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Social Security and Medicare finances worsen
Associated Press ^ | 2009-05-12 | MARTIN CRUTSINGER

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 ...


TOPICS: Breaking News; Front Page News; Government; News/Current Events
KEYWORDS: babyboomers; entitlements; federalspending; late2000srecession; medicare; second100days; seniors; socialsecurity
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To: Graybeard58
Born too late for the war in Europe but I did get to co pilot the Enola Gay.

Lucky bastid.....all I ever got to do was thaw the Chosin Reservoir. But I did stay in a Holiday Inn last night.......

81 posted on 05/12/2009 7:34:14 PM PDT by ErnBatavia (Impeach now!)
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To: RC2
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?

This money was stolen not “borrowed”. If private business pulled off this ponzi scheme the U.S Attorney General would have them, their friends, and family behind bars. Now they want to pass a Federal Fat Tax.

82 posted on 05/12/2009 8:02:35 PM PDT by DeadFurrow (My rights end where yours begins.)
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To: AliVeritas

OK, now its official. I think that I have just entered the Twilight Zone.


83 posted on 05/12/2009 8:11:10 PM PDT by fhayek
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To: justlurking

don’t worry, obama has a plan!

/sarcasm


84 posted on 05/12/2009 8:12:17 PM PDT by OafOfOffice (Constitution is not neutral.It was designed to take the government off the backs of people-Douglas)
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To: unkus

when they take over all property, 401K’s, Ira’s, retirement accounts, savings and pay.


85 posted on 05/12/2009 8:19:31 PM PDT by OafOfOffice (Constitution is not neutral.It was designed to take the government off the backs of people-Douglas)
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To: Graybeard58
Did you make it in time for the extra $250 in May?

I think we just missed the cusp on that one. Damn - this suckling stuff looks to be good stuff. I might vote 'Rat next time around......

86 posted on 05/12/2009 8:21:02 PM PDT by ErnBatavia (Impeach now!)
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To: Slapshot68
Medicare is in even worse shape
>
How can Zer0 and the Dims even stand up and with a straight face tell America that "What you need is a Government run health care system, something like Medicare."?

Just incredible what a dumbed down population we have. America deserves this President and this Congress led by the most transparent ever - lying Piglosi and Harry Reid. I see the heat go so bad for piglosi that she went running out of country. Nancy Pelosi Makes Surprise Trip To Iraq
87 posted on 05/12/2009 8:26:54 PM PDT by Cheerio (Barack Hussein 0bama=The Complete Destruction of American Capitalism)
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To: FromLori

Quite frankly, if obama did not fund retired people whose only income is SS, he would pay the highest price ever along with his thugocracy. This would be a revolution similar to Marcos or worse. We do not let our aged in America suffer for communistic goals. And the anger it would erupt no one around would care how it happened.

Perhaps this is God’s hand, obama thought he had plenty of our money to create a one party system, now he might have to put some of his thug illgotten taxpayer dollars into a real program that will not benefit him personally.


88 posted on 05/12/2009 8:27:52 PM PDT by OafOfOffice (Constitution is not neutral.It was designed to take the government off the backs of people-Douglas)
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To: DonaldC

It’s not even one year of obama’s budget for 2010.


89 posted on 05/12/2009 8:29:42 PM PDT by OafOfOffice (Constitution is not neutral.It was designed to take the government off the backs of people-Douglas)
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To: whitedog57

where is this mentioned?


90 posted on 05/12/2009 8:31:09 PM PDT by OafOfOffice (Constitution is not neutral.It was designed to take the government off the backs of people-Douglas)
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To: justlurking
My prediction?....

Pain.

And there are no liberal Hollywood scriptwriters to write a happy ending. Imagine walking out of the theatre after gorging on 4 buckets of popcorn and 4 diet cokes....but the bathroom is closed.

