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CBO - The Coming Raid on Social Security
Zerohedge ^ | 02/10/2013 | Bruce Krasting

Posted on 02/10/2013 6:06:40 PM PST by Rusty0604

The source of this information is the Congressional Budget Office (CBO); the following is how it will play out:

SS consists of two different pieces. The Old Age and Survivors Insurance (OASI) and Disability Insurance (DI). Both entities have their own Trust Funds (TF). OASI has a big TF that will, in theory, allow for SS retirement benefits to be paid for another 15+ years. On the other hand, the DI fund will run completely dry during the 1stQ of 2016. By current law, the DI benefits must be cut across-the-board by 30% on the day that the DI TF is exhausted. CBO projects that the DI trust fund will be exhausted during fiscal year 2016. Under current law, the Commissioner of Social Security may not pay benefits in excess of the available balances in a trust fund, borrow money for a trust fund, or transfer money from one trust fund to another. However, following rules in the Deficit Control Act of 1985 (section 257(b)), CBO's baseline assumes that the Commissioner will pay DI benefits in full even after the trust fund is exhausted.

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


TOPICS: Business/Economy
KEYWORDS: socialsecurity
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To: Rusty0604
Both entities have their own Trust Funds (TF).

I call BS right there.

21 posted on 02/10/2013 7:56:20 PM PST by Hoodat ("As for God, His way is perfect" - Psalm 18:30)
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To: Hoodat

I think the trust funds consists of IOUs.


22 posted on 02/10/2013 8:14:08 PM PST by Rusty0604
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To: cherry

“why are good American taxpayers sending money to foreigners?”
________________________________________________________

What foreigners? The man is a US citizen truck driver and injured in America.
I do admit that if he is so disabled he should not be globetrotting.
I do know that he is taking many high-power pain killers.
He left yesterday on his way back to PA, where he will have to work.


23 posted on 02/10/2013 8:21:23 PM PST by AlexW
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To: Rusty0604

I now believe that the best option, and probably least-painful in the long-run, will be a bankruptcy/default by the Federal Gov’t.


24 posted on 02/10/2013 9:08:12 PM PST by PGR88
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To: Rusty0604
CBO projects that the DI trust fund will be exhausted during fiscal year 2016.

So all those discouraged unemployed that were added to the roles of the disabled will be out of luck come the next election. What will the RATs promise them.

25 posted on 02/10/2013 9:29:28 PM PST by Mike Darancette (Soylent Green is Boomers)
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To: SgtHooper

“I bet the make SS payments based on assets. Thus, many of us will lose it entirely.”

Yup. But only the “Very Fortunate” will lose it...of course, by then, “very fortunate” will be defined as those who have a roof over their heads with the thermostat set to over 62 in the winter in and under 90 in the summer.


26 posted on 02/10/2013 10:13:43 PM PST by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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