The Catfood Commission rump report made it crystal clear that the political and financial elites have no intention of ever paying off the bonds held by the Social Security Trust Fund. You thought you were paying excess FICA taxes so that there would be enough money to pay your Social Security in your retirement, but that was never the intention. The intention was to raise your taxes and cut taxes on the rich.
They try to hide this fact behind a barrage of numbers, and shouting flacks, but occasionally, the truth unintentionally leaks out, as here:
Unless the program can be made to pay for itself, Congress would have to appropriate more than $13 trillion over the next 75 years to make up the shortfall, according to the Brookings Institution.
Of course the program can be made to pay for itself, out of those bonds in the Social Security Trust fund, and with taxes if that becomes necessary in 2037. What kind of idiot is making financial plans for 2037? Our political and financial elites, that’s who, if you can call stealing a plan. They don’t want to pay off those bonds. They want to raise taxes on working people so they will never have to pay off those bonds.
The whole point of every charade version of “strengthening Social Security” is to insure that the income of the system is enough to pay the benefits that are due that year, hopefully with an overage that can be swallowed up in the General Fund and used keep the taxes on the rich at the lowest level since the time whereof the memory of man runneth not to the contrary. The Catfood Commission, the Great Compromise, the Gang of Six, the Chained CPI, and all other plans make it clear that the elites of both parties intend to complete the theft from the Social Security Trust Fund by raising your taxes and/or cutting your benefits.
They are going to do it behind closed doors, in the dark of night, leaving no trace that could lead to personal responsibility. The deed will be done by the SuperCongress. Democrats and Republicans conspire behind closed doors to slap us again, this time directly in the wallets of our old and sick, which includes all of us eventually. And you know exactly why you lose.
You are not represented in the halls of government. Only rich people and their corporations and their lobbyists and their flacks, and their court jester economists, and their astroturf groups and their talk radio liars and their media companies and their think tanks and their foundations are represented in government. And those people are not going to pay taxes, even if it means your in-laws move in with you and your kids move home and no one has a job and your savings are eroded because they keep interest rates even lower than inflation, and your income is stagnant if you are lucky ducky enough to have a job, and your local food bank is running out of money and food, and you can’t contribute to charity to help others.
It will require increased taxes to pay off the Social Security Trust Fund, and rich people aren’t going to pay taxes. They don’t care about you, or your family or your friends. They are selfish by nature and they have a message for you: they will pay taxes over your dead body.
And those bonds in the Social Security Trust Fund? S&P can rate them as pending default.