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Originally Posted by KMA-628
Actually, it seems everybody agrees that there is a trust fund and that it holds no real assets, it holds liabilities. If I go to my bank right now, I can withdraw cash. If I went to the trust fund for cash, I would have to wait, because there isn't anything available. In order for the trust fund to fulfill my request, it would have to cash in on it's bonds.
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Everyone does not agree. The trust fund holds real assets, as real as your ownership of stock in some company.
It holds bonds which represent debt of the US government, which it purchased in large quantities since the 80s, as planned.
If I go to my investment advisor, and ask for cash, I can't get it. I'd have to cash in my investments first. This does not mean there is are no real assets in my investment account.
US government bonds are pretty damn liquid. They could sell them on short notice, or at worst get an overnight loan while the sale goes through, and produce cash (or, lower-M money) as required.
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Originally Posted by KMA-628
The problem is how the trust fund becomes liquid again. SS and the trust fund have been used as a cash cow for years, but I have yet to see a tangible way of transferring the liabilities to liquid assets.
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It holds US government bonds (or was it some other debt asset?). You sell those bonds on the open market, or let then mateur and cash them in.
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Originally Posted by KMA-628
Bottom line (as I have said numerous times): The money was borrowed and spent without our approval and in order to replace that money, we, the American taxpayers, are going to have to foot the bill. Our government isn't going to foot the bill, they will pass it on to us. Which means that we will pay for it twice.
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No, you, the American people, approved of your government's spending habits. You elected representatives who spent that money.
Collectively, you are liable. It's called responsibility. And don't pretend they decieved the people of America with election promises -- look at the reelection rate in the senate and the US house.
Possibly the American people where negligent in their responsibilities, and didn't pay attention to what their representatives did, but you can't claim it was without their approval.
It isn't the SSA who is screwing up. It is the US congress, US senate and the US president, who collectively are spending the USA into debt. A debt which they are lieing about.
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Originally Posted by KMA-628
Anyway, as to the "wacko" thing. I called the assertion wacko, not the person. Did you not read the comment? That kind of stuff belongs in Paranoia, not here. And the assertion is made by someone that devotes an entire thread to questioning the mental health of people like me. I learned my lesson, Mr. Ignore button is now implemented so as to avoid this kinda of thing in the future.
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/shrug, the current administration has been known to change or delete US government published data that disagrees with their policies. That isn't tinfoil hat stuff. I can come up with citations if you request.
There is a pig-in-the-python demographic problem. There is a US-government financial mismanagement problem. Claiming that those problems are a problem of SS is both useless and disenginuous.
The US government taking the SSA trust fund, and zeroing it, is the same as a company taking a pension fund (possibly invested in company stock) and folding it into general revenue. It's accounting fraud, theft from the people with a stake in the fund, and immoral.
You have to realize, accounting is real -- "it is just accounting" is about as ignorant a financial statement you can make. Your bank account is just numbers. Debt is just numbers. Ownership of a company is just numbers. Everything you own, everything you owe, the lubrication of the entire world economy -- it is numbers in some computer somewhere. Those numbers all represent real obligations. Failure to live up to these obligations is theft.