Posted on 03/29/2010 2:43:41 AM PDT by Scanian
How ironic that, even as the Senate last week debated the reconciliation "fixes" to ObamaCare, word came that Social Security has reached the so-called tipping point -- years ahead of schedule.
For the first time, Social Security will pay out more in benefits than it receives in tax revenue, to the tune of $29 billion.
The reason: Continued high unemployment means there are fewer paychecks from which to deduct Social Security taxes. Meanwhile, many who can't find work are applying for benefits much earlier than they'd planned.
The so-called tipping point wasn't supposed to arrive until 2017, according to current congressional projections.
(Excerpt) Read more at nypost.com ...
ObamaDeathCare was passed on Sunday.
4 days later, they announce Social Security has passed the “tipping point” which wasn’t supposed to happen until 2017.
Now, perhaps I’m just a cynical person, but am I supposed to believe that AS THEY WERE RAMMING OBAMACARE THRU, they DIDN’T know the truth about Social Security? Then suddenly, 4 days later, they “learned the truth?”
In other words, they obviously SUPPRESSED the news about Social Security until AFTER they could ram thru ObamaDeathCare.
Why isn’t the GOP making more noise about this blatant deception?
The current GOP is also part of the problem.
Vote all of the bums out!
Actually, if one were to dig a little (and if we had a real Press with real reporters) we would have heard more about this over a month ago.
This information was known then.
Feckless Republicans didn't bother to "shine the light of truth" on it then or since.
Yes. Sadly, an economic crash and default may be the only way to take out the trash.
bttt
The health care fiasco, of course, is only a way to increase government revenue in order to p[ay for the failed Ponzi schemes of Social Security and Medicare. The unanswered question is, how long can the ruling class keep the ship afloat through deception and treachery.
Gee! another unexpected development.
I have read some prominent forecasters say that we would have been months, if not weeks (shoot we may still be), from monetary collapse without this passage because once the news hit, combined with the fact itself that we have no money to pay for Social Security, consumer confidence would plummet and those buying treasuries would further dry up. Allegedly Obamacare passed to start taxing to keep the scheme up just a little longer... Makes me wonder.
Representatives in BOTH parties have long since ceased to care about how much we spend. Its all about doing whatever is necessary to win the next election—longer term consequences be damned. Unfortunately, this is a PROVEN strategy because most Americans think short term also. This especially applies to Seniors who figure they won’t be around in 20 years anyway.
You want to focus the blame, put a mirror in front of every voter in the USA...including yourselves!
And isn’t it amazing that the major news outlets just weren’t interested in the negative consequences until
AFTER
it passed.
Now they’re looking into it.
They’re following Hitler’s path. I doubt they will succeed, afterall we are Americans. We will do what is necessary to put a stop to this.
Social Security opened full of IOU’s congress at work for years.
“Yes. Sadly, an economic crash and default may be the only way to take out the trash.”
I kind of look at it inside out from that view. Which I would state: Sadly, an economic crash and default may be the only way to get Americans to beg for the imposition of absolute socialism/fascism. Which is why 0bamas’ efforts are to be focused in that direction, that of destroying the economy.
http://www.freerepublic.com/focus/f-news/2480118/posts
Social Security to See Payout Exceed Pay-In This Year
NYTimes ^
Posted on Thursday, March 25, 2010 10:19:24 PM by quesney
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.
PONZI SCHEME.
Thank you. I was wondering how long it would take to post the root-cause.
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