Social Security surplus dwarfed by future deficit

Discussion in 'Economy' started by Nova78, Aug 12, 2012.

  1. Nova78
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    Nova78 Silver Member

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    Social Security surplus dwarfed by future deficit | US National Headlines | Comcast

    As millions of baby boomers flood Social Security with applications for benefits, the program's $2.7 trillion surplus is starting to look small.

    For nearly three decades Social Security produced big surpluses, collecting more in taxes from workers than it paid in benefits to retirees, disabled workers, spouses and children. The surpluses also helped mask the size of the budget deficit being generated by the rest of the federal government.

    Those days are over.

    Since 2010, Social Security has been paying out more in benefits than it collects in taxes, adding to the urgency for Congress to address the program's long-term finances.

    "To me, urgent doesn't begin to describe it," said Chuck Blahous, one of the public trustees who oversee Social Security. "I would say we're somewhere between critical and too late to deal with it."The Social Security trustees project the surplus will be gone in 2033. Unless Congress acts, Social Security would only collect enough tax revenue each year to pay about 75 percent of benefits, triggering an automatic reduction.

    Lawmakers from both political parties say they want to avoid such a dramatic benefit cut for people who have retired and might not have the means to make up the lost income. Still, that scenario is more than two decades away, which is why many in Congress are willing to put off changes.

    Why not just put off until it becomes a crisis ? Thats what congress does best......:clap2::clap2:
     
  2. tjvh
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    tjvh Senior Member

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    I always believed that baby boomers entering into retirement would be offset by low unemployment numbers... Boy, was I mistaken.
     
  3. Ariux
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    Ariux BANNED

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    Considering that SS disability is essentially just welfare, pay for it out of income taxes. Leave SS revenues for retirees.
     
  4. Nova78
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    Nova78 Silver Member

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    :clap2::clap2::clap2::clap2::clap2:AMEN......
     
  5. Care4all
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    Care4all Warrior Princess Supporting Member

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    BUSH masked 2 trillion in deficits by using 2 trillion in SS surplus funds in his 8 years.

    IN 4 years Obama has only used $380 billion in SS surplus funds to mask deficit.

    WHERE WERE YOU when Bush used the $2 trillion?
     
  6. Nova78
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    Nova78 Silver Member

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    Where were you, chopping fire wood and shoveling snow, ah ? :lol::lol:
     
  7. uscitizen
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    uscitizen Senior Member

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    If Mitt is elected this will be no problem as most of the oldsters will die off.
     
  8. uscitizen
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    uscitizen Senior Member

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    Nope I was on boards with her and unlike the right wingers we were complaining about the massive overspending under Bush.

    Overspending is only a problem for right wingers when demoncrats do it.
     
  9. freedombecki
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    freedombecki Let's go swimmin'! Supporting Member

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    He did? Will you please provide a link?
     
  10. freedombecki
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    freedombecki Let's go swimmin'! Supporting Member

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    Nobody would have guessed Obama would go on an energy job-killing binge, eliminating American drilling and thousands of high-paying jobs in the Gulf of Mexico.

    The resultant raise in gas prices caused by obama's edict against drilling also resulted in the total decimation of America's tourist industry by killing half of the jobs of resort areas, who naturally have lost traffic due to a combination of terrorist threats worldwide plus who have lost tourism due to the high price of gas.

    That's two industries gutted by Obama because he brought in malice and prejudice against energy companies when he took office.

    The forced funding of green energy businesses by tapping taxpayers to 100% fund green businesses on the verge of collapse and have too much foreign competition using American technology when they are able to produce a few high-priced offerings, they're swamped and the American jobs that go along with them just like the 1100 Solyndra jobs lost in one day last year, and several others falling like dominoes around the nation.
     

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