Basically within 13 years (2018 according to Bush and Rush), dollar outflows will exceed inflows. So, are those numbers correct with the trust fund off limits inspite of budget defecits?
If not, the phones need to ringing off the hook with our representatives.
Bwahahahahahaha! The trust fund is a bunch of government bonds. That means that Congress has already grabbed the cash, spent it, and left behind an IOU.
You're a few decades too late.
Let me be the first.
THERE IS NO TRUST FUND!!
Social Security has been going into the General Fund for years now,
The Congress already got their hands on it.
I was gonna say it, but they beat me to it. The trust fund is a (unkept) promise.
it is just a accounting gimmick. The general fund must begin pouring money into SS in 2018, or maybe a bit earlier.
They left a marker when they spent the money on general budget items, and SS will be cashing in those markers.
The unfortunate disaster that is coming, is due to the fact that Medicare will be asking for 10 times what it needs now during the same period of time.
It is a financial cliff!
The SSTF does not represent an asset to the USG, rather it is an unfunded liability. Anytime you hear a politican using the "solvency" of the SSTF to describe the state of SS, you know that it is a bunch of BS.
THERE IS NO TRUST FUND!
The so called "trust fund" is nothing more than IOU's because congress has spent EVERY PENNY that has ever been collected in SS taxes.
Here is an easy summation of how you are getting screwed:
Right now, for every three people that pay into the system, one person gets benefits. The system has been set to this 3:1 ratio since about 1950.
For the past 55 years, the system should have been gaining in revenue since the money contributed by the other two people was not going out to beneficiaries. Instead of this money going into the so-called lockbox, the money was spent. There's no money! The system stays solvent because there are more people paying into the system than beneficiaries.
At some point, because of the Baby Boom, the number of beneficiaries will surpass the number of contributors. At that point, the government will have to make up the difference.
Proof that there is no trust fund:
In order to have a trust fund, there has to be money in it to draw from, right? Okay, that settled, the first social security recipient - Ida Mae Fuller - contributed $24.75 and withdrew $22,889. (Only the lunatic Federal government could allow something as idiotic as this.) Assuming there were thousands of other Americans who began withdrawing at that same time, how could there have been a "trust fund"? It was - and still is - a "pay as you go" Ponzi scheme.