Social Security: Near-Bankrupt

[eagleseven]

Social Security cash flow suddenly negative | Washington Examiner

Here’s something I didn’t know, from financial blogger Bruce Krasting (via John Ellis): Social Security tax receipts for the first half of 2010: $346.9 billion; Social Security benefits payments for the same period: $347.3 billion. Before this year, projections have always been that Social Security wouldn’t cross that line into negative cash flow for five years or so. Now it’s a reality. Congress has been spending Social Security’s positive cash flow for years. Now there’s no positive cash flow to spend.

Ten years before the worst doomsayers predicted, Social Security has become a net drag on the budget...and will continue to grow our near-catastrophic national debt.

 

[CrusaderFrank]

We need more Stimulus, no doubt about it

 

[Tech_Esq]

No! We need more choking social programs that everyone has a "right" to.

Oh wait, we just passed Health Care! That ought to just about kill everyone of us! (Financially if not literally).

 

[Zander]

Don't worry! Obama is going to "bend the cost curve on health care". Then we can use those savings to save Social Security! What we really need is another Stimulus!!!! Let's just Tax the rich!! Get some skin in the game!! To each according to his needs....

PS - I have some nice swamp land in Florida for sale too, it's in the path of development......

 

[Gatekeeper]

Let's see, (thinking), okay, what's new, the country itself is apparently broke too, I bet the 'presses' are working overtime to print those 'Grants' and maybe they are contemplating making a new denomination available to the public, a $10,000 Bill, so we can shop at our favorite grocery store in the near future.

 

[CrusaderFrank]

Will Obama plug the hole in the Social Security budget the same way he's plugged the BP Leak?

 

[Gatekeeper]

Will Obama plug the hole in the Social Security budget the same way he's plugged the BP Leak?

Only if he uses his swollen HEAD!

 

[Sherry]

Will Obama plug the hole in the Social Security budget the same way he's plugged the BP Leak?

As soon as he figures out whose ass to kick, he'll let us know.

 

[saveliberty]

Fix: 25% FICA and Social Security surcharge on illegal aliens.

 

[Ravi]

Social Security cash flow suddenly negative | Washington Examiner

Here’s something I didn’t know, from financial blogger Bruce Krasting (via John Ellis): Social Security tax receipts for the first half of 2010: $346.9 billion; Social Security benefits payments for the same period: $347.3 billion. Before this year, projections have always been that Social Security wouldn’t cross that line into negative cash flow for five years or so. Now it’s a reality. Congress has been spending Social Security’s positive cash flow for years. Now there’s no positive cash flow to spend.

Ten years before the worst doomsayers predicted, Social Security has become a net drag on the budget...and will continue to grow our near-catastrophic national debt.

Allowing the illegals that want to become tax paying citizens to do just that would easily fix this problem.

 

[CrusaderFrank]

Social Security cash flow suddenly negative | Washington Examiner

Here’s something I didn’t know, from financial blogger Bruce Krasting (via John Ellis): Social Security tax receipts for the first half of 2010: $346.9 billion; Social Security benefits payments for the same period: $347.3 billion. Before this year, projections have always been that Social Security wouldn’t cross that line into negative cash flow for five years or so. Now it’s a reality. Congress has been spending Social Security’s positive cash flow for years. Now there’s no positive cash flow to spend.

Ten years before the worst doomsayers predicted, Social Security has become a net drag on the budget...and will continue to grow our near-catastrophic national debt.

Allowing the illegals that want to become tax paying citizens to do just that would easily fix this problem.

Yes, just give them another 2 or 3 generation to register.

 

[Gatekeeper]

Fix: 25% FICA and Social Security surcharge on illegal aliens.

Now, there's an idea, how about 95%, Illegal immigrants that is. NO, that won't work, then they will just pay the 95% and stay here without documentation. That way............never mind.

 

[saveliberty]

Fix: 25% FICA and Social Security surcharge on illegal aliens.

Now, there's an idea, how about 95%, Illegal immigrants that is. NO, that won't work, then they will just pay the 95% and stay here without documentation. That way............never mind.

Its Obama logic. Don't have health insurance? We'll tax you.

Don't have documentation? Pay up amigo.

 

[Mr Natural]

A simple solution is to remove the income cap so that everyone pays into the system.

 

[Tech_Esq]

Will Obama plug the hole in the Social Security budget the same way he's plugged the BP Leak?

As soon as he figures out whose ass to kick, he'll let us know.

Didn't he take responsibility? So, wouldn't it be his own ass he needs to kick?

I just have one question: Where do I buy tickets?

 

[Care4all]

we still have the SS surplus funds to draw on, so SS is still funding itself.

true there are no more SS surpluses to use on what income taxes should be paying...as bush/clinton/bush/reagan had to use on the budget....

we will draw on the (ss surplus) treasuries for the SS retirements....SS will be fine for a couple of more decades....when the SS treasuries are all cashed out, then SS will STILL NOT BE BANKRUPT, it will pull in enough funds to pay 75% of the bill....

 

[Tech_Esq]

A simple solution is to remove the income cap so that everyone pays into the system.

My question for you is what percentage of your income can I take before you decide it's not worthwhile to work anymore?

If I take 80% of your money, will you still go to work so you can keep paying me and hope you don't starve on the remainder?

Right now, (or at the end of they year) the top earners will pay 60% of their income in to federal, state, local and payroll taxes (assuming they are not also self-employed. If they are it would be more like 67%).

How much more do you want to take from them? And how do you propose to keep them in the game?

 

[Tech_Esq]

we still have the SS surplus funds to draw on, so SS is still funding itself.

true there are no more SS surpluses to use on what income taxes should be paying...as bush/clinton/bush/reagan had to use on the budget....

we will draw on the (ss surplus) treasuries for the SS retirements....SS will be fine for a couple of more decades....when the SS treasuries are all cashed out, then SS will STILL NOT BE BANKRUPT, it will pull in enough funds to pay 75% of the bill....

Lemme get this straight, you think there was a "lock box"?

 

[blastoff]

Whada we got here, group amnesia? The SS money's been safely tucked away for years now in our Big National Lockbox. I know it's true because a politician said so.

 

[saveliberty]

Trustees Report Summary

The financial condition of the Social Security and Medicare programs remains challenging. Projected long run program costs are not sustainable under current program parameters. Social Security's annual surpluses of tax income over expenditures are expected to fall sharply this year and to stay about constant in 2010 because of the economic recession, and to rise only briefly before declining and turning to cash flow deficits beginning in 2016 that grow as the baby boom generation retires. The deficits will be made up by redeeming trust fund assets until reserves are exhausted in 2037, at which point tax income would be sufficient to pay about three fourths of scheduled benefits through 2083.

Social Security could be brought into actuarial balance over the next 75 years with changes equivalent to an immediate 16 percent increase in the payroll tax (from a rate of 12.4 percent to 14.4 percent) or an immediate reduction in benefits of 13 percent or some combination of the two. Ensuring that the system remains solvent on a sustainable basis beyond the next 75 years would require larger changes because increasing longevity will result in people receiving benefits for ever longer periods of retirement.