Social Security Upside Down

Discussion in 'Politics' started by CrusaderFrank, Mar 25, 2010.

  1. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Just heard that the government had to dip into the non-existent "Trust Fund" today to pay current retirees.

    Checked Bloomberg...nothing
     
  2. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    It's true. Payments will exceed receipts this year.

    The bursting of the real estate bubble and the ensuing recession have hurt 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.

    Stephen C. Goss, chief actuary of the Social Security Administration, said that while the Congressional projection would probably be borne out, the change would have no effect on benefits in 2010 and retirees would keep receiving their checks as usual.

    The problem, he said, is that payments have risen more than expected during the downturn, because jobs disappeared and people applied for benefits sooner than they had planned. At the same time, the program’s revenue has fallen sharply, because there are fewer paychecks to tax. ..


    Social Security Payout to Exceed Revenue This Year - NYTimes.com


    So there aren't enough working people to foot the bill, and the Bright Lights in our Ruling Class add another entitlement program which will further suppress job creation.
     
  3. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Democrats busted Social Security...terrific

    Maybe they can do more Cash for Clunkers?
     
  4. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    And ObamaCare even steals $53B from Social Security as one of its accounting gimmicks.
     
  5. Toro
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    Toro Diamond Member

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    Social security is broken and must be reformed. The age of receipt must be raised, the trust should be allowed to invest in other securities besides low yielding government liabilities, and accounts should be set up so that people can privately manage their investments instead of the government.
     
  6. Article 15
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    Article 15 Dr. House slayer

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    Raise the retirement age!
     
  7. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Obama and the Dems bust Social Security 6 years ahead of schedule

    Great work fellas!! Bernie Madoff would be proud

    What's going to happen when young people start looking at their pay check and finally connecting the dots that the government is stealing from them?

    "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."

    Social Security Payout to Exceed Revenue This Year - NYTimes.com
     
  8. The T
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    The T George S. Patton Party Supporting Member

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    Tjhey're on the fast track to bust the entire economy, and that means the private sector. (And it's all on purpose).
     
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  9. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Warren Buffett can borrow for less than the US Government under Pelosi and Obama so we have de facto lost our AAA credit rating.

    Now they're going to impoverish our elderly just before Ezekiel Emanuel can tell them "they've lived enough live years" under his "Complete Lives System"
     
  10. G.T.
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    G.T. Diamond Member

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    What exactly did the Democrats do to Social Security? Curious. I mean, you say THEY bankrupted it somehow, well, how: surely the informed can be specific?
     

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