Posted on 05/01/2006 12:30:33 PM PDT by Conservative Coulter Fan
WASHINGTON - The trust fund for Social Security will be depleted in 2040, and Medicare will exhaust its trust fund reserves just 12 years from now, trustees for the programs said Monday.
Their annual report showed deterioration in the financial condition of both of the government's two largest benefit programs.
A year ago, the depletion of the Social Security trust fund had been projected to occur in 2041 and the Medicare hospital insurance fund in 2020.
The trustees, who include the head of the Social Security Administration and three members of President Bush's Cabinet, painted a sober assessment of the health of the two programs in advance of the looming retirements of 78 million baby boomers.
"We do not believe the currently projected long-run growth rates of Social Security or Medicare are sustainable under current financing arrangements," the trustees said in this year's report.
Bush's efforts last year to overhaul Social Security went nowhere in Congress. Even members of his own party refused to support the benefit cuts that would have accompanied the establishment of private accounts for younger workers.
What "trust fund" - do they mean the IOUs that were tacked on to the National Debt that we'll have to pay to "unlock"?
This can't be. I just read an article posted on this forum that claimed illegals are a boon to the U.S. economy.(sarc)
Yes, but if the Dems are going to use that as an excuse for raising taxes and/or cutting benefits, then they better warm up to the idea of hanging from a rope. That ain't the way they sold it to the public. Not even close.
We were told that if we put this money into the trust fund, we'd be guaranteed to receive the retirement benefits. We were told that it was a good investment, and a safe one. No mention was made that benefits would have to be cut. No mention was made that taxes would have to be increased.
I've been paying into this ponzi scheme for more than 30 years. If they change the rules now, then the public is going to demand that their mansions and fancy cars be seized and sold to compensate for the damage they've caused.
Could the ill-planned, ill-executed Medicare Drug Plan D have anything to do with this?
ROFLMAO!!!
The Debt to the Penny and Who Holds It
SS is a pay as you go system and will go from a cash cow to a black hole starting in 2017. I fear that Congress will do the same thing it did in 1983 and raise taxes and reduce benefits. The only way to really save the system is to have personal accounts as the first step towards eventual privatization of the system save for a very small defined benefit program for disability and survivor insurance.
They have been changing the rules many times over the length of the program. They did it big time in 1983 when they raised the retirement age to 67 and indexed the cap for contributions. Check out my post #27. Both parties are responsible. Congress will have to do something. The status quo is not sustainable.
Thank goodness the Dems stopped SS reform in its tracks (as they so loudly applauded during the State of the Union)
Get the illegals off all the above and everything would be fine again
what bleeping trust fund?
It's an election year, time to scare the ole folks again.
Agreed. But someone's going to have to walk the plank for this. My suggestion is that everyone who's served in Congress or the Senate for the last 35 years ought to have their assets seized and liquidated to pay for the damages they've done. They've committed political malpractice.
Of course, it might be necessary to amend the Constitution in order to do that, but I'd support an amendment that directs the IRS to seize their assets. I think there are a lot of others who would as well.
Hold Congress responsible? Surely you jest.
When you talk about holding Congress responsible, they think you mean you'll vote them out of office. Personally, I'd like to see the Chapaqua mansion on the auction block. Kennedy's mansions, as well, together with Kerry's seven mansions, spread across the world.
From the article: Bush's efforts last year to overhaul Social Security went nowhere in Congress
and
The bottom of the AP articles "links" to the Social Security Admin.
I'd add these links, but then I'm not a biased media organization.
Strengthening Social Security for Future Generations, The Whitehouse, President Bush (http://www.whitehouse.gov/infocus/social-security/)
Sleight of Hand: Bush buried detailed Social Security privatization proposals in his budget. Can the surprise move jump-start bipartisan reform?”, Allan Sloan, MSNBC/Newsweek, Feb. 8, 2006 (http://www.msnbc.msn.com/id/11235990/site/newsweek/from/RSS)
and
Final Report of the President’s Commission, Strengthening Social Security and Creating Personal Wealth for All Americans, The President’s Committee to Strengthen Social Security, Co-Chairs Daniel Patrick Moynihan and Richard Parsons, December 21, 2001 (http://www.csss.gov/reports/Final_report.pdf).
If a private corporation operated a pension plan in the same way the government operates Social Security, its executives would be convicted of fraud, theft, RICO violations, etc. Socialist Security should be terminated by paying out lump sums (employer and employee accumulated contributions plus interest) to anyone who wants out, and ceasing all new "contributions" (payroll taxes). Older people likely would not want a lump sum, but as they die off the whole scam would be ended.
Welcome to socialized medicine, folks!
All around the world, it is the largest blackhole, "sucking sound" consumer of government resources anywhere, even with the shameless age based rationing of care used overseas. While quality is sometimes decent overall, there is no question that government run medical programs become political footballs and spending in them continues to dwarf all other programs in out of control growth.
Keep in mind, the US healthcare system is already funding 60% by the goverment; a percentage that is rapidly growing. Naturally, the socialist solution to this is to take over the remaining 40% so that they can "solve all the problems."
Last month, I paid a bundle into Medicare. I would prefer to retain and invest that money. I'm certain that I could pay for much better and more secure care in my retirement with those funds.
Expand HSA's and support SB 155.
If only that could be done. In Washington, everyone is responsible for something, but no on is responsible for anything.
If socialized medicine was so great, why do all the Canadians come here?
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