SS & Medicare.. Bankrupt

[Lumpy 1]

Hey good idea.. lets add more Debt

Democratic Delusional Dreams vs Reality

-------------------------------

Do huge deficits matter? Does having an enormous national debt impact us? Will another large entitlement program change our defense spending? The latest estimate is now out from the CBO and the deficit number keeps getting bigger. President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday – and this does not take into account healthcare.
I know that we are told this recent healthcare bill will actually reduce the deficit over the next 20 years, but our current president is not the first to tell us this. In the 1930’s Franklin Roosevelt promised us that the new Social Security system would not be a problem and in the 60’s, Lyndon Johnson assured us that the financial impact of Medicare would be minimal.

The reality is these two social programs are bankrupt. The 2009 Social Security and Medicare Trustees Reports show the combined unfunded liability of these two programs has reached nearly $107 trillion. That is approximately 7 times the size of the U.S. economy and 10 times the size of the outstanding national debt.

Entitlement Spending, Huge Deficits and National Debt: Are They a Threat to Our National Security? | AccountingWEB.com

(Check the link.. it gets worse)

 

[boedicca]

Medicare is even worse now that they've taken $500B away from it to cook the CBO books for ObamaCare.

Just sayin'.

 

[WillowTree]

they stole it from those who earned and will give it to those who didn't.. it's re distribution of wealth.

 

[txlonghorn]

Who needs SS and Medicare? The government will pay for everything soon anyway...according to that chick that got tons of airplay before the election...I won't have to worry about paying my rent, buying gas or groceries...and now apparently, if I can't afford healthcare, the government's gonna pay for that too! Hell, I think I'll quit my job and move to some quiet west coast beach and be a liberal...

 

[kyzr]

they stole it from those who earned and will give it to those who didn't.. it's re distribution of wealth.

They didn't steal it yet. Its a theft in-progress. I hope the GOP runs on stopping Obamacare and on fixing SS & Medicare. Stay-tuned....don't give up on stopping Obama. I know a lot of Obama voters with voters-remorse. They won't make the same mistake in 2012.

 

[Political Junky]

Medicare is even worse now that they've taken $500B away from it to cook the CBO books for ObamaCare.

Just sayin'.

Thank God, congress cut out that amount of waste in Medicare, making it more efficient.

 

[Lumpy 1]

Democratic Party Rally Song...

"Tiptoe Through the Tulips"

(and it's working)

 

[Zoom-boing]

Medicare is even worse now that they've taken $500B away from it to cook the CBO books for ObamaCare.

Just sayin'.

Thank God, congress cut out that amount of waste in Medicare, making it more efficient.

Please provide some concrete info that they've cut $500 billion in waste in Medicare. Thanks.

 

[Lumpy 1]

Medicare is even worse now that they've taken $500B away from it to cook the CBO books for ObamaCare.

Just sayin'.

Thank God, congress cut out that amount of waste in Medicare, making it more efficient.

Please provide some concrete info that they've cut $500 billion in waste in Medicare. Thanks.

Boing.. I hope you're not holding your breath....

 

[Flopper]

Hey good idea.. lets add more Debt

Democratic Delusional Dreams vs Reality

-------------------------------

Do huge deficits matter? Does having an enormous national debt impact us? Will another large entitlement program change our defense spending? The latest estimate is now out from the CBO and the deficit number keeps getting bigger. President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday – and this does not take into account healthcare.
I know that we are told this recent healthcare bill will actually reduce the deficit over the next 20 years, but our current president is not the first to tell us this. In the 1930’s Franklin Roosevelt promised us that the new Social Security system would not be a problem and in the 60’s, Lyndon Johnson assured us that the financial impact of Medicare would be minimal.

The reality is these two social programs are bankrupt. The 2009 Social Security and Medicare Trustees Reports show the combined unfunded liability of these two programs has reached nearly $107 trillion. That is approximately 7 times the size of the U.S. economy and 10 times the size of the outstanding national debt.

Entitlement Spending, Huge Deficits and National Debt: Are They a Threat to Our National Security? | AccountingWEB.com

(Check the link.. it gets worse)

Maybe, Maybe, and No. Guess I should send my Social Security check back to Uncle Sam. But serious, a 107 trillion dollar unfunded liability is a heck of a lot of money. But let's look a little closer.

An unfunded liability is the difference between the payments that are promised and the revenue allocated to make the payments. It is calculated by taking the promised payments for social security and medicare for the next 75 years and subtracting the social security and medicare taxes to be collected.

Forbes estimates that Social Security and Medicare tax would need to be increased by 6.1% to 13.7% in order to completely cover this unfunded liability which is not necessary. However, there is a lot of things that can happen to reduce this liability. First of all the sky rocketing healthcare cost we have experience over the last 20 years should moderate. If it doesn't we will have to stop eating because everything we make will go to pay for our healthcare. Secondly whose to say that the current rate of increase in Medicare reimbursements will continue. The healthcare bill cuts the increase from 4% to 2%. Finally the calculation does not take into account the overall growth of the economy. All this boils down to one thing. If the world has confidence in the US to meet it's obligations, the debt and the deficit don't mater. But if our productive goes down and we cease to be a world economic power then yes it matters big time.

 

[Zoom-boing]

Thank God, congress cut out that amount of waste in Medicare, making it more efficient.

Please provide some concrete info that they've cut $500 billion in waste in Medicare. Thanks.

Boing.. I hope you're not holding your breath....

I've done that before and have turned the most exquisite shade of purple before giving up!

 

[rightwinger]

This is horrible.....

Anyone on the right hae any suggestions on what we should do about it?

 

[uscitizen]

SS is not bankrupt.
They have nearly a 3 trillion surplus that our fair govt is holding for them when they need it. Like now.

 

[Gadawg73]

Earth to wingnuts:
For decades Republicans called for cuts in both these programs.
Now we have Democrats wanting to cut both programs and..............................
Republicans want NO cuts in either program.
GOP is a dysfunctional group these days. If GOP would have distanced themselves from Sarah, Rush, Sean and the lunatic religous right they would have won in a landslide last election.
The right wing kooks are having tea parties. NOT addressing the spending.
They are fixed on taxation. Right wing these days wants all these programs and NO taxes to pay for them.
I pray for a big tent all inclusive GOP. That will carry the day and slow spending and taxation. The Palin groupies need to deal with the hard on and get bak to reality.

 

[Gadawg73]

SS is not bankrupt.
They have nearly a 3 trillion surplus that our fair govt is holding for them when they need it. Like now.

There is no $ anywhere being held. That is a myth. There are 3 trillion in IOUs.
Not a cent of $.

 

[uscitizen]

The SS withholding was increased too much under Reagan giving the govt lots more money to waste.
the SS withholding should have been reviewed and increased as the need arose.

 

[Lumpy 1]

SS is not bankrupt.
They have nearly a 3 trillion surplus that our fair govt is holding for them when they need it. Like now.

.. Oh that's right .. Al's Lock Box..

(never mind then, all is well)

 

[rightwinger]

Lumpy..

I'm still looking for your proposal to resue SS and Medicare

 

[uscitizen]

All the govt needs to do is sell more treasury bonds to China so they can pay off the treasury securities they owe to SS.

 

[Political Junky]

Lumpy..

I'm still looking for your proposal to resue SS and Medicare

<crickets>