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Will Congress Raid Social Security Fund for Billionaire Bailout?

December 10, 2008
Rev. Louis P. Sheldon, Chairman, Traditional Values Coalition
via email …..

If any group of people ever deserved a “bailout” (restitution is more accurate) it is those who have paid into the Social Security Trust Fund only to have the federal government loot and spend every dime of their hard-earned contributions.

We know that Congress takes the “how can I be overdrawn when I still have checks” approach to federal spending but it must measure what funds are needed to meet its obligations to Social Security and Medicare recipients. This needs to be done before another dime of taxpayer funds is thrown into yet another bailout spending binge.

In Fiscal Year 2008 alone, experts estimate that $209 Billion will be borrowed from Social Security and spent on other unrelated federal programs.

At the end of January 2008, the federal government owed the Social Security Trust Fund (old age and disability) a total of more than $2.258 Trillion-and this amount keeps going up every month.

Now the trust fund may be used to finance the massive bailouts of the billionaires who run the banks and car companies.

The crash comes in 2017 when the amount collected in payroll taxes will NOT be enough to pay full Social Security benefits. Instead of real assets on which to draw, the Trust Fund will contain only meaningless IOUs from the government to itself.

Misguided Members of Congress have stated in hearings that they don’t care where in the federal budget the money (for the bailout) comes from! We do and we don’t want Social Security funds being stolen again to hand over to the wealthy carmakers and bankers.

The bankers, the carmakers and whatever other industry is next in a long line of “needy” billionaires have elbowed their way in front of needy Social Security recipients – will funds from the Social Security Trust Fund be used to finance these massive and immoral bailouts?

Shouldn’t we provide restitution now to the Social Security Trust Fund for the money which has already been stolen from truly needy Social Security recipients?

Congress should not approve any bailout which takes money from the Social Security Trust Fund in order to bankroll the lifestyle of rich executives.

And if there must be bailouts then we propose putting at the head of the line those who rely on Social Security and those who have invested their hard-earned dollars into the trust fund. This would provide restitution to them for money stolen from the trust fund by a Congress determined to finance pet projects by any means available.

Click here to send a letter to your Senator and Member of Congress. Tell them, once and for all time, not a dime of Social Security Trust Fund money should be used to bail-out billionaires or for any purpose not related directly to Social Security.

2 Comments leave one →
  1. Bill Woessner permalink
    December 12, 2008 4:28 pm

    Well, seeing as the Social Security Trust Fund is nothing but government bonds, there isn’t a whole lot there to raid. If you’re asking whether Congress will go in to DEBT to fund the bailouts, the answer is absoultely, positively yes. Debt is the American way.

  2. December 10, 2008 10:35 pm

    Hey, Great Page! I can’t stand these bailouts!!!!

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