by Dan Seagren
Posted: May 31, 2015
The cost of raiding the trust fund…
Ironic isn't it that Social Security carried the name security for many years until it was raided by Congress? And now it is threatened for the next generation(s) as well. Many seniors worked for years, paid taxes including Social Security and now we pay taxes again on it.
If you are like me, you probably get all kinds of requests to give money for a variety of causes. To date, the most I received in one day was nine but they do come regularly. One of those causes came from the National Association for Uniformed Services which protects the rights and benefits of retirees and veterans. It is one of several organizations fighting for the same cause: getting Congress to stop “raiding” the Trust Fund (Social Security).
Now there are serious efforts to eliminate this “borrowing” ($2.7 trillion so far) since 1968 with an IOU which is unlikely to be repaid. Is it any wonder that Social Security is losing its security? Congress has even reduced the COLA (cost of living adjustment) and actually eliminated it for two years recently.
The yearly average raided from 1968-1999 was $25.96 billion but from 1999-2014 is was $108 billion. If this continues, there would be fewer funds available with most likely even more seniors and others affected. We are told that without the raiding of this fund there would be adequate money for quite some time.
Some of you might say that You are complaining but that doesn't affect me! Not so. So far we seniors have received Social Security even though it has been reduced and the eligibility age has been raised. Our concern is also for future retirees as well as today's seniors. What boggles our minds is how a casual IOU would repay the $2.7 trillion (can you imagine how much a trillion is?) and how long would it take?
This my friends is one of those senior moments that seriously could impact juniors even more than present retirees and others eligible. Those older do have certain responsibilities for those younger; and this is one of them. We beneficiaries should be concerned for emerging generations as well as our own. But are we? That's the real question. And maybe the answer?
Dan Seagren is an active retiree whose writings reflect his life as a Pastor, author of several books, and service as a Chaplain in a Covenant Retirement Community.• E-mail the author (su.nergaesnad@brabnad*) • Author's website (personal or primary**)
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