Comments on: The end of the “Trust Fund” myth https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/ Fri, 17 Apr 2026 19:11:46 -0700 hourly 1 http://wordpress.org/?v=3.3.1 By: Lee https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-4015 Lee Sun, 17 Jul 2011 19:12:55 +0000 http://habitablezone.com/?p=2528#comment-4015 Eri, they've been stealing those funds from day one. Back when Social Security was first set up, the retirement age was set at 65 even thought the average life expectancy was in the low 50s. They thought that most of those who paid into the system would never live long enough to see any benefits. Is that not stealing? Unforunately for them, they didn't forsee the advancements in medicine and hygene which would greatly increased the lifespans of most Americans. It kind of threw a wrench into their machinations. Eri, they’ve been stealing those funds from day one. Back when Social Security was first set up, the retirement age was set at 65 even thought the average life expectancy was in the low 50s. They thought that most of those who paid into the system would never live long enough to see any benefits. Is that not stealing? Unforunately for them, they didn’t forsee the advancements in medicine and hygene which would greatly increased the lifespans of most Americans. It kind of threw a wrench into their machinations.

]]> By: TB https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-3993 TB Sat, 16 Jul 2011 23:05:25 +0000 http://habitablezone.com/?p=2528#comment-3993 More than you really want to know about this <a hrerfhttp://en.wikipedia.org/wiki/Social_Security_Trust_Fund" rel="nofollow">here.</a> Note that the government, in the final extreme, has the power to simply create money out of thin air to cover these things. It's been doing this a lot lately. Unfortunately, as the "easy" answer to government spending, it's the most likely one. Hyperinflation. Our kids will get huge checks that will buy nothing. More than you really want to know about this here.

Note that the government, in the final extreme, has the power to simply create money out of thin air to cover these things. It’s been doing this a lot lately.

Unfortunately, as the “easy” answer to government spending, it’s the most likely one. Hyperinflation. Our kids will get huge checks that will buy nothing.

]]> By: Jody https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-3992 Jody Sat, 16 Jul 2011 23:04:56 +0000 http://habitablezone.com/?p=2528#comment-3992 By and large I am a fiscal conservative for this very reason. If I am going down I want it to be because I was the idiot...and it is my fault...NOT someone elses. I want to have control of my own stupidity and my own triumphs. By and large I am a fiscal conservative for this very reason. If I am going down I want it to be because I was the idiot…and it is my fault…NOT someone elses.

I want to have control of my own stupidity and my own triumphs.

]]> By: TB https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-3991 TB Sat, 16 Jul 2011 22:57:24 +0000 http://habitablezone.com/?p=2528#comment-3991 <blockquote>"For some reason, idiot Republicans think they can just nullify the law that forced us to put money into the kitty and KEEP the fucking money rather than pay it to us. It is not the government’s money; it is MY money and every other retiree’s money."</blockquote> Where is this crap coming from? It's not only not true, it doesn't even make sense. Get this straight: the government has been "keeping" the money all our lives. It goes straight into special treasury bills - IOUs. These are turned over, ideally from revenues, but more often by simply writing more IOUs. The government has been loaning itself money and paying itself off by borrowing more money for a long time now. It's all paper.

“For some reason, idiot Republicans think they can just nullify the law that forced us to put money into the kitty and KEEP the fucking money rather than pay it to us. It is not the government’s money; it is MY money and every other retiree’s money.”

Where is this crap coming from? It’s not only not true, it doesn’t even make sense. Get this straight: the government has been “keeping” the money all our lives. It goes straight into special treasury bills – IOUs. These are turned over, ideally from revenues, but more often by simply writing more IOUs. The government has been loaning itself money and paying itself off by borrowing more money for a long time now. It’s all paper.

]]> By: TB https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-3990 TB Sat, 16 Jul 2011 22:53:27 +0000 http://habitablezone.com/?p=2528#comment-3990 I've got a rude awakening for you. Go look at your Social Security statement. It says, basically, that if the laws change, it's possible they won't pay you what they say they will. There's no real "promise," and probably no enforceable legal obligation. It isn't insurance, no matter what they've been selling us all these years. Right now they're talking about "means testing" these entitlements. That roughly translates into "remember that money you put in over all those years? Well, you got rich, so it isn't your 'fucking money' any more." I’ve got a rude awakening for you. Go look at your Social Security statement. It says, basically, that if the laws change, it’s possible they won’t pay you what they say they will. There’s no real “promise,” and probably no enforceable legal obligation. It isn’t insurance, no matter what they’ve been selling us all these years.

