Fact Check in Error on Social Security Tax

Dear FactCheck.org,

Your analysis regarding Obama's position as inaccurate is false and in error. Your organization did not take into account the Social Security Trust Fund Amendment of 1983 (enacted 4/20/83) Pl98-21 sec 141-342.

Fact Check stated that Obama's Position on McCain's social security privatization was not accurate. I differ with fact check. Ever since the passage of PL98-21 Social Security Trust Fund Amendment, the funds within Social Security are transferred into the general fund. Excess funds are used to buy up government T-Bills. Therefore the following becomes true:

All funding of current retirees are by tax payer not investments.
Even the investments in T-bills are paid for by tax payers because T-Bill interest is paid by tax payer.

The conclusion that privatization of Social Security would not effect current recipients is deadly false.

If all current recipients of Social Security are funded by Social Security tax, then the migration of current Social Security funds into a private account would effectively remove funding from people receiving the benefits. The only method to correct these imbalances in funding would be to reduce funding to current recipients, if the new people funding the Social Security Trust fund are allowed to transfer their funds into private accounts.

Fact Check is in absolute error because they did not take into account a 1983 (enacted 4/20/83) Reagan era law PL98-21 sec 143-342.

Obama is correct that factual if the current Social Security tax payers funds are removed from the depository and transferred to privatized accounts the current recipients would lose benefits! How else can you fund the short fall in funding?

Please do your math rather than the politics, FactCheck.com! Your organization wrong in your analysis on Social Security privatization!

http://politicalticker.blogs.cnn.com...

Reported by guerchiotti56's diary of Daily Kos.