Social Security In 2033

Discussion in 'Politics' started by Listening, Apr 24, 2012.

  1. Listening
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    Listening Gold Member

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    I figured there would be at least four or five threads on this already.

    Did I miss something ?

    http://abcnews.go.com/blogs/politic...-medicare-could-run-out-sooner-than-expected/

    Social Security’s retirement and disability programs have enough funds to cover the next 20 years, but that could change come 2033.

    Every year the Social Security Board of Trustees releases its report outlining the stability and financial security of the two biggest federal programs in the United States, Social Security and Medicare.

    This year’s report says that because of an increase in pressure on these programs — Americans are living longer and the baby boomers are beginning to collect — funds could run out sooner than expected. In addition, the slow-rebound of the economy and high energy prices are leading to a quicker deterioration of the trusts that fund Social Security.

    *****************************

    So there is always reading between the lines.

    I'll wait to hear what was left out of the report before making any further comments.
     
  2. Listening
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    Listening Gold Member

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    “In 2033, incoming revenue and trust fund resources will be insufficient to maintain payment of full benefits,” . Treasury Secretary Tim Geithner, said, referring to Social Security. “At that point there will only be enough money to cover about three-fourths of full benefits.”

    Also in the article.
     
  3. mudwhistle
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    mudwhistle Diamond Member

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    Social Security disability will be bankrupt in 3 years.

    I remember when the Dems stood up and cheered during Bush's State Of The Union. He said he wasn't able to pass ss reform.

    Nothing has been done since.

    The Democrats must be so proud.
     
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  4. Mr. Shaman
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    Mr. Shaman Senior Member

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    Gee......I guess we need a boost in employment.

    :eusa_whistle:
     
  5. SniperFire
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    SniperFire Senior Member

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    There is no Social Security pile of money.

    Only gubmint issued IOU.
     
  6. NYcarbineer
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    NYcarbineer Diamond Member

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    So? Is the US government going to default on its debt obligations any time soon?
     
  7. Listening
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    Listening Gold Member

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    I can only assume that the 2003 is based on those IOU's being paid back.

    Recall that during the debt crisis Obama said he could not guarantee S.S. checks woudl go out......

    When I hammered people with that one (especially the believers in the lockbox) they seemed very quiet.
     
  8. SniperFire
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    SniperFire Senior Member

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    No. They will hyper-inflate the currency and render your SS benefit worthless.
     
  9. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    In 10 years the interest we have to pay on our debt will be approaching a trillion dollars a year. You okay with that?
     
  10. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Social Security is broke today

    It has to borrow to pay current obligations.

    There are no real assets in the "Trust Fund", there's only paper that can only be sold to the US Government and the only way it can pay for that paper...is with more borrowing.
     
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    Last edited: Apr 24, 2012

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