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Social Security crunch coming fast
MSN Money ^ | 17 August 2009 | Bill Fleckstein

Posted on 08/18/2009 10:21:19 AM PDT by Lorianne

The debate over health care has captured everyone's attention, but it appears the next big government program that needs to be addressed will be Social Security. That's the focus of the July 30 article "The next great bailout: Social Security" by Allan Sloan, Fortune's senior editor at large.

Those who've been paying attention have long known there is no money in the Social Security Trust Fund -- it's all been spent. Thus, former Vice President Al Gore's famous assessment that Social Security receipts should be placed in a "lockbox" was actually correct.

Given that so few people really understand the Ponzi nature of the current Social Security financing scheme -- created in 1983 by a commission chaired by none other than the world's greatest serial blower of bubbles, Alan Greenspan -- I decided to reprise Sloan's article. (The Social Security problem is especially important because it likely will put additional pressure on the dollar and on bonds, and exacerbate the funding crisis down the road.)

The story begins: "In Washington these days, the only topics of discussion seem to be how many trillions to throw at health care and the recession, and whom on Wall Street to pillory next. But watch out. Lurking just below the surface is a bailout candidate that may soon emerge like the great white shark in 'Jaws': Social Security.

"Perhaps as early as this year, Social Security, at $680 billion the nation's biggest social program, will be transformed from an operation that's helped finance the rest of the government for 25 years into a cash drain that will need money from the Treasury. In other words, a bailout."

(Excerpt) Read more at articles.moneycentral.msn.com ...


TOPICS: Business/Economy; Government
KEYWORDS:
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1 posted on 08/18/2009 10:21:19 AM PDT by Lorianne
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To: Lorianne

Deport illegals and no amnesty. Baby boomers are going to find Soc Security bankrupt. These “bailouts” will end upo to the insolvency of the country.


2 posted on 08/18/2009 10:24:29 AM PDT by Frantzie (Lou Dobbs - American Hero! Bill O'Reilly = Liar)
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To: Lorianne

No “bailouts” are necessary. Simply pay back what they have taken (stolen) from Social Security and do it now. It has become just another tax system under a different name.


3 posted on 08/18/2009 10:24:32 AM PDT by RC2 (Support Glen Beck)
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To: Lorianne

Just add up all the money Obama has promised. I bet it exceeds the Gross Global Product for the next ten years. Social Security needs to be ‘fixed’ and certain presidential candidates even tried to make it happen


4 posted on 08/18/2009 10:25:52 AM PDT by Blueflag (Res ipsa loquitur)
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To: Lorianne

The democrats insanely deny there is a social security crisis.


5 posted on 08/18/2009 10:26:05 AM PDT by Williams (It's The Policies, Stupid.)
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To: Lorianne

This, and Medicare, which is also due to go broke very soon, are the main causes for the Dims’ panic at the idea that their plans for government run health care will not be passed this year.


6 posted on 08/18/2009 10:26:40 AM PDT by savedbygrace (You are only leading if someone follows. Otherwise, you just wandered off... [Smokin' Joe])
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To: Lorianne

Years ago I said that we, the Baby Boomers, would get our Social Security as promised but by that time, we would all be using hyper inflated dollar bills for toilet paper.

Well, the day is just around the corner it would appear.


7 posted on 08/18/2009 10:30:48 AM PDT by NaughtiusMaximus (Hey, Mr. Obama, please don't kill my gramma! NO on socialist healthcare!)
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To: Lorianne
The debate over health care has captured everyone's attention, but it appears the next big government program that needs to be addressed will be Social Security.

These are not two different issues. The "health care reform" proposed by Congress contained those end-of-life provisions specifically because euthanizing the elderly is seen as the best way to "address" Social Security.

8 posted on 08/18/2009 10:35:52 AM PDT by Alberta's Child (God is great, beer is good . . . and people are crazy.)
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To: Lorianne

“there is no money in the Social Security Trust Fund — it’s all been spent.”

Our life savings have been watched over by financial wolves.


9 posted on 08/18/2009 10:36:20 AM PDT by RoadTest (In the beginning was The Word, and The Word was with God, and The Word was God.)
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To: Lorianne

I’ve been thinking that’s why there is this hard push for obama’s death care bill for a while now.

Below is a response I made to a post last week:

The more obama and his thugacrats push his health care plan the more it looks like death care to me. And I’m beginning to think they see some of us as being worth more dead then alive.

Baby boomers are ready to go on social security by the millions. But our moneys not there! They blew through our social security savings and wouldn’t let President Bush do anything to try to fix the problem. But if you can force us all under gov. controlled health care, let our illness’s kill us off by refusing to pay for our care, then you don’t have to worry about paying us our social security savings do you? So baby boomers become worth more dead then alive!

