the reality is the SS trust fund is an accounting game. The "assets" are actually replaced with promises to borrow in the future to provide for the demand for the funds when they occur. All income deemed for the SS fund are being spent to handle current obligations.
It is a farce. The money is gone and the burden is being placed on our childrens back to deal with.
from CBS news:
"The Fox News Channel, which has a long history of being more loyal to the Bush administration than it is to the truth, is currently peddling the biggest of the big lies.
Fox news analyst Brit Hume and other Fox personalities have begun claiming that President Franklin Delano Roosevelt, an iconic figure among elderly Americans at least in part because of the role he played in creating the Social Security system, favored privatizations schemes of the sort that President Bush is pushing.
"It turns out that FDR himself planned to include private investment accounts in the Social Security program when he proposed it," claimed Hume in a recent broadcast, where he also suggested that Roosevelt wanted the federal program to ultimately be supplanted by "self-supporting annuity plans."
To "substantiate" his statement, Hume rearranged Roosevelt's words to fake up "quotes" that seemed to suggest the 32nd president would have approved of undermining the Social Security system in order to enrich Wall Street.
The former president's grandson, James Roosevelt Jr., was so offended by Hume's abuse of FDR's words that he said last week, "(Hume) rearranged those sentences in an outrageous distortion, one that really calls for a retraction, an apology, maybe even a resignation."
James Roosevelt Jr. is not merely a guardian of his grandfather's legacy, he is a former associate commissioner for the Social Security system. In other words, he knows what he is talking about.
That's more than can be said for Hume and other conservative commentators -- notably William Bennett and the Wall Street Journal's John Fund -- who have tried to suggest that FDR would have favored privatization.
"It is really quite amazing to me that all of the folks supporting privatization, from the president on down, keep invoking the name of my grandfather, Franklin Delano Roosevelt," says James Roosevelt. "I think it's, in a way, it is flattering to him. It is testimony to how successful the program that he put in place has been and continues to be."
Asked by MSNBC host Keith Olbermann whether his grandfather was opposed to the sort of privatization schemes the Bush administration is now proposing, James Roosevelt said, "I'm definitely convinced of that."
Noting that "the dedicated Social Security tax has been very successful over the years in raising almost all of our elderly citizens out of poverty," where half of them were in poverty before Social Security, James Roosevelt said of his grandfather, "I'm convinced he never intended to phase it out.""
The first thing the Bush Gang did was raid the S.S. trust fund and pass out the goodies to their corporate sponsors, now suprise suprise Social Security is in "crisis". The Bush Gang has pulled of the biggist heist in history.
Sorry to crash your Bush-bash party (no, I didn't vote for him either), but the SS raiding began a long time ago. It's been a favorite of Republicans and Democrats in both Congress and the White House since the 60s.
It started with LBJ's 'unified budget' which financed Vietnam and Great Society . Since then, no president or congress of either party has resisted the urge to dip into the great trust fund. Defense spending, Pork Barrel, social spending, and today's wasteful excuse for a budget are continuations.
FICA is just another tax in the shell game and the sheeple think there is some account somewhere with their name on it that they get when they qualify. The social security administration reinforces this perception yearly when they send out an 'account statement' showing how much we've put in over the years. They're just waving the scam in our face and laughing at us ha ha ha while they massage the CPI and devalue the currency. Oh wait, that's one reason to be in gold :)
The partisans who like to peg it on republicans like to forget about LBJ. Even Clinton's "balanced budget" of 2000 was largely mythical, built on an overvalued bubble economy a la dot.coms, Worldcom, Tyco, and Enron.
The partisans who like to peg it on democrats forget about the Bushes.
The problem is not Republicans or Democrats. It's the wasters that the people have put in power. As long as we keep electing these money-grubbers, we're going to keep getting what we've got. Until then, politicians will run on a fixing social security platform during elections and then do nothing but spend spend spend after the election is over.
Let's face reality. Even FDR apologized for allowing this scam to become reality.
SS and mdicare are going to bring the whole thing crashing down and the wealthy ruling elite aristocracy have no interest in saving it.