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Social Security payout to exceed pay-in this year

Yurt

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Social Security payout to exceed pay-in this year

Threshold was not expected to cross until at least 2016

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

NYT: Social Security payout to exceed revenue - The New York Times- msnbc.com

thank you mostly democrats and some repubs and great estimate CBO :clap2:

way to keep the eye on the ball obama
 
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Yurt

Yurt

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this happened under obama's watch, i wonder if the same libs who blamed bush for everything regarding the economy (like obama) because he happened under his watch will also blame obama
 

uscitizen

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Good thing we have that ~ 3 trillion of surplus to draw on.
 
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Yurt

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When the level of the trust fund gets to zero, you have to cut benefits,” Alan Greenspan, architect of the plan to rescue the Social Security program the last time it got into trouble, in the early 1980s, said on Wednesday.

That episode was more dire because the fund could have fallen to zero in a matter of months. But partly because of steps taken in those years, and partly because of many years of robust economic growth, the latest projections show the program will not exhaust its funds until about 2037.
 

uscitizen

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So greenspan was the one that raised up the withholding too high so that congress could spend more of the surplus?
 

xsited1

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Social Security payout to exceed pay-in this year

It's time to put Social Security reform back on the table, especially considered the fact that an even bigger government program has just been passed.

A few facts about SS:

  • It's the largest government program in the world, accounting for 23 percent of the federal budget.
  • The Social Security tax is the largest tax the average American family pays. Nearly 80 percent of Americans pay more in Social Security taxes than they do in federal income tax.
  • Social Security will begin running a deficit by 2016.
  • The Social Security trust fund contains no actual assets. The government bonds it holds are a form of an IOU. It says nothing about where the government will get the money to pay back those IOUs.
  • Overall, the amount the system has promised beyond what it can actually pay now totals $17.5 trillion.

IMO, our government should have solved the problem of Social Security first before passing the health care bill.
 

uscitizen

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SS is 100% funded by employer/employee contributions and should not even be in the budget.
 

WillowTree

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some accounts have 10 to 20 illegals drawing off the same number. and you guys want the government to run you health care.. do they grow you any dumber??
 

uscitizen

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some accounts have 10 to 20 illegals drawing off the same number. and you guys want the government to run you health care.. do they grow you any dumber??

Link?

The SS admin would catch that in a heartbeat.
 

jillian

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Social Security payout to exceed pay-in this year

Threshold was not expected to cross until at least 2016

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

NYT: Social Security payout to exceed revenue - The New York Times- msnbc.com

thank you mostly democrats and some repubs and great estimate CBO :clap2:

way to keep the eye on the ball obama

I'm not sure how Obama had his eye "off the ball". You can't create social security wages for jobs that aren't there right now. That will, of course, turn around as the job market gets better.

but i was listening to morning joe this morning and someone suggested that at the time social security was implemented and the starting age set at 65, average life expectancy was 62. So maybe it's time to raise the age a few years to get back on track.
 

WillowTree

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some accounts have 10 to 20 illegals drawing off the same number. and you guys want the government to run you health care.. do they grow you any dumber??

Link?

The SS admin would catch that in a heartbeat.

yeah right. it was a ss worker person laid that info on me.. but I will see if I can find it in writing.. hold on.
 

uscitizen

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some accounts have 10 to 20 illegals drawing off the same number. and you guys want the government to run you health care.. do they grow you any dumber??

Link?

The SS admin would catch that in a heartbeat.

yeah right. it was a ss worker person laid that info on me.. but I will see if I can find it in writing.. hold on.

that is a simple system edit to allow only one check to be issued per month to any SS number.

Issue a check set a flag for that SS number in the data Base. If another check tries to come thru and the flag is less than 30 days old raise an alarm.
 
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Mr Clean

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Time to remove the cap on earnings.

Everyone pays regardless of how much you make.
 

WillowTree

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Link?

The SS admin would catch that in a heartbeat.

yeah right. it was a ss worker person laid that info on me.. but I will see if I can find it in writing.. hold on.

that is a simple system edit to allow only one check to be issued per month to any SS number.

Issue a check set a flag for that SS number in the data Base. If another check tries to come thru and the flag is less than 30 days old raise an alarm.

I'm only telling you what the person sitting in the SS office told me. Shrug! But they have been know to mail rebate checks to dead people overseas who have never been US citizens so I tend to believe the woman.
 

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