CDZ Social Security Trust Fund will go broke in 17 years

Discussion in 'Clean Debate Zone' started by task0778, Jul 17, 2017.

  1. task0778
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    task0778 Silver Member Supporting Member

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    Each year the trustees for the SSTF are required to publish a report to the President and the Congress on the financial condition of the SSTF. This year it came out last friday afternoon, and it ain't good. Excerpts:

    The Social Security report finds that the "trust fund" will run out of money in just 17 years. The news only gets worse from there.

    The program's unfunded liability over the next 75 years is now $12.5 trillion, which is up from $11.4 trillion last year and $4.7 trillion a decade ago. In other words, Social Security's long-term unfunded liability has increased by 166% in the span of 10 years.

    And on a cash flow basis, Social Security is now losing money every year. Last year it was $54 billion in the red. In a decade the annual shortfall will reach $215 billion – after adjusting for inflation.



    What it basically means is that unless the SSA program is changed, the checks that SSTF beneficiaries will get will be reduced significantly. If you add in the Disability Insurance (DI) into the mix you get the total OASDI program: (OAS - Old Age & Survivors)

    The Trustees also project that annual cost for the OASDI program will exceed non-interest income throughout the projection period, and will exceed total income beginning in 2022 under the intermediate assumptions. The projected hypothetical combined OASI and DI Trust Fund asset reserves increase through 2021, begin to decline in 2022, and become depleted and unable to pay scheduled benefits in full on a timely basis in 2034. At the time of depletion of these combined reserves, continuing income to the combined trust funds would be sufficient to pay 77 percent of scheduled benefits.



    The good news is that this problem can be averted. It's called "the Chilean Model," as 2012 presidential candidate Herman Cain put it, in what was his effort to get the voters to get serious about the issue.

    The Chilean Model, the system of private savings accounts for retirement, is practiced in 30 countries. It was developed on a nationwide scale by José Piñera, the former labor minister of Chile during the 1970s, when the country was a socialist rubble and the coffers were bare, and it has worked every time it's been tried.


    https://www.ssa.gov/OACT/TR/2017/tr2017.pdf
     
  2. Tax Man
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    Tax Man Silver Member

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    This has been in the works ever since Saint Ronnie The Ray Goon raided the trust fund to keep his reign in the black. Needles to say repukes never have figured out how they would replenish the fund.
     
  3. TNHarley
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    TNHarley Diamond Member

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    Good thing i have a 401K
     
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  4. TNHarley
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    TNHarley Diamond Member

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    are you talking about when he raised the payroll tax?
     
  5. Cellblock2429
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    Cellblock2429 Gold Member

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    Mod edit: do not insult other posters in the CDZ - only Congress can spend the money and President Reagan was saddled with a DemocRAT Congress for most of his administration. As DemocRAT SOTH Tip BELCH O'Neil used to say about every Reagan budget "DEAD ON ARRIVAL." So if anyone raided the SS Trust Fund( Besides there is no such thing.) then it was the DemocRATS.
     
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    Last edited by a moderator: Jul 18, 2017
  6. Tax Man
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    Tax Man Silver Member

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    Trust Fund Data



    Ronald Reagan and The Great Social Security Heist
    Allen W. Smith, Ph.D. October 11, 2013 Current Events, Retirement Comments (414)

    Ronald Reagan was one of the most popular presidents in modern history. As a former Hollywood actor, he had an uncommon degree of charisma. The conservatives absolutely loved Reagan for his efforts to reduce the size of government, but most liberals hated him with a passion. Reagan is still revered by a lot of Americans. This reverence for Ronald Reagan helps to explain how he was able to fool most of the American people to a degree unparalleled by any other modern president. With the help of Alan Greenspan, Reagan pulled off one of the greatest frauds ever perpetrated against the American people.

    It is so ironic that many people, today, still believe that Ronald Reagan came galloping up on a great white horse to sound the alarm that Social Security was in deep financial trouble. He then allegedly figured out a solution to the problem and rammed his legislative proposal through Congress in a three-month period. On April 20, 1983, the signing ceremony for the new legislation took place with great fanfare. Below are some of Reagan’s remarks at the signing ceremony.

    This bill demonstrates for all time our nation’s ironclad commitment to social security. It assures the elderly that America will always keep the promises made in troubled times a half a century ago. It assures those who are still working that they, too, have a pact with the future. From this day forward, they have our pledge that they will get their fair share of benefits when they retire…
     
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  7. andaronjim
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    andaronjim Gold Member

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    As I have asked many times before,

    WHY DOES SOCIAL SECURITY ALWAYS WILL GO BANKRUPT, BUT WELARE NEVER DOES?
    If the government stopped paying out WELFARE, soon people would have to work, then as they work, would be contributing to Social Security, thus keeping in going.
    Liberals know when they use the Social Security goes broke, then the old people have something to worry about because they paid into it.\
    If Welfare ever went broke, what have the poor ever paid into it? Nothing, they have nothing to worry about, other than their next meal, which the liberals eat caviar and steak, the rest of the poor, eats hamburger helper.

    Fact Check: Pelosi's $100,000 of expenses was not all food, booze
     
  8. Tax Man
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    Tax Man Silver Member

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  9. TNHarley
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    TNHarley Diamond Member

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    The same idiots that say that are the same kind of idiots that say it all started when LBJ moved SS budget into the general budget.
     
  10. Iceweasel
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    Iceweasel Diamond Member

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    Mod edit: Do not insult other posters in the CDZ Reagan is responsible and there was no way to fix it? I recall clearly any attempt to fix it brought outcries from the left as starving recipients.
     
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    Last edited by a moderator: Jul 18, 2017

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