Sun Devil 92
Diamond Member
- Apr 2, 2015
- 32,078
- 11,094
- 1,410
- Banned
- #1
https://www.realclearpolicy.com/art...bad_news_on_entitlements_piles_up_110670.html
First: Social Security:
It won't go "broke". It will simply cut benefits by 25% in 2034 (sixteen years from now). Grandma living on the average payment of 1100 per month is totally fucked.
The Social Security report estimates the program will run out of reserves in 2034, after which benefits would have to be reduced by about 25 percent to keep spending within available annual revenue. Over 75 years, Social Security has an unfunded liability of $13.2 trillion. Restoring permanent solvency to the program would require raising the payroll tax rate immediately from today’s combined employer-employee rate of 12.4 percent of taxable payroll to 15.2 percent. Alternatively, Social Security benefits would need to be cut on a permanent basis by about 17 percent.
Second: Medicare:
The financial hole for Medicare is even deeper. The Medicare hospital insurance trust fund will run out of reserves in 2026. Last year, the trustees expected the program’s reserves to last until 2029. Medicare has a second trust fund, for physician and outpatient services and for prescription drugs, that is permanently “solvent” because it has an unlimited tap on the general fund of the Treasury. What this really means is that premiums paid by the beneficiaries will cover only about 25 percent of program costs; the rest of the spending is unfinanced. Income and corporate taxes fall far short of what is needed to cover these costs along with the rest of the government’s obligations. Medicare’s overall unfunded liability over 75 years is more than $37 trillion.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Social Security was never about being a retirement program and yet many people see it that way. How sad. The poor won't get as much as the rich. O.K. by me...as I have paid a hell of a lot into the system (maxed out these past ten years). Still the intent does not seem to be there to really be security for the poor.
But, back when the left wing passed these programs and passed cost down the road.....they knew this day would come. And they thought it would take care of itself.
Look at Medicare. Only 25% of costs paid by beneficiaries.
That is left wing math for you.
Fuck over our kids so we can be popular and make the elderly a dependent class.
Great job.
First: Social Security:
It won't go "broke". It will simply cut benefits by 25% in 2034 (sixteen years from now). Grandma living on the average payment of 1100 per month is totally fucked.
The Social Security report estimates the program will run out of reserves in 2034, after which benefits would have to be reduced by about 25 percent to keep spending within available annual revenue. Over 75 years, Social Security has an unfunded liability of $13.2 trillion. Restoring permanent solvency to the program would require raising the payroll tax rate immediately from today’s combined employer-employee rate of 12.4 percent of taxable payroll to 15.2 percent. Alternatively, Social Security benefits would need to be cut on a permanent basis by about 17 percent.
Second: Medicare:
The financial hole for Medicare is even deeper. The Medicare hospital insurance trust fund will run out of reserves in 2026. Last year, the trustees expected the program’s reserves to last until 2029. Medicare has a second trust fund, for physician and outpatient services and for prescription drugs, that is permanently “solvent” because it has an unlimited tap on the general fund of the Treasury. What this really means is that premiums paid by the beneficiaries will cover only about 25 percent of program costs; the rest of the spending is unfinanced. Income and corporate taxes fall far short of what is needed to cover these costs along with the rest of the government’s obligations. Medicare’s overall unfunded liability over 75 years is more than $37 trillion.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Social Security was never about being a retirement program and yet many people see it that way. How sad. The poor won't get as much as the rich. O.K. by me...as I have paid a hell of a lot into the system (maxed out these past ten years). Still the intent does not seem to be there to really be security for the poor.
But, back when the left wing passed these programs and passed cost down the road.....they knew this day would come. And they thought it would take care of itself.
Look at Medicare. Only 25% of costs paid by beneficiaries.
That is left wing math for you.
Fuck over our kids so we can be popular and make the elderly a dependent class.
Great job.