Why else would they turn against the public like they have? Why else would they push so hard to try to shove this death care down our necks?


10 posted on 08/18/2009 10:38:39 AM PDT by GloriaJane (http://www.last.fm/music/Gloria+Jane)
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To: savedbygrace
Because we know these plans are all broke.

And the only suckers for more Gov't are those at the Tweet or never took an accounting course.

THe Dem's must have s streak in their undies that almost 50% of the public knows the truth and won't stand for their latest shell game of something for nothing....

11 posted on 08/18/2009 10:39:11 AM PDT by taildragger (Palin / Mulally 2012)
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To: Lorianne
Thus, former Vice President Al Gore's famous assessment that Social Security receipts should be placed in a "lockbox" was actually correct.

How would this even be done? Have the Mint print up some $1,000,000 bills and sell them to the Social Security administration, which would then lock them up in Ft. Knox?

12 posted on 08/18/2009 10:42:36 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Lorianne

THE OLD AGE PENSION CHECK
Roy Acuff & His Smoky Mountain Boys - 1939

When our old age pension check comes to our door,
We won’t have to dread the poor house anymore.
Though we’re old and thin and gray,
Good times will be back to stay,
When our old age pension check comes to our door.

When her old age pension check comes to her door,
Dear old grandma won’t be lonesome any more.
She’ll be waiting at the gate,
Every night she’ll have a date,
When her old age pension check comes to her door.

Grow a flowing long white beard and use a cane,
‘Cause you’re in your second childhood, don’t complain.
Life will just begin at sixty,
We’ll all feel very frisky,
When our old age pension check comes to our door.

Powder and paint will be abolished on that day,
And hoop skirts will then be brought back into play.
Painted cheeks will be the rage,
And old maids will tell their age,
When their old age pension check comes to their door.

All the drug stores will go bankrupt on that day,
For cosmetics, they will all be put away.
I’ll put a flapper on the shelf,
Get a grandma for myself,
When her old age pension check comes to her door.

There’s a man that turned this country upside-down
With his old age pension rumor going ‘round.
If you want in on the fun,
Send your dime to Washington,
And that old age pension man will be around.


13 posted on 08/18/2009 10:43:58 AM PDT by Ruy Dias de Bivar (Tar and feather the sons of bi#ches! Ride them out of town on a rail!)
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To: Lorianne

The Dems invented social security. They are the ones who have been falsely telling the American people for 70 years that it is a safe place to put your money and a good investment. They are the ones who have been telling us that if you invest in private accounts then you’re taking a risk that you won’t have with social security. The are the ones who have been demagoguing the everytime the GOP has tried to inject some sanity into the system. This is a problem that the Dems created and now it looks like the Dems are going to break the sacred promise of social security and medicare.


14 posted on 08/18/2009 10:44:40 AM PDT by Brilliant
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To: Frantzie

I agree. But, why are people paying into SS for only one person, then upon retirement age 2 people take out funds, even though only one has donated to the fund. I think that if a person is married and working and has a spouse that isn’t, SS should be taken out for both. Why should others pay for another person’s spouse’s benefits, Much money would be saved.


15 posted on 08/18/2009 10:44:47 AM PDT by greeter70 (`I)
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To: Frantzie

I agree. But, why are people paying into SS for only one person, then upon retirement age 2 people take out funds, even though only one has donated to the fund. I think that if a person is married and working and has a spouse that isn’t, SS should be taken out for both. Why should others pay for another person’s spouse’s benefits, Much money would be saved.


16 posted on 08/18/2009 10:44:55 AM PDT by greeter70 (`I)
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To: Lorianne
Can the Second Amendment and Social Security Co-exist?
17 posted on 08/18/2009 10:46:00 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Frantzie

18 posted on 08/18/2009 10:53:12 AM PDT by mentor2k
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To: qam1; ItsOurTimeNow; PresbyRev; Fraulein; StoneColdGOP; Clemenza; m18436572; InShanghai; xrp; ...
Xer Ping

Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.

Freep mail me to be added or dropped. See my home page for details and previous articles.

19 posted on 08/18/2009 10:58:05 AM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: mentor2k

SS revenue’s are declining along with payrolls. The money flow is drying up and will speed the colapse.
At the same time, congress is going to propose giving more SS money away to illegals with amnesity.
We need to stand up for our rights and fight this thing.


20 posted on 08/18/2009 10:59:19 AM PDT by Oldexpat
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