Posted 3 years ago on Nov. 19, 2018, 6:40 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
"... When Social Security runs a surplus, Social Security holds the funds in trust. Social Security currently has a $2.9 trillion accumulated surplus, which was intentionally built up over decades to cover the retirement of the Baby Boom generation. In the guise of a so-called balanced budget amendment, 233 members of the House of Representatives just voted to pretend that the accumulated surplus does not exist.
"That’s because the so-called Balanced Budget Amendment would ignore the past Social Security contributions and instead require all federal spending - including Social Security spending - to be offset by revenues collected in that same year. That means that Social Security would not be allowed to use its own $2.9 trillion surplus to pay out benefits...."