Social Security: Near-Bankrupt

[sealybobo]

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.

Pretty soon Republicans will start telling us Social Security is going bankrupt and we need to make drastic cuts.

Well, the elderly did pay for it.

For the last 29 years I've been paying for any old fuck who's been drawing.

Thank you so much. I bought a new gun yesterday! But what about the money taken from "any old fuck"?

I’m not the one voting republican because you feel grandfathered in.

 

[miketx]

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.

Pretty soon Republicans will start telling us Social Security is going bankrupt and we need to make drastic cuts.

Well, the elderly did pay for it.

For the last 29 years I've been paying for any old fuck who's been drawing.

Thank you so much. I bought a new gun yesterday! But what about the money taken from "any old fuck"?

I’m not the one voting republican because you feel grandfathered in.

As usual, a non answer. You don't think people who paid money in for 50 years or so should get it back do thief?

 

[deanrd]

We need more Stimulus, no doubt about it

Wrong.

Clearly we need more tax cuts.

 

[sealybobo]

Pretty soon Republicans will start telling us Social Security is going bankrupt and we need to make drastic cuts.

Well, the elderly did pay for it.

For the last 29 years I've been paying for any old fuck who's been drawing.

Thank you so much. I bought a new gun yesterday! But what about the money taken from "any old fuck"?

I’m not the one voting republican because you feel grandfathered in.

As usual, a non answer. You don't think people who paid money in for 50 years or so should get it back do thief?

Well they should suffer some cuts if they voted republican.

 

[my2¢]

Yes, 2010's economy sucked. Here's a later status, in 2016 Social Security's assets grew by $23 billion and 2017 by $35 billion.
Summary: Actuarial Status of the Social Security Trust Funds, July 2017

 

[whitehall]

FDR tapped into Social Security before the ink was dry on the document. For some reason Americans convinced themselves that there was some sort of "locked box" waiting for them upon retirement when no such thing exists. LBJ made the theft from Social Security official when he announced that FICA taxes would be henceforth placed in the general fund to be spent at the will of the government.

 

[leftwinger]

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.

Pretty soon Republicans will start telling us Social Security is going bankrupt and we need to make drastic cuts.

Well, the elderly did pay for it.

For the last 29 years I've been paying for any old fuck who's been drawing.

Thank you so much. I bought a new gun yesterday! But what about the money taken from "any old fuck"?

I’m not the one voting republican because you feel grandfathered in.

You will work like a dog 33 more years, pay your13% each year but get nothing back. You will be glad to join in the ponzy scheme from the Dems. your contributions will be spent by many. They will be in a free coffin.........they won't hear your cries.

 

[sealybobo]

FDR tapped into Social Security before the ink was dry on the document. For some reason Americans convinced themselves that there was some sort of "locked box" waiting for them upon retirement when no such thing exists. LBJ made the theft from Social Security official when he announced that FICA taxes would be henceforth placed in the general fund to be spent at the will of the government.

Pretend saddam has wmds and come up with some ways to refill the kitty. Raise taxes on the rich and corporations. Re instate the death tax of billionaire kids

 

[Rustic]

Why save a what clearly is a failure... Socialism never works long term

 

[JimBowie1958]

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.

Social Security is a government program, and it has tens of billions of US bonds in reserve.

So 1) it is not bankrupt, far from it even if it was not a government program.

2) Social Security is not welfare. It is a program people have been paying into and the government owes it to us.

Before Social Security could be allowed to collapse, the government would need to get off its ass and recapitalize it more than they did the Big Banks through Quantitative Easing.

I am serious; Social Security is a government debt to the people of this country.

They will decorate lamp posts before We the People will give them a pass on cutting it.

 

[JimBowie1958]

Why save a what clearly is a failure... Socialism never works long term

Social Security is not Socialism.

Under Socialism people do not pay into funds to fund programs, dude.

 

[JimBowie1958]

Yes, 2010's economy sucked. Here's a later status, in 2016 Social Security's assets grew by $23 billion and 2017 by $35 billion.
Summary: Actuarial Status of the Social Security Trust Funds, July 2017

THANK YOU!

You saved me some time, dude.

It is appreciated!

 

[JimBowie1958]

You will work like a dog 33 more years, pay your13% each year but get nothing back. You will be glad to join in the ponzy scheme from the Dems. your contributions will be spent by many. They will be in a free coffin.........they won't hear your cries.

Social Security is not a Ponzi Scheme.

It has gone way too long for a Ponzi Scheme.

 

[miketx]

Well, the elderly did pay for it.

For the last 29 years I've been paying for any old fuck who's been drawing.

Thank you so much. I bought a new gun yesterday! But what about the money taken from "any old fuck"?

I’m not the one voting republican because you feel grandfathered in.

As usual, a non answer. You don't think people who paid money in for 50 years or so should get it back do thief?

Well they should suffer some cuts if they voted republican.

Your inner thief is showing.

 

[JimBowie1958]

Your inner thief is showing.

He's a Dim; he cant help it.

 

[danielpalos]

Why save a what clearly is a failure... Socialism never works long term

Capitalism died in 1929. Socialism has been bailing it out, ever since.

 

[MikeK]

Social Security is not a Ponzi Scheme.

It has gone way too long for a Ponzi Scheme.

Right. Extended duration reflects the difference between Social Security and a Ponzi scheme.

The predictable failure of a Ponzi scheme resides in its lack of a long-range rejuvenative source.

 

[MikeK]

Capitalism died in 1929. Socialism has been bailing it out, ever since.

Implementation of certain socialist policies and practices does not constitute an established Socialist system.

 

[JimBowie1958]

Capitalism died in 1929. Socialism has been bailing it out, ever since.

Implementation of certain socialist policies and practices does not constitute an established Socialist system.

Social Security no more establishes a Socialist SYSTEM than my singing in the shower constitutes opera.

roflmao, Gawd, no it does not

 

[EverCurious]

They should let folks opt out of SS, I'd rather my kids invest that 6% privately than get 12% that the government plays with for 40 years with unknown end game results. The whole thing is a safety net for stupid folks who fail to plan for their retirement - it's outlived it's time, and its affordability as well. It should be phased out, just like we should phase out retirement for gov workers; another benefit that's outlived it's time/affordability. While I do agree SS is a debt that we must pay to the older folks who already paid in their whole lives (and planned their retirements with SS in mind,) the younger folks who are starting work now need to be responsible for their own futures again. Sunset it.