Hi all,
Now that the mid-term election is over and all the players are in place, there's been some noise from some members of our legislative body, that social security is one of the programs that is causing such dire financial consequences that affects the budget losses and increased debt. I've always understood that SS was self funded by the FICA taxes paid through payroll deductions, that is separate from the 'income tax' burden that is also found on our paychecks.
So, what's the truth? Are social security payments that the government sends out each month to millions of retirees and disabled really adding to our national debt? Or, is this just another bugaboo that some want to scare the voters into believing that if changes aren't made in the budget process, social security will be effected?
What do you think? Is the SS program adding to our total budget deficits? Or is SS, as has been reported, really self funded and have nothing to do with the increasing national debt?
God bless,
Ted
Now that the mid-term election is over and all the players are in place, there's been some noise from some members of our legislative body, that social security is one of the programs that is causing such dire financial consequences that affects the budget losses and increased debt. I've always understood that SS was self funded by the FICA taxes paid through payroll deductions, that is separate from the 'income tax' burden that is also found on our paychecks.
So, what's the truth? Are social security payments that the government sends out each month to millions of retirees and disabled really adding to our national debt? Or, is this just another bugaboo that some want to scare the voters into believing that if changes aren't made in the budget process, social security will be effected?
What do you think? Is the SS program adding to our total budget deficits? Or is SS, as has been reported, really self funded and have nothing to do with the increasing national debt?
God bless,
Ted