Posted on 09/27/2009 12:59:54 PM PDT by Justaham
WASHINGTON (AP) - Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that's happened since the 1980s. The deficits—$10 billion in 2010 and $9 billion in 2011—won't affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion. But they will add to the overall federal deficit.
(Excerpt) Read more at breitbart.com ...
Wait until the commie ‘RATS see what this is going to do to their BIG CommieCare program.
A lot of early retirees will go back and get part time jobs to supplement at least something will flow back into the scheme.
We have been paying more than it has been taking in for over 20 years.
now that it is due, they want more taxes from us.
we need to tell the bureaucrats and politicians who set up this ponzi scheme to get lost, and we will take it form their own pensions.
It is redicules saying that there will be no impacts because of 2.5 trillion in surpluses. They act like they money is just sitting in the bank. It is not, it has been spent and there are a bunch of IOUs that will require the treasury to come up with the money. So much for the fiction of a trust fund.
Free government money runs out and people are surprised?
If I had my choice as to how I planned and paid for my own retirement I wouldn’t be worried personally.
Free and government = oxymoron.
I'd like someone to show me the account where this money actually exists.
Yep, I’m taking ike now; won’t be any left later.
I’d like to know why the government has spare money for ACORN and not Social Security.
All depends on what the meaning of has is.
My wife has been the head office Nurse for a local FP for 3 decades.
Starting last December, they started see patients who had lost their jobs with no real offers taking early social security if they were 62 or older.
If anyone is collecting early Social Security benefits in 2009, he or she can earn up to $13,560/year before his or her Social Security benefits are reduced.
Others like have taken early retirement packages and gone on SS if they are over 62.
Many of these people have taken a part time job and make sure they don’t exceed the above yearly limit.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.