Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Social Security now running a deficit; insolvency set at 2034; Medicare Even Worse
Washington Times ^ | 06/06/2018 | Stephen Dinan

Posted on 06/06/2018 6:29:23 AM PDT by SeekAndFind

Social Security will spend more than it collects this year, the program’s trustees said Tuesday, marking the first time in more than 35 years that it will run an annual deficit as it slides toward insolvency by 2034.

Medicare’s main trust fund is in even worse shape, scheduled to hit insolvency in 2026 — three years earlier than last year’s estimate, the trustees said.

The twin warnings add even more pressure to a budget already strained by last year’s tax cuts and this year’s deal to boost spending on defense and basic domestic needs, leaving few bright spots in the federal fiscal picture.

The news also produced the usual finger-pointing among Democrats and Republicans, but budget watchdogs said the news was so grim that it should cut through the bipartisan bickering.

“It would be a nice change if this year Congress and the president actually took these warnings seriously enough to do something,” said Robert L. Bixby, executive director of the Concord Coalition.

Social Security has been struggling for years and turned cash-negative this decade, meaning the government paid out more in benefits each year than it collected from the payroll tax.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Culture/Society; Front Page News; Government
KEYWORDS: 2026; 2034; concordcoalition; elderly; federalspending; handouts; insolvency; letitdie; medicare; obamacare; poverty; repealobamacare; robertlbixby; socialism; socialsecurity; welfarestate
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-80 ... 101-118 next last

1 posted on 06/06/2018 6:29:23 AM PDT by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind
Après moi, le déluge.
2 posted on 06/06/2018 6:30:59 AM PDT by MUDDOG
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

It’s already insolvent. There is zilch to back up those [supposed] IOUs.


3 posted on 06/06/2018 6:31:15 AM PDT by rbg81 (Truth is stranger than fiction)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Socialism failing, as usual.

It’s ok, we can correct it with more socialism.


4 posted on 06/06/2018 6:32:31 AM PDT by fruser1
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Breaking out the social security scare in time for the election.

Scaring old people will help get them to the polls.

Democrat policies are the ones that are a threat to social security in medicare. But the useless republicans haven’t figured out how to win that argument the last 40 years.


5 posted on 06/06/2018 6:33:57 AM PDT by No Socialist
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

People weren’t suppose to live long enough to collect Social Security.


6 posted on 06/06/2018 6:34:44 AM PDT by Sacajaweau
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
Social Security has been struggling for years and turned cash-negative this decade, meaning the government paid out more in benefits each year than it collected from the payroll tax.

Proving there is no "trust fund" because if there was there would be literally hundreds of millions in "earnings" to supplement the cash flow from taxes. There never was a trust fund and this has always been a ponzi scheme. Our government is corrupt to the core. Next stop, public defined benefit plans bankrupting states, another corrupt Dem ponzi scheme.

7 posted on 06/06/2018 6:35:17 AM PDT by 1Old Pro
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Time to Purge the Systems of Fraud!


8 posted on 06/06/2018 6:36:24 AM PDT by CptnObvious (uestion her now.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Don’t screw with old people’s money.


9 posted on 06/06/2018 6:37:04 AM PDT by moovova
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

It’s not really news. I can remember the numbers people laying this out at the end of the Reagan era....’there would come a day’. Well....it’s approaching.

There’s five or six tricks that you can do to resolve this or prevent it....but I don’t see the freak show (GOP and Democrats) willing to really take action. You could raise the ‘cap’ and have the more wealthy put more into it, which would infuriate them because it’s a waste of money. You could raise the retirement age, but get lots of people mad. You could change the cost of living measure. You could have a ‘means test’ which is what Trump has talked about. You could even use the estate tax business to resolve this (really bad idea).


10 posted on 06/06/2018 6:37:06 AM PDT by pepsionice
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Stop giving Social Security “funds” to non citizens.


11 posted on 06/06/2018 6:37:32 AM PDT by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1Old Pro
RE: Proving there is no "trust fund" because if there was there would be literally hundreds of millions in "earnings" to supplement the cash flow from taxes.

Remember this from 2000?...


12 posted on 06/06/2018 6:37:45 AM PDT by SeekAndFind
[ Post Reply | Private Reply | To 7 | View Replies]

To: SeekAndFind

Remember all the times Republicans wanted to fix Social Security? remember when George W. Bush set out with a plan to fix Social Security?

Remember that each and every single time Democrats and their megaphone MSM screamed that Republicans wanted to kill seniors and make them eat dog food before they died? Remember they said seniors would be forced to make a choice between eating and getting their medication?

I remember.

And I’m certain as sure as I am drawing breath that Democrats and their MSM partners will blame Republicans for the coming catastrophe.


13 posted on 06/06/2018 6:37:57 AM PDT by Obadiah
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sacajaweau

I read somewhere that in order to return SS back to the original retirement age, we would have to set the SS start of benefits to something like 78 years old.


14 posted on 06/06/2018 6:39:00 AM PDT by taxcontrol (Stupid should hurt)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Obadiah

Will a system like this be workable here?


15 posted on 06/06/2018 6:39:48 AM PDT by SeekAndFind
[ Post Reply | Private Reply | To 13 | View Replies]

To: SeekAndFind

That’s what they get for setting up this ponzi scheme


16 posted on 06/06/2018 6:41:47 AM PDT by Mr. K (No consequence of repealing Obamacare is worse than Obamacare itself.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: taxcontrol
I read somewhere that in order to return SS back to the original retirement age, we would have to set the SS start of benefits to something like 78 years old.

Exactly, because the average life expectancy is 79!

Where is all that money I sent off to the government to invest for my retirement? *rhetorical*

17 posted on 06/06/2018 6:41:49 AM PDT by Obadiah
[ Post Reply | Private Reply | To 14 | View Replies]

To: taxcontrol; Sacajaweau

RE: I read somewhere that in order to return SS back to the original retirement age, we would have to set the SS start of benefits to something like 78 years old.

What about Medicare? It’s insolvency is scheduled to be much earlier -— 8 years from now according to the article.

So, in order to return it back to its original retirement age, how old should someone be to qualify for Medicare?


18 posted on 06/06/2018 6:42:12 AM PDT by SeekAndFind
[ Post Reply | Private Reply | To 14 | View Replies]

To: SeekAndFind

How’s the welfare trust fund doing?

7


19 posted on 06/06/2018 6:42:39 AM PDT by infool7 (Observe, Orient, Pray, Decide, Act!(it's an OOPDA loop))
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

I also remember the jokes


20 posted on 06/06/2018 6:43:33 AM PDT by 1Old Pro
[ Post Reply | Private Reply | To 12 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-80 ... 101-118 next last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson