‘Social Security is Structurally Sound;’ Trustees: ‘Unfunded Obligation … Is $8.6T'

Discussion in 'Politics' started by beretta304, Oct 6, 2012.

  1. beretta304
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    beretta304 BANNED

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    Obama: ‘Social Security is Structurally Sound;’ Trustees: ‘Unfunded Obligation … Is $8.6T'


    President Barack Obama said in Wednesday night’s presidential debate that Social Security is “structurally sound,” but Social Security’s Board of Trustees said in their 2012 annual report that the program faced $8.6 trillion in “unfunded obligations”--meaning that it is currently obligated to pay out $8.6 trillion more in benefits than it is anticipated to bring in through taxes.

    However, in their annual report published on April 25, the Social Security Trustees said that program not only faces $8.6 trillion in unfunded obligations but that the situation became dramatically worse over the previous year.

    The trustees point out that a major legislative change that increased the unfunded obligation of Social Security was the cut in the Social Security payroll tax that had been advocated by President Obama. This payroll tax funds the Social Security program.
     
  2. Oldguy
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    Oldguy Senior Member

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    Yeah...over a 75 year period!

    And, of course, the trustee's report says that SS, Medicare and SSDI face funding shortfalls in varying degrees and at different times PROVIDING THAT NO LEGISLATIVE ACTION IS TAKEN.

    Instead of offering up more gloom and doom and cherry-picking your information, why not read the report yourself and see what the trustee's REALLY said?

    The 2012 OASDI Trustees Report

    Pay particular attention to the assumptions they make about projected income, inflation, energy costs, wages etc over the next 75 years, assumptions upon which they base their projections.
     
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  3. Oddball
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    Oddball BANNED Supporting Member

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    [​IMG]
     
  4. editec
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    editec Mr. Forgot-it-All

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    Social SEcurity currently owns $2,500,000,000 worth of government bonds.

    Its not in bad shape right now.

    It might get into problems if nothing is done in the next decade or so, though, that is true.


    If the economy improves, then SS will continue to be solvent until about 2050 or so..
     
  5. Oddball
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    Oddball BANNED Supporting Member

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    IOW, there's no money there....Who do you expect is going to be holding the bag to make those bonds good?
     
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  6. depotoo
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    depotoo Gold Member

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    they just don't seem to get it, do they?
     
  7. LadyGunSlinger
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    LadyGunSlinger Conservative Babe Supporting Member

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    Wow.. Frightening.. THERE'S NO MONEY.. Do you get it???? Did some kind of alien life form land on earth and rob Libruls of their brains? How can any one group of people be sooo stupidly blind and ignorant? How is it possible???
     
  8. Oldguy
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    Oldguy Senior Member

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    Uh...those are government bonds. You're on the hook for it already.
     
  9. Skull Pilot
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    Skull Pilot Platinum Member

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    The government currently is 16 trillion in the hole. Sorry but if a company that owed me money was in the same predicament I wouldn't be counting on getting what's owed me anytime soon if ever.
     
  10. Oddball
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    Oddball BANNED Supporting Member

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    Well, DUUUUUH!

    Where's the cash money that was collected for the "trust fund" via FICA deductions?
     

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