Right now they’re talking about “means testing” these entitlements. That roughly translates into “remember that money you put in over all those years? Well, you got rich, so it isn’t your ‘fucking money’ any more.”

]]> By: Lee https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-3987 Lee Sat, 16 Jul 2011 21:55:24 +0000 http://habitablezone.com/?p=2528#comment-3987 It's being spent to pay the interest on all of that money you want the government to keep borrowing. It’s being spent to pay the interest on all of that money you want the government to keep borrowing.

]]> By: Eri https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-3985 Eri Sat, 16 Jul 2011 21:19:30 +0000 http://habitablezone.com/?p=2528#comment-3985 Out of MY salary or when I was self-employed, I paid FICA into Uncle Sam. That is Social Security; those are the funds they were supposed to keep in trust to pay us when we retired. Forced retirement funds. We also pay a Medicare amount out of our salaries and that is to pay for Medicare. We paid it in; it is owed to us. Just like putting money into a bank and then withdrawing it at a certain time. The government had mismanaged it and for some reason, idiot Republicans think they can just nullify the law that forced us to put money into the kitty and KEEP the fucking money rather than pay it to us. It is not the government's money; it is MY money and every other retiree's money. Out of MY salary or when I was self-employed, I paid FICA into Uncle Sam. That is Social Security; those are the funds they were supposed to keep in trust to pay us when we retired. Forced retirement funds. We also pay a Medicare amount out of our salaries and that is to pay for Medicare. We paid it in; it is owed to us. Just like putting money into a bank and then withdrawing it at a certain time. The government had mismanaged it and for some reason, idiot Republicans think they can just nullify the law that forced us to put money into the kitty and KEEP the fucking money rather than pay it to us. It is not the government’s money; it is MY money and every other retiree’s money.

]]> By: Eri https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-3984 Eri Sat, 16 Jul 2011 21:14:16 +0000 http://habitablezone.com/?p=2528#comment-3984 That's what I said earlier. The government stole the fucking funds. What they stole must be returned. By law. We paid it in; they owe it back to us. Like a savings and loan company that loans out your savings $$. When you call for it, it damned well better be there. The government owes it to us. We paid it in; it's our fucking money. They stole it; they must pay it back. Period. That’s what I said earlier. The government stole the fucking funds. What they stole must be returned. By law. We paid it in; they owe it back to us. Like a savings and loan company that loans out your savings $$. When you call for it, it damned well better be there. The government owes it to us. We paid it in; it’s our fucking money. They stole it; they must pay it back. Period.

]]> By: TB https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-3980 TB Sat, 16 Jul 2011 16:29:15 +0000 http://habitablezone.com/?p=2528#comment-3980 The money isn't there, Eri. It hasn't been there for decades. It was "taken over" a long time ago, spent on many other things, but mostly spent on handing out checks to current entitlement recipients. In the private sector, there's a term for someone who pays old investors off with money newer investors are putting in. Doesn't it bother you that Obama has been saying if we can't borrow or print more money right now, you might not get your check? Does that sound like the kind of "trust fund" you'd be happy with if it was in a bank? The money isn’t there, Eri. It hasn’t been there for decades. It was “taken over” a long time ago, spent on many other things, but mostly spent on handing out checks to current entitlement recipients. In the private sector, there’s a term for someone who pays old investors off with money newer investors are putting in.

Doesn’t it bother you that Obama has been saying if we can’t borrow or print more money right now, you might not get your check? Does that sound like the kind of “trust fund” you’d be happy with if it was in a bank?

]]> By: Lee https://habitablezone.com/2011/07/14/the-end-of-the-trust-fund-myth/#comment-3977 Lee Sat, 16 Jul 2011 15:34:30 +0000 http://habitablezone.com/?p=2528#comment-3977 Wouldn't the "bridge to nowhere" be considered a shovel ready project? Wouldn’t the “bridge to nowhere” be considered a shovel ready project?

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