Fears grow over Social Security cliff edge see millions of Americans losing $500 a month

Published:

Entry #36,669

Comments

Avatar grwurston -
#1
Congress has known about this since the 1990's. It had all this time to do something.
Avatar JAP69 -
#2
It is not a Social Security recipients problem. 
The federal government is broke and must borrow money to repay Social Security the money they hold in U S treasury bonds..
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The Social Security trust funds hold about $2.56 trillion in special U.S. government obligations and securities.Trust Fund BreakdownOld-Age and Survivors Insurance (OASI): Holds about $2.34 trillion for retirement and survivor benefits.Disability Insurance (DI): Holds about $223 billion for disability benefits.How the Bonds WorkBy law, excess payroll tax revenue is invested in special non-marketable U.S. Treasury bonds.These special issues have varying terms up to 15 years, earning a market-based rate of interest set by law.When the Social Security Administration needs cash to pay benefits, it redeems these bonds with the U.S. Treasury.
Avatar JAP69 -
#3
Socialism on public view right there.
Avatar noise-gate -
#4
* Maybe we should stop fighting unnecessary wars & start pouring money into the SS safety net. This BS about needing over a Trillion dollars for defense next year is just one reason why our priorities are F up.
Avatar lakerben -
#5
Socialism?  More dumb comments.   The American people have paid into the fund. It's our money.

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