tag:blogger.com,1999:blog-7334408760351487944.post3955004244305946027..comments2023-11-12T06:43:00.060-05:00Comments on Notes on Social Security Reform: Who tried to give the Social Security trust fund to Wall Street?Andrew G. Biggshttp://www.blogger.com/profile/16617460431856611873noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7334408760351487944.post-5502940285802931522016-02-25T16:45:56.011-05:002016-02-25T16:45:56.011-05:00What is the definition of a trust fund?
"mon...What is the definition of a trust fund?<br /><br /><b><i>"money that belongs to one or group but is legally held or managed by another person or by an organization.</i></b><br /><br />Sounds good, but is that what the social security trust fund is? The Trust fund has never held much in the form of "Trust" Today's workers are putting hundreds of billions into Social Security each year, but sadly the trust fund is not rising by hundreds of billions each year. Looking at past history it put in less than 5% of a workers payroll tax.<br /><br />Now the article tends to imply the stock market/investing the trust fund is a bad idea. Is it the worse thing that could be happening before our very eyes?<br /><br />Trust - belief that someone or something is reliable, good, honest, effective, etc.<br /><br />So I guess the worker knows that for every $1 in payroll tax they pay, less than 5 cents is going into a trust fund to be used to fund their benefits in the future. Social Security has been up front with workers since 1937 sot this should not be a surprise.<br /><br />But wait, the SS-OASI trust fund in 1983 was near exhaustion and borrowed $11 Billion from SS-DI and Medicare to cover near terms benefits. <br /><br />So who does the trust relate to? Does it relate to those operating the program for if it is, I certainly would not trust them. When I give to charity I attempt to learn how much actually goes towards those in need, where is the money going. With Social Security I know they allocate less than 5% to the trust fund to pay future benefits. I cannot remember ever seeing a charity that was worse than 5%. So maybe it is not charity. I know it is not trust. Could it be a Ponzi Scheme? Please don't let it be true. I will just bury my head in the sand and hope it goes away.<br /><br />WilliamLarsenhttps://www.blogger.com/profile/00226403551284640494noreply@blogger.com