Even though you've paid into Social Security
all of your working life...
And even though they promised to pay you back...
You can no longer count on getting what you're owed.
Take a look at this from The New York Times:
"This year, the system will pay out more
benefits than it receives...accumulated revenue
will slowly start to shrink, as outlays start to exceed
revenue...[and] by law, Social Security cannot pay
out more than its balance in any given year."
We all knew this day would come.
But nobody expected it to come so fast -
six years ahead of schedule.
In fact, even the Congressional Budget Office admits it.
According to their own calculations, the so-called American
public "safety net" they've forced you to pay into starts to
dry up as of Sept. 30, 2010.
That's when it officially slips $28 billion into the red.
And it just keeps sinking deeper from there.
In fact, this administration, burns through $183 million
of your dollars every hour of every day!!
Its time restore the Social Security trust fund. President Johnson (D-TX) ended the real trust fund back in the 1960s. The Social Security trust fund consists only of a special type of low interest US government bonds which are not allowed to be publicly marketed so it currently exists on paper only! If the bonds could be publicly marketed the trust fund would have a large surplus which combined with its annual income means could pay all benefits until least 2037. This lack of a public market is the reason that in August 2011, that President Obama said Social Security checks were in danger unless the government could borrow more money to pay what was due. If the bonds were allowed to be marketed the fund would be independent of the federal government budget and debt problems.
Let recreate the Social Security trust fund. It should be run by a full time seven member board of trustees with seven years terms. The terms should be staged so that one term expires every year. There should be a large financial penalty if anyone leaves the board early. The trust fund should be allowed to invest in government bonds but these should be publicly marketable so it can sell them to pay benefits when needed. The trust fund should also be allowed to open CDs in US Banks and US Credits Unions to make extra income. Each CD should be required to be treated as a separately owned account so that CDs can be fully insured by the FDIC or NCUA. Limited to a maximum of 500 accounts per each bank or credit union. The Social Security Admin should run by the board of trustees and have a separate fiscal year so it is not tied to regular federal budget.
Restoring the Social Security trust fund could help protect benefits for the foreseeable future. There is currently no bill to restore and protect the trust fund! If you wish to protect Social Security email your Congressman at www.house.gov and your two US Senators at www.senate.gov
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