Posted on 03/25/2010 6:07:53 PM PDT by SalAOR
In the same week that the largest new entitlement program in 45 years just became law, the Congressional Budget Office (CBO) has issued numbers indicating that Social Security is going to pay-out more than it takes in not in 2016 as projected but in 2010! The official “day of reckoning” has been moved from 2041 to 2037. However, according to experts we are “not to expect the date to lurch forward again.” Ha! That, and I can sell you that big bridge in Brooklyn for just a few apples!
Why did this happen? The reason is simple: the recession means less jobs, and therefore less tax revenue coming into the system.
(Excerpt) Read more at axisofright.com ...
“Why did this happen? The reason is simple: the recession means less jobs, and therefore less tax revenue coming into the system.”
So they missed by SIX YEARS?
Well, then...the CBO numbers for the next 20 years are pretty much...uh...a “big f*****g deal....right Mr. Biden?
Don’t worry. This is why those death panels were put into place.
Ok, who tried to reform SS??? Maybe someone knew something?????
Good ole’ garbage in, garbage out CBO.......who would have thunk (yes, I spelled it wrong purposely)........
Now has taken over our Health Care, and promise it will not bust the budget. They can't manage crap, but now they can manage our Health Care??
Are these the same green eyeshade-wearing moron government bean counters who said ObamaCare was only going to cost 940 billion? ROTFL!!! Those guys are a hoot! They are clueless when it comes to math.
No, Ryan. This happened for the simple reason that Congress spent the money it was supposed to have saved for Social Security. I suppose we should take heart in the fact that they wrote IOUs for it.
Paul Ryan just showed a chart of the money they are usurping to pay for this health care debacle and it included $500 billion from the Medicare Trust and several billion from the Social Security Trust...wait...wait...wait...is that why Social Security is going to start bleeding out in 2010?
bump
Read carefully, this is now the year that SS starts paying out more than it takes in. That means that those IOUs will start to need to be called in. But as you know there is not money in a lock box, so the money will have to come from the general fund. Oops, while it's not broke, it's paying out over a trillion a year more than it's taking in. So more borrowing, or cutbacks in SS, including even later retirement than is already on the books.
Of course folks over 55 or so, maybe less, who get laid off in the current Obama economy will be unlikely to find new jobs, maybe ever. That may mean that people who would have waited for "full" SS retirement, may retire early, meaning even more demand on current SS payments.
But under Obamacare, they will only get pallitive treatment, if it's not too expensive, and so they won't be around very long. That will decrease the demands on the SS account, which is probably the whole point of healthcare. Get rid of those aging beatniks and hippies, yippies and yuppies.
I meant to add that Congress spending the surplus in the SS account had nothing to do with it now having to pay out more than it takes in. But that spending means there is no money to make up the difference, except by borrowing, or cutting military spending, NASA, DOE and maybe highways. Everything else is “untouchable”, even if theoretically “discretionary”. Of course this big health care mess is not discretionary, and will cost a lot more than predicted.
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