves. How can we keep referring to this as a “Trust Fund” implying some type of store of value? It’s a loan to an insolvent Federal government that can’t pay back the “Social Security Trust Fund” debt any more than it can any of the other debt.

This article should read:

Every US citizen (including Children) [...]

Greek PM seeks to force pledges of more austerity

Just headlines:

Central banks may face Greek haircut losses
Ireland Cuts 2012 Growth Outlook
Social Security Trust Fund Outlook Takes $1 Tril Dive
Japan’s Jan. monetary base grows 15% on BOJ’s easing policies
EU official: Greece needs extra euro15 billion
NYC’s Bloomberg Faces Rising Pension Costs in ’13 Budget
Treasury May Let Investors Pay to Lend to US
Treasury to Sell $72 Billion (Next week)
Homeownership rates fall to 66% as downturn nears a bottom
Greek PM seeks to force pledges [...]

Florida Introduce Bill That Would Keep Privatization A Secret

Stephen D. Foster Jr.
Addicting Info
January 20, 2012

What if you woke up one morning and your government job was being eliminated by a corporation? What if you woke up to find that Wall Street now controlled Medicare, Social Security, and public education? What if you woke up to find that every single government service had been privatized overnight and that the prices for those services had skyrocketed because of corporate greed? [...]

Social Security Is Running Out Of Money At Least 5 Years Ahead Of Schedule

Full calendar year 2011 numbers are now available to calculate the results for the Social Security Trust Fund. Here’s a look at the key numbers that will be reported to Congress in four months:??Payroll Tax Revenue: $669B($642B – 2010)?Benefit payments: $726B ($702B - 2010)?Primary Deficit: $57B ($60B - 2010)??Other cash components at SSA:?Tax on benefits: $23B (2010 – $24b)?Payments to R.R. Retirement: $4.6B ($4.4B – 2010)?Overhead: $7.0B ($6.5B – 2010)??Net 2011 [...]

Obama Jobs Plan – “Screw Future Generations”

by Jim Quinn of The Burning Platform

Obama Jobs Plan – “Screw Future Generations”

Friday morning the Schuykill Expressway was jammed again due to an overturned car at Belmont Avenue. My first thought was how anyone could turn their car over at the usual 25 mph speeds on the Schuykill Expressway. My second thought was that I was damned to having to take the route [...]

USA: $10 TRILLION IN DEBT

By Terence P. Jeffrey

CNS News

President Barack Obama and Treasury Secretary Timothy Geithner (AP photo/Evan Vucci)

(CNSNews.com) – At the close of business on Aug. 31–for the first time in the history of the country–the publicly held debt of the federal government topped $10 trillion, according to data released by the U.S. Treasury Department at 4:00 p.m. yesterday.

During Obama’s presidency, debt held by the public has now increased [...]

Dear Ben, Please Print us More Money

Dear Ben,

Please print us more money. We want you to prop up the stock market. Everybody knows it’s a Ponzi scheme that will collapse without your support. You don’t want us to end up like Bernie Madoff’s clients. No, Ben, we love Ponzi schemes. We get in early and get out before they collapse. That’s why we’re rich. The bad thing is that they sometimes [...]

Giant Banks Lobby to Raise the Debt Ceiling and Slash Public Benefits … So They Can Keep Sucking at the Public Teat

Washington’s Blog
July 29, 2011

Economist Dean Banker notes:

Wall Street will suffer more than anyone from a default and it will not let it happen. The public should know this, certainly Wall Street does.

No wonder the fatcats running the giant banks which received tens of trillions in bailouts, loans and guarantees from the American public are screaming loudly that the debt ceiling must be raised.

Robert Reich points out:

Why has Standard [...]

Debt Madness Was Always About Killing Social Security

by Robert Scheer

This phony debt crisis has now passed through the looking glass into the realm where madness reigns. What should have been an uneventful moment in which lawmakers make good on the nation’s contractual obligations has instead been seized upon by Republican hypocrites as a moment to settle ideological scores that have nothing to do with the debt.

Hypocrites, because their radical free market ideology, and [...]

Did Treasury Just Strategically (Intentionally) Default? It sure looks like they did. Yesterday.

It sure looks like they did.

Yesterday.

Here’s the DTS (daily cash statement) for Treasury.

