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Those of you that earn a check for a living, you may realize that your social security taxes took a hike this last pay period. how convinient Obama. fiscal cliff here we come.
FACT CHECK: Medicare and Social Security are NOT going bankrupt
Last night, during the vice presidential debate with Joe Biden, Republican vice presidential nominee Paul Ryan lied to the American people. He said, “Medicare and Social Security are going bankrupt. These are indisputable facts.”
This statement was a bald-faced lie. Neither program is going bankrupt any time soon. Here’s our quick explainer why:
Social Security: It’s currently projected to be fully solvent until the year 2037. After that, it is expected to be able to pay out 75 percent of benefits until 2084, which basically equals full benefits, once inflation is accounted for. There is no threat of the program running out of money any time soon. We could make it solvent far into the future if we simply raised the payroll tax cap — meaning that income above $106,000 would be taxed just like income below that amount is. Lifting the cap would require the wealthy to pay a tiny bit more so that the program would be safe and secure. Even a majority of self-identified Tea Partiers find this to be a good idea versus cutting Social Security by raising the retirement age.
Medicare: According to the Medicare Trustees’ annual report that was released in April 2012, “the Hospital Insurance (Part A) Trust Fund has sufficient reserves to pay out the full amount of Medicare Part A benefits until 2024 – the same projection made in last year’s report. Should nothing else change, and the Trust Fund reserves be depleted in 2024, the Trust Fund would still receive sufficient income from the payroll taxes and other revenue through which it is funded to pay 87% of anticipated Part A expenses.” And all of that is based on a projection based on a poor economy — as the economy improves, so will the projection. ”Medicare is not going bankrupt
FACT CHECK: Medicare and Social Security are NOT going bankrupt - Democratic Underground
Neither Medicare nor Social Security are going bankrupt. The media and public should not be fooled by Paul Ryan’s lies. They are designed to trick Americans into accepting the sort of society an Ayn Rand acolyte like Ryan wants us to live in — where everyone is on their own, and a wealthy elite is the only class who gets to have a comfortable retirement.
http://boldprogressives.org/paul-ryan-lied-medicare-and-social-security-are-not-going-bankrupt/
oh yes it is. I don't buy that article.
Social Security, Medicare is not bankrupt and not going bankrupt and does not add one penny to the debt as the Radical Right claim so they can get the grubby greedy hands on them and cut benefits. The Radical Right use scare tactics to get people to follow them and they expect it.
Social Security, Medicare is not bankrupt and not going bankrupt and does not add one penny to the debt as the Radical Right claim so they can get the grubby greedy hands on them and cut benefits. The Radical Right use scare tactics to get people to follow them and they expect it.
Social Security has started dipping into its trust fund to cover its obligations. Furthermore, the percentage of the budget Social Security and Medicare take up is increasing every year.
So yes, they do contribute to the debt.
http://www.nytimes.com/2013/01/06/opinion/sunday/social-security-its-worse-than-you-think.html?_r=0
Federal Spending by the Numbers - 2012
Those of you that earn a check for a living, you may realize that your social security taxes took a hike this last pay period. how convinient Obama. fiscal cliff here we come.
Those of you that earn a check for a living, you may realize that your social security taxes took a hike this last pay period. how convinient Obama. fiscal cliff here we come.
A couple years ago the Obama administration instituted what was then called a "payroll tax holiday". They TEMPORARILY reduced the FICA deduction by 2% for everyone paying FICA. When it was time for it to end, the economy was still in recession, so it was extended until Dec. 31, 2012. Which is why it went back to the rate it had previously been at before President Obama originally lowered it.
If you're gonna give him shit for raising it, at least give him credit it for having lowered it in the first place.
Those of you who believe that SS is broke or going broke or won't be there when you retire ................
What are you doing to be be able to support yourself in your, er, uh, Sunset Years? Do you have a goal year when you plan to retire and plan to be able to do that?
Seriously, instead of just whining, get on the stick and take care of yourself instead of hoping the government will hold your hand.
Those of you who believe that SS is broke or going broke or won't be there when you retire ................
What are you doing to be be able to support yourself in your, er, uh, Sunset Years?
Do you have a goal year when you plan to retire and plan to be able to do that?
Seriously, instead of just whining, get on the stick and take care of yourself instead of hoping the government will hold your hand.
As far I can tell, you're wrong on both counts. Social Security went up 6 months ago, not in the last pay check. In fact, the government didn't really raise the tax, the payroll tax holiday just expired and the rates returned to the same rate, 6.2% that it has been since 1990.Those of you that earn a check for a living, you may realize that your social security taxes took a hike this last pay period. how convinient Obama. fiscal cliff here we come.