Ping
They could also try slashing the spending side of the equation by slashing the size of the Government -- but that's not in their genetic DNA.
To do that - requires 'heroic' measures to remove this cancerous growth...
/ sarcasm
Welcome to the End of the West.
I remember back when Herb Denenberg, former PA Insurance Commissioner and “consumer advocate” Said that there was nothing wrong with this practice and there was no danger of Social Security running out of money and the evil republicans where just lying and fear mongering.
http://www.freerepublic.com/focus/f-news/2471264/posts
From MarketTicker
More than a decade ago I wrote a paper called "Investable Capital" which, unfortunately, I no longer have available for republication. What's worse is that some of the data set has been lost - at least I think it has. I expected that the negative FICA draw would begin in 2015, and that this would make a major shift in all market valuations. We're five yeas ahead of that time, largely due to the bubble-blowing. The original paper saw the Internet Bubble (because it was nascent at the time) but did not predict what Bush and Greedspan would do to try to arrest the effect of it popping.
We talk about ratings agencies downgrading the US Debt - they should have done it a decade ago. Why? Because we continually call the debt-to-GDP ratio as $12.57 trillion to ~$14 trillion "right", or 89.8%, while ignoring the claimed amounts of the Social Security and Medicare promises. But unless you're going to tell Granny that she's not going to get her check (or her health care), along with the 80 million boomers (all of who will instantly vote out anyone who tries to tamper with those programs, whether the money exists or not!) those "promises" are real.
So what's the real debt-to-GDP ratio of the federal government? About 500%, if one assumes the forward liabilities are on the low end of CBO and private estimates, or $60 trillion. This makes the total "debt" $72 trillion dollars and the ratio 514%!
Are there any hard estimates of when Social Securiy and Medicare actually crash the government?
Why the alarm from anybody?
Isn’t this exactly what Congress and the President wished to happen in 1983 as part of the Greenspan Commission http://www.socialsecurity.gov/history/reports/gspan5.html
when they voted on the increase in SS taxes to pay for the continued life of the program?
Based upon this law that increased substantially the SS trust fund, Social Security woudl be solvent until 2056.
Why should we worry? Nothing has really changed since 1983, so all we have to do is draw down the trillions placed there to ride SS for the next 46 years.
Does anyone believe we might have been lied to about the way this all works?
...and so it begins..................
The problem with a statement like this is what's the alternative.
As a Gen Xer, the only thing I have to say to the President is, "Do you think I am Mrs. Obama?"
Ten Myths about Social Security
Greg Anrig, The Century Foundation, 1/26/2005
Myth #1: Social Security is in crisis and facing bankruptcy.
Myth #2: Social Security is unsustainable.
Myth #3: Social Security’s trust funds are filled with worthless IOUs.
more: http://www.socsec.org/publications.asp?pubid=507
Contributors to the above site are the “economic Experts” of the DNC ! Some from past administrations, some current. Go to the “Experts” page and you shall see.