Witnessing the Meltdown

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A letter to the editor re: the SS 'crisis'. Argh.

To the Editors,

It is my recollection that in the early 1980s Congress, recognizing the fiscal crisis facing Social Security, raised the SS withholding rate to create an annual surplus. This surplus is then borrowed by the US government when expenses exceed income (the yearly budget deficit) thus adding to the total Federal budget debt.

When writers state that the Social Security Administration is holding "useless IOUs that can never be replaced without raising taxes on the current generation" are they suggesting the the Federal goverment will be defaulting on its obligations when the SSA begins to turn in those IOUs?




	Witnessing the Meltdown Home Get Email Updates What I Do for a Living Email Me Admin Password Remember Me 13566 Curiosities served Share on Facebook				2005-01-18 7:19 PM LTTE re: SS 'crisis' Previous Entry :: Next Entry Read/Post Comments (0) =+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+ A letter to the editor re: the SS 'crisis'. Argh. To the Editors, It is my recollection that in the early 1980s Congress, recognizing the fiscal crisis facing Social Security, raised the SS withholding rate to create an annual surplus. This surplus is then borrowed by the US government when expenses exceed income (the yearly budget deficit) thus adding to the total Federal budget debt. When writers state that the Social Security Administration is holding "useless IOUs that can never be replaced without raising taxes on the current generation" are they suggesting the the Federal goverment will be defaulting on its obligations when the SSA begins to turn in those IOUs? Read/Post Comments (0) Previous Entry :: Next Entry Back to Top