Social Security In 2033

[Listening]

I wish it would collapse tomorrow. It looks like i'm going to get to pay my whole life and then get screwed right as its my turn to collect. F the government! They are so fricken incompetent.

Don't be a silly dupe, schmuck. AARP says that's the #1 myth in America. Feq GD Pubs and their ignorant dupes...

We would not want your reputation as the board asshole to be tarnished now.

Would we ?

This was the trust fund board moron.

 

[Listening]

When the trust goes empty, they can only pay out what they take in.

And of course, they will have to pay back what they have borrowed from the trust...that is a hidden tax.

What is interesting is that Geitner indicated that benefits would be cut 25% when the trust goes. That means they project that 75% of what is obligated to be paid out will be coming in a the time. I'd like to see those assumptions. That means we will get 75% of our SS.

Then what happens when the economy crashes and revenues go under.

Benefits cut to 50% ?

Raising taxes is going to get you killed...ain't gonna happen.

 

[NYcarbineer]

As for the SS trust fund, that is the federal government's obligation to pay; SS is a creditor, not a debtor.

This is funny.
The Federal government owes -itself- the money it re-allocated from the SSTF.
It has no obligation to pay itself back.

Which political party do you think is capable of taking on the consequences of presiding over an SS bond default?

 

[ThinkCritically]

As for the SS trust fund, that is the federal government's obligation to pay; SS is a creditor, not a debtor.

This is funny.
The Federal government owes -itself- the money it re-allocated from the SSTF.
It has no obligation to pay itself back.

Which political party do you think is capable of taking on the consequences of presiding over an SS bond default?

What makes you think that either republicans or democrats will be capable of handling a SS bond default?

 

[M14 Shooter]

As for the SS trust fund, that is the federal government's obligation to pay; SS is a creditor, not a debtor.

This is funny.
The Federal government owes -itself- the money it re-allocated from the SSTF.
It has no obligation to pay itself back.

Which political party do you think is capable of taking on the consequences of presiding over an SS bond default?

Irrelevant to what I said.
The Federal government has no obligation to pay itself back; your statement to that effect is false.

 

[CrusaderFrank]

"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it" -- Obama admitting there are no real assets in the Social Security "Trust Fund"

America is maxxed out and has to borrow from Visa to pay the current Mastercard bill.

Obama says he cannot guarantee Social Security checks will go out on August 3 - Political Hotsheet - CBS News

 

[Uncensored2008]

And yet nothing is stopping anyone from starting an IRA right now, is there?

I asked payroll about it. I even told them that a random poster on an anonymous internet discussion board said it was okay, yet they insisted that Federal Law requires FICA deductions....

 

[Listening]

The GOP should hang this around Obama's neck (especially his stupid statements during the debt talks) and throw him in the lake.

2033 and your benefits go to 75%.

Obama is a one-termer.

 

[Listening]

The trustees project that Social Security benefits will increase next year, though the increase could be small. They project a cost-of-living-adjustment, or COLA, of 1.8 percent for 2013; the actual amount won't be known until October.

Beneficiaries got a 3.6 percent increase this year, the first after two years without one.
More than 56 million retirees, disabled workers, spouses and children receive Social Security. The average retirement benefit is $1,232 a month; the average monthly benefit for disabled workers is $1,111.

About 50 million people are covered by Medicare, the medical insurance program for older Americans.
America's aging population - increased by millions of retiring baby boomers - is straining both Social Security and Medicare. Potential options to reduce Social Security costs include raising the full retirement age, which already is being gradually increased to 67, reducing annual benefit increases and limiting benefits for wealthier Americans.

Policymakers could also increase the amount of wages that are subject to Social Security taxes. Social Security is financed by a 6.2 percent tax on the first $110,100 in workers' wages. It is paid by both employers and workers. Congress temporarily reduced the tax on workers to 4.2 percent for 2011 and 2012, though the program's finances are being made whole through increased government borrowing.
Read more here: Social Security heading for insolvency even faster - Business - Nation - TheState.com

Made whole ?

 

[Listening]

Oh, and did I mention that Medicare hits the wall in about 2024. Social Security will probably not be in as much trouble as seniors will start to die due to lack of health care.

 

[Uncensored2008]

Oh, and did I mention that Medicare hits the wall in about 2024. Social Security will probably not be in as much trouble as seniors will start to die due to lack of health care.

The left has long viewed the killing of "useless eaters" as the answer to over-indulgent entitlements.

 

[CrusaderFrank]

And Obama cuts FICA to push it into bankruptcy that much sooner

 

[Greenbeard]

Oh, and did I mention that Medicare hits the wall in about 2024. Social Security will probably not be in as much trouble as seniors will start to die due to lack of health care.

Or a longer view in table form:

 

[Listening]

Oh, and did I mention that Medicare hits the wall in about 2024. Social Security will probably not be in as much trouble as seniors will start to die due to lack of health care.

Or a longer view in table form:

So, have these guys figured out they are not worth squat when it comes to projections ?

This is a pretty dismal track record.

What gives ?

 

[KissMy]

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?

The government has a plan for that. It will be another "Operation Twist", 10 from now they will drop the interest rate to zero again & refinance all their debt & then jack the rate back up again. We get screwed but the government never has to pay back any debt or interest. They think they have invented the money tree.

 

[francoHFW]

The sky is falling! The sky is falling! Pub dupes...

 

[Mac1958]

.

Several ways to tweak Social Security, including raising the payroll max, pushing the 62/66/70 age eligibility dates back, means testing, or -- most likely -- some combination therein.

Sadly, Social Security is not the one to worry about. Medicare is. And even worse, the answers are out there to deal with Medicare, but they come from both sides of the spectrum and both parties are too busy practicing cranial-rectal inversion to notice and/or to do something about it.

They're wonderful at kicking the can down the road and pointing the finger, though. No doubt.

.

 

[Listening]

The sky is falling! The sky is falling! Pub dupes...

Your brain isn't working !

Your brain isn't working !

Are you disputing the 2033 cave in date ?

 

[Toro]

The sky is falling! The sky is falling! Pub dupes...

Your brain isn't working !

Your brain isn't working !

Are you disputing the 2033 cave in date ?

As is, 75% of promised benefits will be paid in 2033.

 

[Listening]

The sky is falling! The sky is falling! Pub dupes...

Your brain isn't working !

Your brain isn't working !

Are you disputing the 2033 cave in date ?

As is, 75% of promised benefits will be paid in 2033.

Only if the assumptions at that point hold up.

What that is based on (as I understand it) is that is the direct flow through of money...what gets collected in January.....gets paid out in February.

The 75% is based on a health economy.

We take a hit like we did in 2008 and that could drop significantly.