Social Security In 2033

[Listening]

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.

 

[Listening]

“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.

 

[mudwhistle]

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.

 

[Mr. Shaman]

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

Did I miss something ?

Social Security and Medicare Could Run Out Sooner Than Expected - ABC News

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.

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

​

 

[SniperFire]

There is no Social Security pile of money.

Only gubmint issued IOU.

 

[NYcarbineer]

There is no Social Security pile of money.

Only gubmint issued IOU.

So? Is the US government going to default on its debt obligations any time soon?

 

[Listening]

There is no Social Security pile of money.

Only gubmint issued IOU.

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.

 

[SniperFire]

There is no Social Security pile of money.

Only gubmint issued IOU.

So? Is the US government going to default on its debt obligations any time soon?

No. They will hyper-inflate the currency and render your SS benefit worthless.

 

[Wiseacre]

There is no Social Security pile of money.

Only gubmint issued IOU.

So? Is the US government going to default on its debt obligations any time soon?

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

 

[CrusaderFrank]

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.

 

[SniperFire]

There is no Social Security pile of money.

Only gubmint issued IOU.

So? Is the US government going to default on its debt obligations any time soon?

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

Those doing the lending will see that we are just going to run the printing presses to pay it back, and then it will all be over.

 

[Zander]

I have no doubt that the morons in DC will figure out that Social Security is a very popular program and needs to be tweaked to ensure it's survival. Here are two things that I would do immediately.

1) Gradually increase the maximum taxable wage for Social Security. For 2012 the cap is set at $110K.

2) Gradually increase the retirement age to better reflect life expectancy. Age 70 is reasonable for "full retirement" and age 65 for "early retirement". We can get there in small increments so that folks that are close to retirement will only be minimally effected.

 

[Wiseacre]

Gonna have to tighten up the disability rules, we got too many people getting that check that don't deserve it.

 

[Listening]

There is no Social Security pile of money.

Only gubmint issued IOU.

So? Is the US government going to default on its debt obligations any time soon?

What would be interesting is to see how the "go broke" date has moved over time. From what I recall people were saying 2075 not to long ago. It keeps creeping up.

All the naysayers posted articles showing how solvent it is all the while I am wondering how they can make the assumptions they do. Many people take early retirement because they can. And the number of people who draw from the system is getting larger (non-retirees).

This is no surprise.

What is a surprise is that someone would ask this question like they might know the answer. The truth is that Obama was saying people might not get checks if the debt ceiling isn't raised.

One day we will raise the ceiling to pay SS, but on one will lend us the cash.

So........

 

[Mr. Shaman]

Gonna have to tighten up the disability rules, we got too many people getting that check that don't deserve it.

.....Or, DON'T NEED IT!!!!!!!!

Means Test, NOW!!!!!​

 

[CrusaderFrank]

Gonna have to tighten up the disability rules, we got too many people getting that check that don't deserve it.

.....Or, DON'T NEED IT!!!!!!!!

You think someone bought that with Social Security checks?

How many time have you dropped acid...I mean so far today?

 

[Mr. Shaman]

Social Security In 2033

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

Did I miss something ?

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

"As economists like L. Josh Bivens have shown, the real problem is that there has been a sharp increase in income inequity in the last couple of decades. The payroll tax which finances Social Security was reconfigured to capture 90 percent of the nation's income, but because the richest among us are capturing more of our nation's wealth, that figure is now closer to 83 percent.

If that hadn't happened there would be no problem with Social Security at all. Understanding the nature of the problem helps us come up with a cure. If wealth inequity is the cause, shouldn't the solution also center on inequity?"

Behind The Numbers And The Spin​

 

[Mr. Shaman]

Gonna have to tighten up the disability rules, we got too many people getting that check that don't deserve it.

.....Or, DON'T NEED IT!!!!!!!!

You think someone bought that with Social Security checks?

NOPE.....that's my point!!!!

 

[Listening]

Mr. Shaman finally starts to show the cracks in the armor.

I have always been for means testing. I have also been for not adding so many leaches on the system. BTW: Shaman, it would be great if the numbers were made available so we could see what Bivens calculates. Just saying it would be O.K. does not make it so.

Also, I have read that means testing isn't going to do much for the system. If you have something otherwise, please share.

And finally, how is means testing "fair". Not that I believe in "fair". It's a bullcrap notion. But all of a sudden the left now wants to rob the rich of money they put into the system ? How pragmatism suddenly becomes so right when the food isn't on the table any more.

 

[Listening]

You think someone bought that with Social Security checks?

How many time have you dropped acid...I mean so far today?

My mother had clients (she was a travel agent) who joked how they used SS to pay for their green fees.

Even then, I knew something was wrong. But as Sheibler pointed out.....it was a great way to keep getting elected. His description of Johnson's increasing the benefits just to get the trust down will make you vomit. The Real Deal - Schieber, Sylvester J.; Shoven, John B. - Yale University Press (and lest you worry...he's not advocating getting rid of it...it is a pretty good history).

Pols....can only be trusted to screw things up.

And we want to put them in charge of our health care ?