[kabar]

“Social Security is safe and can still pay the vast majority of promised benefits if nothing changes between now and 2037, and even then benefits’ cuts would range from 21 percent to 24 percent if reform is not undertaken,”

The 2037 date is bogus. SS is a pay as you go system. Once SS goes permanently in the red in 2016, i.e., beneftis exceed revenue, the shortfall must be made up by the General Fund thru the redemption of the non-market T-bills in the SSTF, which is an unfunded liability and the reason why the SSTF is included in the national debt under Intragovernmental Holdings.

[Parmy]

What they haven't told you and they never mention is that prior to the Johnson admin. there actually was a trust fund and SS wasn't in the general fund. Congress, seeing the build up of cash in the trust fund in the fifties wanted to get their hands on it then. But, they knew Eisenhower would never allow it.

Then along came Johnson and a Democrat controlled Congress. The trust fund was disbanded and the funds moved into the General Budget. Then it was Katy-Bar-the-Door. The built up funds were gone through like a dose of salts through a cow.

And, ever since the Seventies they have used the surpluses generated by SS deductions from payrolls to apply to the deficit cause by the over spending.

Give us back the IOU's and then we will see what the system looks like then.