U.S. Social Security Will Go Bankrupt In 2010

The Market Oracle ^ | 12-8-2009 | Gary North

[goldstategop]

Obamacare will be bankrupt from Day One. They know this already but they don't care.

"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus

[Zeddicus]

*sigh*

Will the last one out please shut off the lights?

[Thank You Rush]

Where’s Hillary? She’s the one who said while running for President, that there was nothing wrong with Soc Sec solvency - it didn’t need fixin’.......

[WKUHilltopper]

“They know this already but they don’t care.”

Sure they care. The whole intent is to destroy this country. They care their plan is executed. In the meantime, we’re buried with reports of Tiger Woods as a distraction.

[DustyMoment]

We’ve known this for a long time. Eventually, this Ponzi scheme had to fall over of its own weight.

The end date for SS has always been a moving target depending on who was in charge.

[DonaldC]

I thought they were burning IOUs until 2017.

[luv2ndamend]

With all the bad financial news coming(almost daily), keep supplying your foods stocks!

[John Leland 1789]

So the thing to do is to trust the same people with a nationaized health care system!

[karnage]

If the public does not know that Social Security is bankrupt, how does Gary North?

[GYPSY286]

It figures - been working since 1967 - plan to retire in 2015 - after 48 years - and no SS...

[kempster]

Is this the same Gary North who convinced millions of people to stock up on SPAM and build underground refuges to prepare for Y2K?

[karnage]

Yes. And I am replying by smoke signal because no computers have worked for the last 9 years.

[Buckeye McFrog]

guess the Congressional Democrats will just have to commit suicide by jumping off that bridge (while at the same time slitting their wrists with socialized medicine and blowing their head off with cap-n-tax...) Is there an Arkansas Coroner in the house??

[kempster]

Is it safe to come in? I have been living under my garage since then. Almost out of SPAM.

[Myrddin]

The current rates and caps, declining number of persons producing taxable income and increasing number of entitlement consumers was set to balance around 2018 and run deficits thereafter. That was before the recession hit hard. Taking the caps off only defers the balance point until 2024...again before the recession massively reduced the number of producers. The Ponzi scheme failed early. It's not really fixable.

[M. Dodge Thomas]

Well.... the sort of thing makes a great headline, but it's not a good basis for trying to figure out where to go from here.

Current estimates are that Social Security will start to pay benefits in excess of receipts in 2009, and that the Social Security trust fund will be exhausted in 2037 (that's about four years sooner than was predicted at the start of the current recession).

Even then Social Security would not be "bankrupt", as a reduced benefit level could still be funded from current taxation. Relatively small increases in Social Security taxes and/or a reductions in the rate of increase in benefit levels could easily extend that out to 75 years. Likely, long before that changes in our economic circumstances and political preferences and how we fund retirement benefits will have dramatically altered the nature of Social Security or its successor programs, private and/or public.

The big problem is Medicare, which may exhaust its reserves as early as 2017 (that's two years earlier than pre-recession predictions).

[preacher]

““They know this already but they don’t care.”

Sure they care. The whole intent is to destroy this country.”

The Cloward/Piven Strategy is named after Columbia University sociologists Richard Andrew Cloward and Frances Fox Piven. Their goal is to overthrow capitalism by overwhelming the government bureaucracy with entitlement demands. The created crisis provides the impetus to bring about radical political change.

From:
http://www.americanthinker.com/2009/02/the_clowardpiven_strategy_of_e.html

[TexasFreeper2009]

I got an idea!

Using the liberals logic on health care, I know exactly how to save Social Security..

WE EXPAND IT TO COVER MORE PEOPLE!

This will obviously save us billions and cut the national deficit at the same time !

How come no one has thought of this brilliant idea yet!!

/s

[KarlInOhio]

that the Social Security trust fund will be exhausted in 2037

The "trust" fund is nothing more than a pile of government bonds. The lockbox is the equivalent of saving for your kids college by putting a twenty dollar bill into a cookie jar every week, and then immediately replacing it with an IOU and spending the $20 on beer. When college time comes the college won't accept the IOUs, so you'll have to spend money out of pocket just like you would if you never participated in the cookie jar farce. SS and the lockbox are the same.