On Fri, 28 Nov 2008 11:48:29 -0800, Mason C
<masoncXXX@[EMAIL PROTECTED]
> wrote:
>>"When a federal trust fund is credited with more income than outgo (as
is
>>the case with Social Security), the trust fund "balance" increases."
>>
>>That quote is from your link above. It says that FICA tax proceeds
>>exceed the current payouts to SS recipients. And that _is_ the case.
>>Nonetheless FICA tax proceeds are used to pay current recipients and
>>there is a SMALL amount added to the SS trust fund each month. There is
>>a connection but there does not need to be a connection.
>>
>>More im****tantly FICA taxes are __**NOT**__ a direct benefit to those
>>that pay them.
>
>OK, but I object the the misleading term "trust fund" -- where is that
fund?
>In a tin box somewhere? Invested somewhere? In an Al Gore "lock box"?
It's a guarantee by the government to pay you upon
retirement. The money isn't "held" in any box, safe,
bank.
>(The self-investment in government bonds is accounting mumble-jumble.)
Government bonds are provided with security. They have
specific parameters that tell you what you "get"
>FICA taxes are collected. Income taxes are collected. Various fees are
>collected. They are all the same color: black bytes on magnetic disks
and
>tapes. Indistinguishable from one another.
They don't need to be "distinguishable" Christ, this
is civics 101.
>When a Soc.Sec. check is written and cashed, how does anyone know whether
>it was an FICA byte or an income-tax byte?
It's easier to stop thinking in absolutes like "strong
box", save, or any pile of money lying around in huge
amounts
The "full faith and credit" of the United States
Government takes full account of who is entitled the
various programs, and applies it.
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