Posted on 05/12/2009 12:43:03 PM PDT by justlurking
The financial health of Social Security and Medicare, the government's two biggest benefit programs, have worsened because of the severe recession, and Medicare is now paying out more than it receives.
Trustees of the programs said Tuesday that Social Security will start paying out more in benefits than it collects in taxes in 2016, one year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner.
Medicare is in even worse shape. The trustees said the program for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017, two years earlier than the date projected in last year's report.
(Excerpt) Read more at news.yahoo.com ...
When will they tell people not to even bother applying for Social Security?
“Medicare is in even worse shape. The trustees said the program for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017”
Gosh, by all means, let’s let the gov’t run healthcare!
/s off
I guess I’ll be working until the day I die. Being only 41, SS will be gone and given what the gov is doing, what little I have in the market will not be all that much either in 30 years.
I just want to know how to opt out of the “voluntary” system. I’m self employed so I pay both my share and employers share. SS is actually hurts me more than income taxes some years.
LOL Trust fund ???
Why doesn't Obama fix theses BEFORE he screws up ours?
No money, but plenty of IOUs from gov’t robbing it over the last few decades.
Even a fraction of a percent interest savings account at my local bank would give me a better rate of return.
LMFAO... Giant Trust Fund, you kill me. You mean that warehouse filled with.......(drum roll)..... US Treasuries..... HA HAHA HA. I needed a good laugh this afternoon.
America’s Welfare State...deficit spending...money printing scheme has bankrupted the country.
I hope there is a big backlash because of this.
see also
http://www.foxnews.com/politics/2009/05/12/social-security-medicare-seen-failing-faster/
http://www.moneyandmarkets.com/five-economic-storms-raging-now-2-33662
So I wonder. The gov (fed) owes itself (ss) this debt. How much of the national debt would go away if ss forgave the fed?
Would that be the same Lockbox when has been raided for years so it holds nothing but a bunch of "I Owe Me" notes from the government? Social Security is out of money the minute the lockbox has to be tapped and general income taxes have to go up to "pay" for all those "IOMe"s.
Better yet, when will they repay Social Security for all the money they have borrowed? Anybody have the numbers as to how much the government owes the system?
Obama’s fault!
That's Obamaspeak for "lock box".
With unemployment going up and the GDP going down, did anyone expect these programs not suffer losses??
Solution...Just print more money! Keynesian (Socialist) economics at work.
Child Obama and his ilk are don’t have a clue.
Boomers fault!
Secret: There is a hole in the bottom of the box and they spent it all and figured the next congress could pass Cap and Trade hidden tax and sneak it back in the box in time. (or maybe the illegals would pay FICA)
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