Posted on 11/15/2012 7:02:03 AM PST by SeekAndFind
The $60 trillion unfunded liability is correct today. The lower number is predicated on Obamacare's impact, which we have yet to see since it has not been implemented fully yet. I give more credence to the Trustee's report.
Also they are not liabilities as they can be changed by congress at anytime. But that ones more of a semantic disagreement.
Yes, they can be changed at any time to reduce benefits and increase taxes as was done in 1983 when SS went in the red. SS has been in the red now since 2010. It will stay permanently in the red until it is reformed.
Source: CBO "Combined OASDI Trust Funds; January 2011 Baseline" 26 Jan 2011. Note: See "Primary Surplus" line (which is negative, indicating a deficit)
Matters are even worse than this chart shows. In December, Congress passed a Social Security tax reduction. Workers are temporarily paying 2 percentage points less, from 6.2 percent to 4.2 percent, in Social Security payroll taxes this calendar year. Since the government is making up the shortfall out of general revenues, CBOs deficit projections for the trust funds do not include that. But CBOs figures predict that the "payroll tax holiday" will cost the governments general fund $85 billion in this fiscal year and $29 billion in fiscal year 2012 (which starts Oct.1, 2011.) Since every dollar of that will have to be borrowed, the combined effect of the " tax holiday" and the annual deficits will amount to a $130 billion addition to the federal deficit in the current fiscal year, and $59 billion in fiscal 2012.
Social Security has passed a tipping point. For years it generated more revenue than it consumed, holding down the overall federal deficit and allowing Congress to spend more freely for other things. But those days are gone. Rather than lessening the federal deficit, Social Security has at last as long predicted become a drag on the governments overall finances.
Of course something needs to be done to reign (sic) in healthcare costs. Obamacare is what we have to deal with right now. I still dont understand why Republicans hate it since its basically a Heritage Foundation plan. I would have been much happier with a true single-payer system and the ability to control prescription drug prices.
Ah, now I understand where you are coming from. You are a socialist who believes in nationalized healthcare. I have seen it firsthand in Europe. It doesn't work. And it will devour the federal budget and ruin the quality of healthcare. There will be less access and more bureaucracy.
As PJ O'Rourke has said, "If you think healthcare is expensive now, wait until it is free."
Have a good day.
I can just see the executive order to conscript the medical personnel fleeing from his mandates. Then forcing them to do abortions and after birth murders while the supremes deem this necessary for the well being of citizens. He is nothing but evil and a harbinger of thing to come.
What? Not according to the SSA it hasn't.
People don’t understand: big “O” wants the Country to fall
so that He can impose socialism.
Read later.
Read later.
LOL Stalin would be proud. /s
“This is what happens when you nominate a candidate that effectively took health care off the table as a campaign issue.”
Exactly. Which is why I wonder if the GOPe is that inept or that they just want to consistently lose. I really don’t know.
And now they’re seriously considering embracing the illegals and ignore the conservative. Any wonder people are talking secession and/or third party?
It is supposed to fail so the government can nationalize health care (sinlge payer) while declaring it some sort of emergency
When SS was running a "surplus," more revenue than the amount of benefits paid, the "surplus" was deposited into the General Fund for use elsewhere and Treasury issued non-market T-bills in the amount of the "surplus" and deposited them into the SSTF.
I dug deeper and you are right about SS revenues not keeping up with SS expenditures.
Knowing the composition of their character, I tend to doubt it.
Do you think our lawmakers and union members would support O-care if they knew it was about to be shoved down their throats as well?
Knowing the composition of their character, I tend to doubt it.
To answer your question, I don’t recall the storyline but the title seems appropriate and perhaps prophetic: “Goodbye Mr. Chips” Sorry. ;-)
It will NEVER be an albatross around any demoRAT's neck or especially 0dumb0's neck. In the recent election in MN, every demoRAT House rep & senate turd Amy Klobuchar won by 2/3 of the vote. It made no difference re. the economy, $6 trillion more deficit spending, 8% (really 15%) unemployment, their votes for 0bamaCare & every other demoRAT socialist program. The media glossed over all these and in fact mocked any Repub who criticized the dems for voting for these fiascos. Even if the country goes totally bankupt & we end up with a worthless monetary system, the dems & their media whores will STILL claim it is the fault of the Repubs, because we did not give them everything they wanted immediately so as to "stave off" the devastation.
The only thing that is going to save our nation is for a great massive bloody civil war, and to take our nation back by force if necessary. The demographics & +50% who voted for socialism will never give up or back down on their own.
I rade smowhere tath enve baldy mispeleld setances are esialy undesrtod by intllignte poeple/ Yoru thotghts? Need an aspirin? ;-)
Alas, poor Mr. Chips.
When it collapses they execute the prisoners...
We will just agree to disagree. We will find out in the next two years as the pain of Obamacare kicks in. There will be no hiding it or blaming anyone else. As Boehner said, it is the law of the land.
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