Thursday, June 02, 2005

Social Security Surplus

In talking with people about the Social Security surplus it is obvious that folks have no idea the size of the SS surplus.

You cannot talk about any solution without an understanding of this surplus, because this money is taken from working Americans every year and used to fund tax cuts for the very wealthy.

For all G-dub's hot air about worthless IOUs, this is the cash he continues to collect every year from the pay checks of working Americans with no intention of ever paying any of it back.

To not honor the SS trust fund would amount to the largest theft in world history.

Go here and scroll down to table S-8.

The surplus for Fiscal 2005 is 212.4 BILLION dollars. Fiscal 2006 is 225.6 BILLION dollars, 2007 is 237 BILLION dollars, 2008 is 247.2 BILLION dollars, 2009 is 258.4 BILLION dollars and for 2010 273 BILLION dollars.

Note that the surplus grows even as SS outlays also grow. That reflects growth in the labor force as well as wages.

In the next 5 years more than 1.4 TRILLION dollars will be taken from working Americans in excess FICA taxes (intended per Alan Greenspan in 1983 to fund the babyboomer retirement)and used to purchase what G-dub describes as worthless IOUs.

The President says American will honor it's debt to China, but not working Americans. Why does he get a free pass on this?

And given the size of the current surplus why would any sane person suggest increasing the payroll tax to increase the surplus when those in charge-- all the while taking a trillion dollars--refuse to admit the trust fund is real?

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