Your Opinion: No real money in 'lock box'
Wednesday, July 20, 2011
When I was a small boy I would on occasion go fishing with my grandpa. We would go down to the river and grandpa would cast my line in the water, as I was too small to get the hook very far. We would then sit there on the bank and wait for a fish to swim by, see our bait, and then take a bite. I would jerk the pole to sink the hook, then reel in the fish. My grandpa would be proud of me as I hooked another unsuspecting mullet with the bait of $2.4 trillion in the SSA “lock box.”
This individual said that the SSA has a $2.4 trillion surplus, but it is not in real money, this is what my grandpa said was a lie. It is like an IOU, which the SSA gives to the Treasury, on occasion, so that funds can be distributed to individuals on SS. Sure there is money coming in to the Treasury in the form of FICA taxes, but it does not go to a “lock box”, it goes to the general revenue of the USA.
If it had only been going to the SSA “lock box”, then there would probably be enough funds in the “lock box” to last a while longer. The politicians got the great idea, some years back, to combine all these funds. This had the effect of spending money now, without eliminating any programs and not raising taxes. The bill always comes due and it is now getting real close to the time when hard decisions will need to be made.
With the current group we have in Washington, forget about any hard decisions being made. You can always tell when politicians are lying: it is when their lips are moving. It has always been to my amazement that there are people who really believe that there is real money in the “lock box.” PT Barnum said it well many years ago, there is one born every minute.