How Much Does Social Security Add to the US Budget Deficit? – Oh, You Didn’t Know that Social Security Added To the US Budget Deficit? – Please, Join the Rest of Us in the Real World As Opposed to the Fantasyland That Exists in Washington DC Right Now! – According to President Obama’s Projected Budget for Fiscal Year 2012 Social Security Spending Will Be 21.8 Percent of All US Government Spending – President Obama Projects A $1.65 Trillion Dollar Deficit In Fiscal Year 2012 – Using Very Simple Math Social Security Thus Adds…”X”… Billion of Dollars to the US Budget Deficit – Yes, We Do the Math For You!
How much does Social Security add to the US Budget Deficit?
Oh, you didn’t know that Social Security adds to the US Budget Deficit?
Shame on you for not knowing that FACT because the TRUTH is that the hard-earned money that YOU and YOUR EMPLOYER send into the US Government each payday is not saved for YOUR future retirement as the US Government has promised it has been doing in a Social Security “Trust” Fund.
There is NOT ONE DIME in the Social Security “Trust” Fund and since the FICA Social Security Taxes that Americans send to the US Government each payday is spent immediately which means that Social Security is completely “on budget” and a full part of the US Budget and US Government spending and thus adds to the US Budget Deficit.
Money comes into the US Government and much more is going out right now, over $1 Trillion Dollars this year in fact is going out than coming in, and since that deficit has to be borrowed that makes Social Security just another US Government program like Defense, Homeland Security, the Energy Department, etc…
The kicker is that because Social Security is such a MASSIVE part of US Government spending each year it is also a VERY BIG part of the annual budget deficits which as we just said are running at over $1 Trillion Plus Dollars per year.
In President Obama’s proposed 2012 Budget for the United States of America Obama sees spending… (All of the below info can be found at the terrific New York Times website for President Obama’s 2012 Budget for the US which runs from October 1, 2011 to September 30, 2012)
$3.7 Trillion Dollars
….which includes Social Security which clearly makes the Social Security program “on budget” and just like ALL other US Government spending.
President Obama forecasts that Social Security spending will be….
$808 Billion Dollars
….which makes Social Security spending 21.8 percent of ALL US Government spending in fiscal year 2012.
President Obama projects that under his budget proposal that the US Government will run a deficit of…
$1.65 Trillion Dollars
…in fiscal year 2012.
Yes, you read that right! $1.65 Trillion Dollars!
Hell, even George W. “Hell, let’s spend money like mad because my family has plenty of money and if the country goes to Hell we can always hang out in Maine at our big house if the economy goes in the crapper” Bush did not even run up annual deficits of $1 Plus Trillion Dollars!
Now here is where some basic American Common Sense and very simple math are needed:
ALL of the Social Security taxes that WE and OUR Employers are sending into the US Government is being tossed into the general fund of the US Government and thus the Social Security tax money (the FICA taxes) is no different than income taxes, gas taxes and other taxes that the American People pay to the federal government.
Now, getting back to that $1.65 Trillion Dollar deficit that President Obama is projecting for fiscal year 2012, remember that Social Security in fiscal year 2012 under Obama’s budget is 21.8 PERCENT of all US Government spending and if one then does some very simple math they can arrive at what Social Security’s share of the US Budget deficit in 2012 really is:
$1.65 Trillion Dollar budget deficit for 2012
21.8 percent of US Government spending that Social Security is projected to be in 2012
$360 BILLION DOLLARS!
Yes, that’s right. In fiscal year 2012 with President Obama’s projected budget for the United States of America the Social Security program adds…
$360 BILLION DOLLARS to the Budget Deficit
People that claim Social Security does not “add to the US Budget Deficit” are only lying to the American People because these Bastards in Washington DC are the ones that put Social Security completely on budget over two decades ago so they could grab and spend ALL of the annual Social Security surpluses while they were issuing Bogus I.O.U.’s to the Social Security System that were placed in the Bogus “Trust” Fund.
No, there is NOT ONE DIME in the Social Security “Trust” Fund which makes the $2.6 Trillion Dollars in I.O.U.’s that are in that “Trust” Fund just really $2.6 Trillion Dollars that can be added to the $14 Trillion Dollars in debt that OUR “Elected Leaders” have piled up over the last three decades with over half that $14 Trillion being added in the last 10 years!
Yes, these are Very Stupid People!
Here’s the Real Scary Thing: As Baby Boomers begin to retire in ever increasing numbers in the coming years Social Security spending will increase even more and that will continue to make Social Security a bigger part of overall US Government spending and thus a bigger part of the annual budget deficits. In fiscal year 2012 according to President Obama’s budget Social Security spending increased over 8 percent and if that kind of annual increased happens over the next decade Social Security will be contributing over….
$400 BILLION DOLLARS each year to the US Budget Deficit!
Will the “Elected Leaders” of the United States of America address the very real problem of getting a handle on Social Security and other entitlement spending that is the fastest growing part of US Government spending and the US Budget?
Not likely which means the Trillion Dollar annual US Budget deficits are not going away anytime soon and that means the Federal Reserve will have to keep those currency printing presses running around the clock to support the out-of-control spending that our “Elected Leaders” will not deal with in an honest way.
The only really important question is: How much ink does Federal Reserve Chairman Uncle Ben “Run those presses boys” Bernanke have on hand?
Yes, Bernanke is going to need a WHOLE LOT OF INK!