Comments by "Mark" (@Mark-db8id) on "Republicans REALLY Want To Cut Social Security" video.

  1.  @chrlpolk  “In 2014, the Social Security Administration (SSA) took in $786 billion through the Federal Insurance Contributions Act tax… $73 billion short of the $859 billion needed to pay claims.” “Particularly, at the end of 2014, we were told the trust fund owned over $2.8 trillion in assets. This is a lie. There isn’t one dollar in the Social Security trust fund. Nada. Zip. Zilch. Remember, that $2.8 trillion sum is book assets, not actual dollars. The dollars were spent the minute the government collected taxes. That’s because the government isn’t required to use money collected from Social Security toward Social Security purposes (according to the Supreme Court’s ruling in Helvering v. Davis). So, it’s used that money to fund everything from defense spending to payroll expenses. The Treasury Department took in dollars from taxes but paid the SSA in paper IOUs… redeemable on a future date. Translation: The left hand of the government took money from the right hand of the government and promised to pay it back on “some future date.” Consequently, there are no real assets in the Social Security trust fund.”
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  2. “In 2014, the Social Security Administration (SSA) took in $786 billion through the Federal Insurance Contributions Act tax… $73 billion short of the $859 billion needed to pay claims.” “Particularly, at the end of 2014, we were told the trust fund owned over $2.8 trillion in assets. This is a lie. There isn’t one dollar in the Social Security trust fund. Nada. Zip. Zilch. Remember, that $2.8 trillion sum is book assets, not actual dollars. The dollars were spent the minute the government collected taxes. That’s because the government isn’t required to use money collected from Social Security toward Social Security purposes (according to the Supreme Court’s ruling in Helvering v. Davis). So, it’s used that money to fund everything from defense spending to payroll expenses. The Treasury Department took in dollars from taxes but paid the SSA in paper IOUs… redeemable on a future date. Translation: The left hand of the government took money from the right hand of the government and promised to pay it back on “some future date.” Consequently, there are no real assets in the Social Security trust fund.”
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