PoliticalChic
Diamond Member
- Thread starter
- #81
Item 1 pays for itself and should not even be included in the federal budget.
since it pays for itself it is better looking for the budget defecit to include it in the budget.
Check your history SS has been on and off the budget a few times.
Wrong.
Social Security will pay out more this year than it gets in payroll taxes, marking the first time since the program will be in the red since it was overhauled in 1983, according to the annual authoritative report released Thursday by the program's actuary. Social Security in the red this year - Washington Times
Yeah but it still has over 2 trillion on the books.
And it still sucked in more than the govt had to make up from general revenues which makes the budget look better.
Unless you think that the USA should not honor its obligations to it's citizens?
redeeming trust fund assets until reserves are exhausted in 2037, at which point tax income would be sufficient to pay about 75 percent of scheduled benefits through 2084. Trustees Report Summary
Now, since we are already in deficit, how do you suppose the government will put back all the money that was taken from the illusory trust fund?
Here's how:
As background to its estimates, the CBO notes that spending on Medicare, Medicaid, and Social Security will rise rapidly in the future, pushing up "primary" federal spending (excluding interest payments on the debt) from 18.2 percent of GDP today to 28.3 percent in 2050 and 35.3 percent in 2082. With interest payments included, spending will hit 41.8 percent of GDP in 2050 and 75.4 per¬cent by 2082 ."[t]he tax rate for the lowest bracket would have to be increased from 10 per¬cent to 25 percent; the tax rate on incomes in the current 25 percent bracket would have to be increased to 63 percent; and the tax rate of the highest bracket would have to be raised from 35 percent to 88 percent. The top corporate income tax rate would also increase from 35 percent to 88 percent." Peter R. Orszag, Director, Congressional Budget Office, letter to Representative Paul Ryan (RWI), May 19, 2008, Taxes to Pay for Medicare, Medicaid, and SSI | Medicare Insurance | eons.com
Wake up, Citi. Stop making excuses for them.