Social Security payout to exceed pay-in this year

Discussion in 'Current Events' started by Yurt, Mar 24, 2010.

  1. Yurt
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    Yurt Gold Member

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    Social Security payout to exceed pay-in this year

    Threshold was not expected to cross until at least 2016

    The bursting of the real estate bubble and the ensuing recession have hammered jobs, home prices and now Social Security.

    This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.

    NYT: Social Security payout to exceed revenue - The New York Times- msnbc.com

    thank you mostly democrats and some repubs and great estimate CBO :clap2:

    way to keep the eye on the ball obama
     
  2. Yurt
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    Yurt Gold Member

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    this happened under obama's watch, i wonder if the same libs who blamed bush for everything regarding the economy (like obama) because he happened under his watch will also blame obama
     
  3. uscitizen
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    uscitizen Senior Member

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    Good thing we have that ~ 3 trillion of surplus to draw on.
     
  4. Yurt
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    Yurt Gold Member

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    When the level of the trust fund gets to zero, you have to cut benefits,” Alan Greenspan, architect of the plan to rescue the Social Security program the last time it got into trouble, in the early 1980s, said on Wednesday.

    That episode was more dire because the fund could have fallen to zero in a matter of months. But partly because of steps taken in those years, and partly because of many years of robust economic growth, the latest projections show the program will not exhaust its funds until about 2037.
     
  5. uscitizen
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    uscitizen Senior Member

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    So greenspan was the one that raised up the withholding too high so that congress could spend more of the surplus?
     
  6. Yurt
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    Yurt Gold Member

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    uggg

    yeah, thats exactly what that means
     
  7. uscitizen
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    uscitizen Senior Member

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    Obviously a brilliant economist.
     
  8. xsited1
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    xsited1 Agent P

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    It's time to put Social Security reform back on the table, especially considered the fact that an even bigger government program has just been passed.

    A few facts about SS:

    • It's the largest government program in the world, accounting for 23 percent of the federal budget.
    • The Social Security tax is the largest tax the average American family pays. Nearly 80 percent of Americans pay more in Social Security taxes than they do in federal income tax.
    • Social Security will begin running a deficit by 2016.
    • The Social Security trust fund contains no actual assets. The government bonds it holds are a form of an IOU. It says nothing about where the government will get the money to pay back those IOUs.
    • Overall, the amount the system has promised beyond what it can actually pay now totals $17.5 trillion.

    IMO, our government should have solved the problem of Social Security first before passing the health care bill.
     
  9. uscitizen
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    uscitizen Senior Member

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    SS is 100% funded by employer/employee contributions and should not even be in the budget.
     
  10. California Girl
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    California Girl BANNED

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    Shoulda

    Coulda

    Woulda

    Let's deal the cards on the table and not whine about what should and should not be.
     

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