Poor economy worsens Social Security's finances

Discussion in 'Economy' started by Nova78, Apr 23, 2012.

  1. Nova78
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    Nova78 Silver Member

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    Poor economy worsens Social Security's finances | Comcast

    The government says a bad economy and higher energy prices have worsened the finances of Social Security, shortening the life of the trust funds that support the program by three years.

    The trustees who oversee Social Security say the program's trust funds will now run dry in 2033. Medicare's finances have stabilized but the program's hospital insurance fund is still projected to run out of money in 2024.

    Medicare is in worse shape than Social Security because of rising health care costs. But both programs are on a path to become insolvent in the coming decades.

    Good news seems to never end.
     
  2. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Fan, meet shit.
     
  3. Staidhup
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    Staidhup Gold Member Supporting Member

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    Yet they still refuse to do away with the earned income contribution cap.:cuckoo:
     
  4. waltky
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    waltky Wise ol' monkey Supporting Member

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    Dat's why Granny wants her 2nd stimulus check - to make up the shortfall...
    :eusa_shifty:
    Social Security Faces Unfunded Liability of $8.6T, or $73,167.83 Per Household
    April 24, 2012 - Social Security faces an unfunded liability of $8.6 trillion, according to the 2012 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.
    See also:

    Social Security’s financial forecast gets darker; Medicare’s outlook unchanged
    Surging energy prices and a slower-than-expected economic recovery have worsened the financial outlook for Social Security compared with last year, while the picture for Medicare remains grim but essentially unchanged, according to annual forecasts released by the government Monday.

     
    Last edited: Apr 24, 2012
  5. Mr. Shaman
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    Mr. Shaman Senior Member

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    You get all these....and, many MORE....with....

     
  6. iamwhatiseem
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    iamwhatiseem Gold Member

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    BTW - other economist put the SS time-bomb more like early 2020's. We're talking less than 10 years.
    What the government accounting doesn't factor is in increased national debt payments, and if there are any interest rate hikes.
    But hey - let's add on national healthcare...that'll fix the problem!!
     
    Last edited: May 21, 2012

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