Sonny, Light. Obama raise debt ceiling or no SS$$

[coadie]

Obama will teach welfare and seniors a lesson in hardball if he doesn't get more line of credit.
No SS checks august 3.

[kingdomapostle]

Heard about this. Not good. Praying!

[deafdriscoll]

Does he have that authority??????
The social security sept. is run by the adminstrator of that office.what authorty does the Fed have over SS. It is paid for by the people and should not be under control of Obama.
I really do not think he has that power, i think tha has to go to congress and voted on. I will do a little research on this before replying.

[coadie]

Originally Posted by deafdriscoll

Does he have that authority??????
The social security sept. is run by the adminstrator of that office.what authorty does the Fed have over SS. It is paid for by the people and should not be under control of Obama.
I really do not think he has that power, i think tha has to go to congress and voted on. I will do a little research on this before replying.

You make a good point. The debt limit is a law. it must be apporved by Congress to raise it. Just for the record, the tax deposits do go to the social security Administration and it is actually collecting money and lending it to the treasury. Our government issues debt instruments to the SS admininistration and uses it as a source of debt and fuunding for our binge spending.
Today, we collect a little more on payroll withholdings and employer deposits as are disbursed. Federal funds are not totally co mingled. The Treasury does issue promissory notes for funds it borrows from the SS admin. obama is not educated in business, money or tax laws.

[coadie]

Originally Posted by deafdriscoll

Does he have that authority??????
The social security sept. is run by the adminstrator of that office.what authorty does the Fed have over SS. It is paid for by the people and should not be under control of Obama.
I really do not think he has that power, i think tha has to go to congress and voted on. I will do a little research on this before replying.

I started a 401K plan for my company a little under 20 years ago. The laws over this are ERISA. Every few years they do a review and audit of the plan. It gets sticky when the Mutual funds fall and i see balances go down. The rules are strict. The Social security is buying Treasuries. If they default, will the SS Administration need to invest in equities?

[ILG]

Why are we giving billions of dollars to foreign countries but not giving our seniors their social security checks that they PAID FOR YEARS into? Obama is forcing things by holding this over people's heads!

[coadie]

Originally Posted by ILG

Why are we giving billions of dollars to foreign countries but not giving our seniors their social security checks that they PAID FOR YEARS into? Obama is forcing things by holding this over people's heads!

Social security is by law an independent trust fund. "Raising the debt limit" means using those trust fund dollars to buy debt. In other words loan money to the general fund.

[coadie]

Originally Posted by kingdomapostle

Heard about this. Not good. Praying!

Actually this is a bluff. My company does federal witholding tax deposits for payroll electronically. Some payroll deposits are so large they are done within the day of payday. Some tax deposits come 15 ddays after the previous months payroll in smaller companies. Obama is getting dramatic and doing threats to get his way.

Our gubment spending is towards 300 billion a month.

The tab for August 3 is 22 some billion dollars. The feds collect under 200 billion a month in revenues.

[coadie]

Originally Posted by kingdomapostle

Heard about this. Not good. Praying!

Don't worry about vote against raising the debt ceiling. Hillary, Durbin and the libs all voted against raising it in 2006.

[Praxeas]

Im tempted to change the title to "Sonny De Light. Obama raise dept ceiling...."