Posted on 09/27/2009 9:16:38 AM PDT by Nachum
WASHINGTON – 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 news.yahoo.com ...
The List, ping
They add to the deficient ONLY because the SS kitty is “completely emptied” every year to pay for other things.
The money's already been spent....
Thank God for this one "cure all" to all financial issues.
We get robbed each year and not we lose our retirements.
Hey, I know, we can raise taxes on the rich!
In May I reached official retirement age. Social Security is screwing with me. It looks like I will have to keep working and use most of my savings (for taxes etc) until sometime next year.Am getting a lawyer involved.
They say they overpaid me and now want the money back. They haven’t shown me how, why or even if it was an overpayment. It’s just “trust me, we made a mistake and you have to pay for it”
Boomers say “Who is John Galt,” sort of.
Also, when you are 62, unable to find work, and living in an Obamaville van down by the river, you sign up for early Social Security.
It's only fair. /s
Zero will see to it there won’t be anyone to collect SS.
Those who need health care the most will get painkillers.
They will still be made to pay hefty fines but benefits will decrease.
Medicare Advantage insurers
will raise their premiums sky high with less benefits
until Zero gets his government health rationing going,
then from what I gather, they won’t be around at all.
I am repeatedly hearing this exact same "overpayment" story.
A graduated tax ought to fix it.
Stop with the glass half empty attitude.
When they take it all then they won't be able to take any more from you.
You'll be free at last. ; )
Yes, our government has used SS money for other things.
Isn’t that illegal?
How have you been overpaid? Did you take early retirement benefits?
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
Oh Wasting away in Barack Obamaville.
Searching for my lost shaker of salt
Some people say that George Bush is to blame.
But I know, It’s Obama’s fault.
If people aren't collecting yet, how can they be overpaid?
Do they mean, "We under-collected from you for years."?
SS is bankrupt because politicians cannot resist the temptation to get their hands on that much money. And, once they do, they squander it on things it was never meant for.
There's no social security system that can deal with "workers" who work for 4 years and collect for 60 years.
What started as a good and decent program has become the NEW WELFARE without the pesky social workers. If you have a doubt go down to your local social security office - half the people waiting to see someone will be gang bangers. Yep - being a drug addict qualifies you for a lifetime of social security benefits - and food stamps.
There's no social security system that can deal with "workers" who work for 4 years and collect for 60 years.
No, they take the money out of the pot and drop in an IOU... The crime is giving social security money to every gang banger, drug addict and criminal. If James and Hannah want to do more “good” they need to dress up and go down to Scial Secuity.
Right, there are massive accumulated surpluses, and yet it will add to the deficit. What a crock!
Yep.
Why should there be any strain? It is just people collecting money they have been depositing in the “lockbox” all their lives.. </ sarcasm>
Signed up for reduced benefits on my account in 2006 after my husband died. Last year they with held benefits from September until March of this year because they said I had earned too much and been overpaid in 2007.
This year I reached my official retirement age in May. Was able to switch to my husbands benefits which are double mine. They sent money in May and I called to see where it came from. Was told by SS that it was money I should have been paid but wasn’t. Said i was entitled to the money and to keep it. In July they sent a letter wanting it all back.
Said it was a mistake by the payment center. The local office couldn’t figure out what was going on and neither could the people at the national office.
So far they cannot show me how I was overpaid.
I would contact your congresscritter. Should be someone in the office specifically tasked with straightening this out.
in this day of instant, world wide, transactions... would someone PLEASE tell me why the social security administration isn’t doing direct deposits?
this would save on paper, man power, and time. it would save the post office all that work and reduce energy requirements to produce and ship the checks each month. it would also save granny the trip to the bank and reduce any possibility she might get mugged or that her checks could get stolen.
it would also radically cut the cost of the department by reducing the number of people required (this is most likely why it hasn’t been optimized)
and if someone doesn’t have a bank account, then give them one.
I curse FDR every time I think of it.
It’s called getting their money while they still can.
Boomers fault!
When my wife reached 65 she was supposed to go on medicaid as primary and my group policy as secondary, instead of the other way around. But the SS office was unable to figure it out. They refused to make the change. Neither SS nor our insurer would pay anything. Finally we put both senators and our representative onto it, and they got it fixed.
They have hundreds of thousands of people working on SS, with lifetime job security, but they can’t seem to figure out that 2 + 2 = 4.
Without a doubt... W.A.S.S.!!!
Hell, since wifey and I went on the tit, we've gotten my 63 year old sis-in-law to jump aboard, and now my bro - her husband, who'll turn 65 in November - is seriously thinking about doing it then, versus "Full Retirement Age" a year later.
Attention all Boomers: Start suckling NOW, before Zero removes your enablement!!! It's yours...go for it before it's too late.
(Thanks for the ping, Gray....I'd seen the thread earlier and damn near pinged you to it........)
I don’t know about you, but I wouldn’t trust the Fed with access to my bank account - if they can put in, they can take out.
they already have the ability.
but if it made you feel any better, the banks could easily make a sub account that only the fedgov could deposit into, and only you would be able to write checks from/transfer from. maybe they could remove money from it, but they could not touch your other accounts (as they wouldn’t know the numbers without further searching).
President Barack Obama has said he would like to tackle Social Security next year.
You all know what this means.
BOHICA!
Higher payroll taxes, higher Medicare taxes, health care taxes and imprisonment, the Bush tax cuts expiring, more income taxes on top of that, higher property taxes to make up for lower assessments, higher sales taxes, carbon taxes, and only God knows what else.
Bachmann and Paul, at their recent Town Hall in Minneapolis were right.
The United States government has sold all of us younger Americans into slavery. All of our future income is spoken for, we are burdened heavily with debts to bail out the banks and subsidize leftist academia and its pipe dreams, and on top of that, the statists and globalists are expecting us to continue paying for their foreign interventions worldwide.
And on top of that...they want to make Government EVEN BIGGER!
"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." —attributed to Thomas Jefferson
God save the Republic.
The SS money is spent as soon as it comes in. Because that inflow was more than the total SS payments, the difference went into general spending. Now that the difference is disappearing, it won’t be available to general spending.
Social Security’s going broke because for years - every time a dime was dropped in the pot - it was taken out and an IOU was dropped in... They’re going to do the same thing with healthcare - with the same outcome... Broke.
...they should raise taxes and print more money.
That’ll fix it. :)
You should post this to the AIP Web site. It’s despicable.
:)
Mr G turns 62 next year and he is going to retire. We have a 10 year old child, so he will get up to half of Mr G’s retirement as support. Also, if I am not working and I am staying home to care for our child, I will also get up to half of his benefits.
Seems silly to keep working when we can maybe get some of our money back.
It also because the first of the baby boomers are hitting the rolls. The 1946 and 1947 start of the big curve are both within the 62 year-old eligibility now. Knowing the Ponzi scheme is failing, they are jumping in at first opportunity to recover as much of the money as possible of what they had stolen from them throughout life.
It’s going to be even worse after coming tax increases cause millions more to retire instead of working for the state.
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