So what is the Glenn Beck rally actually ABOUT?

PrintSmith wrote: Oh please LJ, of course Social Security is insolvent.

Like I said, you never disappoint. It's a lie, but you never disappoint.

bb, you posted just ahead of my comment to LJ. Since you are Christian, the comment wouldn't apply.

It would be easy to post a list of the "Six Lies About Social Security", and the factual rebuttals of them. But since you: A) wouldn't believe them anyway, and get your "facts" from the Michele Bachmann School of WingNut Economics, it wouldn't make any difference. But you keep believing what you want to believe...

But as Archer pointed out, "Kool-aid comes in all flavors, your variety's time has come and gone."

LadyJazzer wrote:

PrintSmith wrote: Oh please LJ, of course Social Security is insolvent.

Like I said, you never disappoint. It's a lie, but you never disappoint.

The federal government could pay back into the "Trust Fund" every penny that it has "borrowed" and the unfunded liability of the program is still $14+ TRILLION in the red LJ. That unfunded liability takes into account all the money that the program supposedly holds in trust that it has "lent" to the federal government to pay for the social welfare spending created by the "Great Society" legislation of the 1960's. Where is that $14+ Trillion coming from LJ? Taxing the labor of the nation at 12.4%? You must be joking.

In 2010 the government will net something close to $940 Billion from confiscating money from the employed and those that employ them for Social Security and Medicare and will spend over $1.13 Trillion providing benefits under those programs - about $191 Billion more paid out than taken in. The total tax on a person's labor, not their income tax, just the direct tax taken from them and also from the person who employs them, is 15.3% for the first $106,800 that a person earns. Know how many taxpayers earn more than that figure? Less than 5% of them. The federal government has levied a tax of $15.20 on every $100 dollars of money earned by 95% of the people in the nation and it still isn't enough to keep the Ponzi afloat. The "Trust Fund" will be bankrupt by 2037 - possibly sooner - at which point the federal government will still owe $14 Trillion and counting on top of whatever the national debt is at that point in time with no "money" or other assets left in the trust fund to defray those costs. That, my dear LJ, is an insolvent program by anyone's definition. We've been Madoffed by our own federal government. The only question I have is why that man is in the clink and the politicians are not.

PrintSmith wrote: The "Trust Fund" will be bankrupt by 2037 - possibly sooner -

No...It won't.

Sans a significant tax increase, or a significant benefit reduction, yes, it will.

And yes, I've seen that list about the lies being told, but that list makes some pretty large assumptions. The first of which is that the U.S. will never miss an interest payment on its accumulated debt. The amount of money that it takes to pay the interest on that debt went up 18% this year LJ. In a zero inflation economy the interest payments went up 18%. Care to guess how much they will go up when interest rates inevitably rise? What happens the year that the crooks in Congress don't raise the debt ceiling multiple times in a year to facilitate borrowing more principle to simply pay the interest on the accumulated debt? Do you honestly think we can raise taxes in this nation 50% above what they are currently to sustain the federal spending without increasing the federal deficit? Can the economy afford to tax employment at 25% and increase the income tax rates? How much will all those T-Bills in the "trust fund" be worth if our federal government does what every government has done when faced with insurmountable debt and intentionally devalues the money in an attempt to have a chance at paying the debt back? Does the Weimar Republic ring a bell?

LadyJazzer wrote:

PrintSmith wrote: Oh please LJ, of course Social Security is insolvent.

Like I said, you never disappoint. It's a lie, but you never disappoint.

Not a lie under normal peoples economics. Under liberal math, there are still trillions of IOU's in there, so SS is going strong right?

http://www.realclearmarkets.com/article ... 98611.html

LadyJazzer wrote:

PrintSmith wrote: The "Trust Fund" will be bankrupt by 2037 - possibly sooner -

No...It won't.

That is your argument backing it up with statistics? 'No...It won't'? Great and compelling argument, but I am still going with the hard numbers and the math and the leading economists. But that argument almost made me change my mind. Keep up the good work. :thumbsup:

I think everyone knows that there are far too many IOU's, but that is not defined as insolvency even by conservative economics. I do blame every administration back to who? maybe Nixon, for using SS as their personal piggy bank. yet when Al Gore mentioned the term "lock box" every conservative in the nation laughed at him.......we don't need no stinkin lock box. How I wish he had become president if only for that idea.

We should blame every administration back to the one that saddled us with the Ponzi to begin with. None other than the rule in my favor or I'll pack the court threatening, politics trumps economics of the plan, Franklin Delano Roosevelt and the Raw Deal Democrats who ginned it up for his signature.