Social Security deficit slides-worst in a generation-Hey,lets mess up health care too

Discussion in 'Politics' started by Neotrotsky, Jan 7, 2010.

  1. Neotrotsky
    Offline

    Neotrotsky Council to Supreme Soviet

    Joined:
    Dec 12, 2009
    Messages:
    10,402
    Thanks Received:
    1,254
    Trophy Points:
    245
    Location:
    People's Republic
    Ratings:
    +2,348
    Social Security deficit slides-worst in a generation-Hey, lets mess health care too

    After seeing what a good job the gov't did with Social Security, they want the people to believe that they can do a better job at health care


    Tip: HotAir

    Steve at No Runny Eggs has kept a close eye on the financial statements from the Social Security administration, and he has good reason to do so. Earlier this year, we began to see monthly deficits from SSA, a result of income drops as the recession and unemployment deepened. However, with the Obama administration arguing that the economy has already begun its recovery, the deficits at SSA have hit their deepest ever:

    The Social Security Administration’s Office of the Chief Actuary finally got around to posting the detailed November numbers for Social Security, and things have only gotten worse:

    The combined OASDI (Old-Age Survivors and Disability Insurance) “Trust” Funds posted a $5.858 billion primary (cash, non-“interest”) deficit for November, the worst monthly performance since monthly records began in 1987.
    The 12-month OASDI primary surplus was only $9.598 billion, also the worst 12-month performance since monthly records began.
    Since there won’t be an cost-of-living increase in Social Security benefits, the combined funds may yet avoid a 12-month primary deficit in 2010 by the skin of its teeth. However, that is dependent on an improvement in the wage situation, and specifically an improvement in the job prospects of those between 62 and 67 years old. Somehow I don’t see the trend of older and higher-earning workers losing their jobs disproportionately reversing.
    Recall that Peter Orszag, now Director of OMB, predicted as CBO Director in August 2008 that no one needed to worry about SSA until 2019:

    Today, Social Security’s revenues each year are greater than its outlays, but as the baby-boom generation (people born between 1946 and 1964) continues to age, growth in the number of Social Security beneficiaries will accelerate, and outlays will grow substantially faster than revenues. CBO projects that outlays will first exceed revenues in 2019 and that the Social Security trust funds will be exhausted in 2049.2 If the law remains unchanged, the Social Security Administration (SSA) will then no longer have the legal authority to pay full benefits.

    Orszag wasn’t even right in the month he made the prediction. Democrats used this analysis to paint Republicans demanding Social Security reform as hysterics who wanted to attack retiree benefits and suck up to Wall Street. Here’s the cash flow for the past two years as reported by SSA.
     
  2. kyzr
    Offline

    kyzr Gold Member

    Joined:
    Oct 14, 2009
    Messages:
    3,447
    Thanks Received:
    450
    Trophy Points:
    130
    Ratings:
    +630
    The solvency of SS & Medicare will be the hottest hot-button issue in 2010, 2012, and 2014, since medicare is projected to go bankrupt in 2016. The crp just hit the fan and its heading at the dems. They are wasting money at incredible rates, and never once mentioned Medicare and SS?! How stupid id that, and blaming that on Bush is a non-starter.

    Hey dems, where's my SS & Medicare that I worked for all my life?
     
  3. NYcarbineer
    Online

    NYcarbineer Diamond Member

    Joined:
    Mar 10, 2009
    Messages:
    95,842
    Thanks Received:
    11,247
    Trophy Points:
    2,060
    Location:
    Finger Lakes, NY
    Ratings:
    +30,148
    Isn't it the right now claiming to be the diehard defenders of Medicare? Not a penny in cuts of any kind?
     
  4. NYcarbineer
    Online

    NYcarbineer Diamond Member

    Joined:
    Mar 10, 2009
    Messages:
    95,842
    Thanks Received:
    11,247
    Trophy Points:
    2,060
    Location:
    Finger Lakes, NY
    Ratings:
    +30,148


    Medicare was projected to go bankrupt in 1997. And several other years in the past 30.
     