And here’s the problem with it:

Note that the pink line did not move much. In fact, it went down.

It should have gone up – a lot - because the “Trust Funds” (you know, Social Security and Medicare?) that you folks on the left keep bleating about being “money good” and “actual debt” had a coupon payment [...]

As economist Lawrence A. Hunter wrote in January on Forbes.com, it’s time Congress paid back what it looted.

Says Hunter:

“For more than a quarter century after the 1983 amendments to Social Security, the federal government collected more in Social Security payroll taxes each year than it paid out in benefits. Those surplus revenues were supposed to be saved, but instead Congress spent every last dime of them and replaced the excess payroll tax revenue it looted from the Social Security Trust Fund with [...]

DEBT NOW EQUALS ENTIRE ECONOMY

By Stephen Dinan -The Washington Times

President Obamaâ€˜s budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which is on track for a record federal deficit and will see the governmentâ€™s overall debt surpass the size of the total U.S. economy.

Mr. Obamaâ€˜s budget projects that 2011 will see the biggest [...]

The Fraud at the Heart of Social Security

January 17, 2011

To understand the fraud at the heart of the Social Security Trust Fund, we start with a very simple fact: cash can only be spent once.There are two frauds at the very heart of the Social Security system, and I am going to describe and source them in detail. After spending a number of hours poring over public data [...]

Why does Congress continue to pick on Social Security as a cost cutting measure?

by Fritz

I am aware of two areas in Social Securty that needs to be changed, there are so many other areas that needs to be look at as well.
Here are a few examples:
1. Cut off benefits to all the old people immigrants brought here by their children and as refugees and started collecting Social Security pension benefits without ever contributing a dime to Social Security Trust Fund. The
savings would be [...]

Facts about the Social Security trust fund

by Andrew Semeiks

From the original Social Security act.

http://www.ssa.gov/OP_Home/ssact/title02/0201.htm

Letâ€™s get back to the original intent of the Social Security act. The general fund should pay back everything it has stolen with interest. The Social Security trust fund should not be the first default of the US government. Put Social Security on a true actuarial sound basis.

â€œSec. 201. [42 U.S.C. 401] (a) There is hereby created on the [...]

Here’s a huge surprise… It appears the Aussies have finally figured this out.

US Government ‘hiding true amount of debt’

September 20, 2010 9:09AM

THE actual figure of the US’ national debt is much higher than the official sum of $US13.4 trillion ($14.3 trillion) given by the Congressional Budget Office, according to analysts cited on Sunday by the New York Post.

“The Government is lying about the amount of debt. It is engaging in Enron accounting,” said Laurence Kotlikoff, an economist at Boston University and co-author [...]

A good indicator of the job picture comes from payroll tax receipts.

quote
There is enough published information from the Social Security Trust Fund to make some observations for the first six months of 2010. The data on FICA/SECA tax receipts and benefit payments: (all amounts in $billions)

http://www.businessinsider.com/social-security-payouts-are-already-crippling-the-government-this-year-2010-6#ixzz0qbnaAXfI
=====================

Check out the tables for receipts and benefits paid out. We are losing ground and that will eventually impact retail sales.

The author also says that we would need 5% growth to return to a balance and [...]

My thought for the day……the next shoe is starting to dropÃ¢â‚¬Â¦Ã¢â‚¬Â¦

Ã¢â‚¬Å“CaliforniaÃ¢â‚¬â„¢s contributions to employee-retirement plans have increased to $3 billion a year from $150 million 10 years earlier, Schwarzenegger said. In that time, revenues have risen just 26 percent, he said.Ã¢â‚¬Â

Ã¢â‚¬Å“Hawaii Governor Linda Lingle said citizens must act to stop the increase in government-pension benefits or risk letting the expanding liabilities hinder future economic growth. HawaiiÃ¢â‚¬â„¢s Lingle said politicians in a previous administration had taken advantage of a strong economy [...]

Does the US Gov’t plan to spend the SS Trust Fund Debt?

For quite sometime now I wondered if the US gov’t would try to pull the wool over public eyes by spending the SS Trust fund debt in order to fund SS deficits. For those unaware,Ã‚Â There is no Social Security Trust Fund. The gov’t spends any SS revenue surplus on the gov’t general fund that used to pay anything and everything the gov’t spends money on. [...]

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