Obama says he cannot guarantee SSI checks to be delivered. What happened to the $2.6 Trillion dollar trust?
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it." -Barack Obama
That's strange, according to the Social Security Press Office website it says their current trustee's report outlines shortfalls in the trust.
“The current Trustees Report again reflects what we have long known to be true -- we need changes to ensure the long-term solvency of Social Security and to restore younger workers' confidence in the program,” said Michael J. Astrue, Commissioner of Social Security. “The report also highlights the more near-term shortfall in the Disability Insurance Trust Fund."
The report goes on to say:
•The assets of the combined OASDI Trust Funds increased by $69 billion in 2010 to a total of $2.6 trillion.
Oops. Yahtzee. This ponzi scheme has been going on for decades and no one is held accountable.
- who WAS #1?Lv 79 years agoFavorite Answer
I forget the name of the case but in the 1950s the US Supreme Court said "Social Security is a social welfare scheme which Congress may alter or abolish at will". It is not insurance, they have no obligation to pay anything. And of course the alleged "trust fund" is full of IOUs. Payroll taxes go into the general fund and Congress allocates enough to send out the checks.
- Doug BLv 79 years ago
That's Social Security, the pension checks sent out to Americans over the age of 65.
SS*I* is the payments made to those of us suffering from long-term disabilities that prevent us from working. These payments are not made from the SS Trust fund but rather from the General fund.
SSI is the program that might not be paid. See the difference?
- Curt JLv 79 years ago
What trust? That disappeared in the 60s when Johnson and the Dems/Libs running Congress placed the Social Security fund into the General fund...and spent it. What we have had since then, is an ever growing pile of IOUs in a file cabinet in, I believe, Missouri.
See how the Dems/Libs care for all of us?Source(s): Just my opinion
- gosam777Lv 79 years ago
The trust fund is the FICA (SS) surplus people paid in SS taxes. SSI os NOT paid out of the SS trust funds, or SS (FICA) taxes. It is paid out of the general taxpayer fund. SSDI (Social Security Disability Insurance) is paid out of SS funds, but SSI is not http://www.ssa.gov/ssi/
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- RonaldLv 69 years ago
the congress allocates the funds to pay the bills..the ious are still there ss is not broke
- 9 years ago
Obama needed a threat to wave in front of the US citizenry in hopes that we would be frightened enough to pressure our Senators and Representatives into voting to pass his ideas into law. The idea that we could not spend dollars that we didn’t have in order to send out checks to SSI cases is foolish in comparison to spending millions, even trillions that we don’t have on his pet projects.
It was just political scare tactics at work. Take note and see if he uses this tactic again. You can bet that he will.
- MikeLv 79 years ago
Obama and the liberal congress spent it all on bailing out the auto industry and Wall Street.
- william cLv 59 years ago
They do not know their *** from a hole in the ground but put a ballot box around it and they instantly recognize their ***.