  5. VaYank5150
    Offline

    VaYank5150 Gold Member

    Joined:
    Aug 3, 2009
    Messages:
    11,779
    Thanks Received:
    1,047
    Trophy Points:
    138
    Location:
    Virginia
    Ratings:
    +1,055
    Oh yes. "We don't need no stinkin's government run healthcare"......."but hands off my MediCare"!:cuckoo:
     
  6. kyzr
    Offline

    kyzr Gold Member

    Joined:
    Oct 14, 2009
    Messages:
    3,447
    Thanks Received:
    450
    Trophy Points:
    130
    Ratings:
    +630
    Maybe you just don't get it. Medicare is just about bankrupt, SS will be bankrupt about 2030 and Obama and the dems are doubling the national debt.

    The Mayo Clinic will NOT accept any more Medicare patients because they lost $850m on them last year, several of my local hospitals are going bankrupt, with medicare costs a major factor. So you tell me, whats wrong with the medical system today as compared with NO DOCTORS WILLING TO TAKE MEDICARE , or a bankrupt medicare system and no safety net for the elderly?

    Obama will get blamed for the medical & medicare system problems, so he better get busy finding answers.
     
  7. Citizen
    Offline

    Citizen Active Member

    Joined:
    May 27, 2009
    Messages:
    237
    Thanks Received:
    61
    Trophy Points:
    28
    Ratings:
    +61
    Although I do not have the answers, maybe if the government had not lumped SS into the general fund, and paid interest on the amounts they borrowed from it over the years it would not be going bankrupt.
     
  8. SwingVoter
    Offline

    SwingVoter VIP Member

    Joined:
    Aug 30, 2008
    Messages:
    1,246
    Thanks Received:
    123
    Trophy Points:
    83
    Location:
    Richmond, Virginia
    Ratings:
    +129
    There's an economic reality neither Dems nor GOP can stand - you can't cut costs in health care unless you cut supply. No other way is realistic, doesn't matter the extent to which government gets involved.
     
  9. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    [​IMG]

    Good evening. On Tuesday, we Americans will have the opportunity to exercise our role as citizens in a free democracy. Yet, only a third of the eligible voters will actually cast ballots. The other two-thirds are, in a sense, very lucky. Because they do not know what’s going on.

    Last week, I delivered a message on inflation. Since then, the dollar has dropped in value, the stock market has sustained record losses, and the whole sow price index increased 0.9%. In other words, our economic system is screwed, blued and tatooed! We just have to face the fact that there is simply no way to fight inflation in a capitolly-intensive, highly-technological, conflict-riddled, anything-for-a-thrill world of today. That’s why, tonight, I want you to try to look for in inflation, an entirely new word: Inflation is our friend.

    For example, consider this: in the year 2000, if current trends continue, the average blue-collar annual wage in this country will be $568,000. Think what this inflated world of the future will mean – most Americans will be millionaires. Everyone will feel like a bigshot. Wouldn’t you like to own a $4,000 suit, and smoke a $75 cigar, drive a $600,000 car? I know I would! But what about people on fixed incomes? They have always been the true victims of inflation. That’s why I will present to Congress the “Inflation Maintenance Program”, whereby the U.S. Treasury will make up any inflation-caused losses to direct tax rebates to the public in cash. Then you may say, “Won’t that cost a lot of money? Won’t that increase the deficit?” Sure it will! But so what? We’ll just print more money! We have the papers, we have the mints.. I can just call up the Bureau of Engraving and say, “Hi! This is Jimmy. Roll out some of them twenties! Print up a couple thousand sheets of those Century Notes!” Sure, all these dollars will cause even more inflation, but who cares? Everyone will be a millionaire!

    In my speech last week, I said that America would have to undergo an austerity program, but since this revolutionary new approach welcomes inflation, our economy will be free to grow, and we can spend, spend, spend! I believe the watchwords for the 80’s should be “Let’s Party!”





    Meet the new boss.............
     
  10. uscitizen
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    From the article in tha OP:

    "CBO projects that outlays will first exceed revenues in 2019 and that the Social Security trust funds will be exhausted in 2049."

    You youngins need to grab those bootstraps and pull yourself up so you can make more money and pay more SSI in.
     
    Last edited: Jan 8, 2010

Share This Page