91 posted on 05/12/2009 8:41:56 PM PDT by Eric Blair 2084 (Alcohol, Tobacco and Firearms shouldn't be a federal agency...it should be a convenience store.)
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To: ex-Texan; maggief

92 posted on 05/12/2009 8:55:39 PM PDT by Travis McGee ("Foreign Enemies And Traitors" preorders are being mailed out.)
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To: sickoflibs
Where do y'all think Obama is planning to get he infusion of cash to stabilize these programs? Yep, you guessed it. Add millions more taxpayers (suckers) to the system so cash flows into the programs in the short run. WE will be bailing these programs out! Not with tax dollars only, no, with tax dollars AND contributions.
93 posted on 05/12/2009 9:06:52 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: Vigilanteman
Meanwhile, us SOBs who actually work to pay the damn taxes can’t get a ten cents stimulus check . . .

Apparently, you didn't red the stimulus bill either! Page 1243 says we are supposed to stimulate OURSELVES while writing tax checks! Get with the program!!!

94 posted on 05/12/2009 9:08:27 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: justlurking

Just in time to see the Panzi scheme of so-so security hit the skids!

95 posted on 05/12/2009 10:13:43 PM PDT by RasterMaster (DUmocrats - the party of slavery, sedition, subversion, socialism & surrender)
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To: mojitojoe

“I guess I’ll be working until the day I die.”

I forget which talkshow guy it was, but he was talking about how when SS started, it paid out at 65, but avg. life expectancy was 63, and folks DID typicaly work until they died. (Or something like that). It was initialy meant to provide for old people at the end of their years.

Now folks work until they are 60, and live until 72 (or something, but you get the idea). So just that alone is a huge pressure on the SS system. Nevermind the whole demographics thing.

I’m 48, and figured I would pay in all my life and never see a cent. Who knows though - maybe the whole thing will crash and burn and I WON’T have to pay in my whole life!? (Oh - sometimes I crack myself up!)


96 posted on 05/12/2009 10:22:08 PM PDT by 21twelve (Drive Reality out with a pitchfork if you want , it always comes back.)
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To: eraser2005
there are probably a lot of people who have a nice, easy little job with lots of vacations, sick time, holiday time,frequent breaks, can come and go as they please, who could "work" til 70....

well go ahead....I have a difficult job in everyway and I can not work til 70...

not only that, but it makes a huge difference whether you get a nice defined pension from the govt or what is left of our industry...it is certainly another when you are going to get nothing at all except what you alone put aside.....

so you govt workers....feel free to not take SS at 62 or 66.....for many of us it will be the only defined money we will get, and we are TAKING IT!

97 posted on 05/12/2009 11:08:16 PM PDT by cherry
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To: CaliforniaCon
face it though....lots and lots of people are getting SS who never worked outside the home, or worked very little.....immigrants come here and lie about their age and they get it....

and lets not forget the "dissabled"...some of them are the biggest cheats in the entire country ...and I am so sick of breaking my back for them to live the easy life....

could I go an apply for early SS dissability?...yes....I could..and get away with it because of back and neck problems.....

but I have this old damn ethical thingy that tells me to work and work hard in this life......and not to be a loafer...

98 posted on 05/12/2009 11:15:49 PM PDT by cherry
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To: cherry
for many of us it will be the only defined money we will get, and we are TAKING IT!

For anybody who has a demanding job or one they simply aren't "in love" with, I highly reccommend getting out of it just as soon as you can. There's life after retirement and it's great!

99 posted on 05/13/2009 4:01:05 AM PDT by Graybeard58 (God's Riches At Christ's Expense.............Selah.)
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To: eraser2005

“In 1940, if you lived to age 65, you had a life expectancy of about 13.7 more years.”

In 1940 the life expectancy for a white male was 60.8 years.

I’m not sure where those two pieces of information meet.


100 posted on 05/13/2009 4:24:14 AM PDT by PLMerite ("Unarmed, one can only flee from Evil. But Evil isn't overcome by fleeing from it." Jeff Cooper)
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