Social Security Upside Down

[CrusaderFrank]

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

Checked Bloomberg...nothing

 

[boedicca]

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.

 

[CrusaderFrank]

Democrats busted Social Security...terrific

Maybe they can do more Cash for Clunkers?

 

[boedicca]

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

 

[Toro]

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.

 

[Article 15]

Raise the retirement age!

 

[CrusaderFrank]

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

 

[The T]

Democrats busted Social Security...terrific

Maybe they can do more Cash for Clunkers?

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

 

[CrusaderFrank]

Democrats busted Social Security...terrific

Maybe they can do more Cash for Clunkers?

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

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"

 

[G.T.]

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?

 

[Skull Pilot]

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

Checked Bloomberg...nothing

This is one of those "I told you so" moments

 

[dilloduck]

Social Security In Deficit, Obama Applauded Reform's Demise in 2006 | NewsBusters.org

 

[CrusaderFrank]

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?

With the fund draining, Dems and Obama should have taken steps to address it, like say, find some Depression era programs that can be eliminated (Rural electrification, HUD, Tennessee Valley, etc) instead they did "Cash for Clunkers""Stimulus" and ObamaCrare.

The roof to the house collapsed and Obama and the Dems are out buy plasma TV's for every room in the house.

 

[CrusaderFrank]

Social Security In Deficit, Obama Applauded Reform's Demise in 2006 | NewsBusters.org

"Contrary to what the Left and their media minions told Americans in 2005 when President George W. Bush wanted to reform Social Security, the nation's largest entitlement program is now projected to run deficits for at least the next two years.

In an article on the subject published Sunday, the Associated Press mysteriously hid the seriousness of this revelation while never once mentioning the Republican push to solve this problem four years ago, or that Democrats in January 2006 -- including Sen. Barack Obama (D-Ill.) -- actually applauded the death of the previous year's reform efforts."

Read more: Social Security In Deficit, Obama Applauded Reform's Demise in 2006 | NewsBusters.org

Dems want to destroy us, I can't think of anything else that fits the facts

 

[G.T.]

Social Security In Deficit, Obama Applauded Reform's Demise in 2006 | NewsBusters.org

He should have written that piece alot better. He doesn't feel it necessary to include the rationale behind that Reform's opposition, and present all of the facts>? Starts out a professional piece with "and their minions?"

No wonder alotta you fucks are mad at the world types. You don't seem to be looking at straight-forward, even handed analysis,' but just everything "against" one-side's opinion.

That's no way to be.

 

[Gatekeeper]

It's true, our GPS is failing, the sky is falling.

GPS......Government Ponzie Scheme

Always seems to be quite legal when the government does it.

 

[Gadawg73]

Frank, do you run a business?
Social Security is paying out more than it takes in. Started this way 12 months before Obama took office.
Fault of the entire country.
Democrats want to raise taxes and Republicans do not.
Frank, please tell us where every penny of social security income comes from. Could it be from taxes?
Is social security a tax?

 

[G.T.]

With the fund draining, Dems and Obama should have taken steps to address it, like say, find some Depression era programs that can be eliminated (Rural electrification, HUD, Tennessee Valley, etc) instead they did "Cash for Clunkers Stimulus and ObamaCrare.

The roof to the house collapsed and Obama and the Dems are out buy plasma TV's for every room in the house.

Well, they kind of had a more pressing issue this past year with the Economy as a whole in the doom and gloom. The Reform proposed in 2006, we all know now, would have FUCKED us when the Economy recessed. So let's just smile and blame the opposition like true grown ups would, and seek blame and finger pointing instead of pooling together ideas, you know, let's do what kids do.

 

[Skull Pilot]

With the fund draining, Dems and Obama should have taken steps to address it, like say, find some Depression era programs that can be eliminated (Rural electrification, HUD, Tennessee Valley, etc) instead they did "Cash for Clunkers Stimulus and ObamaCrare.

The roof to the house collapsed and Obama and the Dems are out buy plasma TV's for every room in the house.

Well, they kind of had a more pressing issue this past year with the Economy as a whole in the doom and gloom. The Reform proposed in 2006, we all know now, would have FUCKED us when the Economy recessed. So let's just smile and blame the opposition like true grown ups would, and seek blame and finger pointing instead of pooling together ideas, you know, let's do what kids do.

The best idea for SS is euthanasia. Let's humanely kill this abomination and let people actually own their own retirement accounts.

I find it funny that if I ran my business's retirement plan the way the government runs SS and spent my current employees' contributions on stuff like a new car for the business or vacations and junkets and then after they retired used my new employees contributions to fund my retired employees that I would be arrested in a heartbeat.

Not only would I be thrown in jail but no doubt you all would say I deserve to be sentenced to the depths of Hades for screwing my employees out of their money. But you all seem to be able to justify the fucking government doing the very thing you would condemn me for doing.

 

[Charles Stucker]

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?

FDR created Socialist Security.
FDR was a Democrat with a Democrat House and Senate.
FDR unconstitutionally usurped the power of the Supreme Court by stacking it with his cronies so that Socialist Security would be approved.

LBJ began the process of raiding the Socialist Security surplus in an "accounting maneuver" to lower his deficits.
LBJ was a Democrat.

Don't see how anyone else is to blame except the Democrats.

No wait I have it now - it's the fault of conservatives who live too long. If they would just all die at 64 the way they are supposed to, then everything would be fine.