Posted on 03/24/2010 7:49:17 PM PDT by Nachum
The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security.
This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.
(Excerpt) Read more at nytimes.com ...
Let me know if you would like to be on or off the ping list
Unexpected I am sure.
Due to Congressional indolence they forgot to put the FICA taxes into the fund and instead spent it on frivolity.
No, when the tax money might well be needed elsewhere, the payments must still be made.
SS was going broke anyways. Everyone knew it would happen, and that’s before the housing market crashed.
Or kill off some old geezers.
I should be receiving Social Security this time next year. I have a sneaking feeling that the payments are not going to near what I was expecting(or what they were predicting).
I will be eligable in 3 years and by then, who knows.
we’re due in about 3 years.....I’ve been trying to warn my husband not to expect it...
The is not the fault of Social Security. The money was paid in by workers. Blame politicians who decided, starting with LBJ, to use the ‘surplus’ funds in SS to fund other government largess. Had the money been left there, and invested at the going rates, we would not be at this precipice.
I wonder just how much money has been siphoned off by greedy pols over the years. I suspect it would stagger the mind!
Why don’t they give each Soshcurity recipient a small printing press, to make his own money?
You know: give a man a fish vs. teach a man to fish!
They didn’t see this coming 4 days ago, before the devil bill passed?
They knew. They don’t care.
The Devil Bill is one of their priorities.
Immigration reform is coming up.
Just like all the revenue from the taxes from the healthcare bill will not be there to pay the benefits kicking in around 2014.
But before that happens, we need to repeal it.
Fire up the death panels.
All of it.
All pyramid schemes fail. No surprise. I was expecting it to run out of money far earlier than they ever said it would. I am surprised they would admit it.
The party is almost over. Let the last boomer with a check turn out the lights on their grandchildren.
Well..gee...when you KILL business you get LESS in revenues...you idiots.....oh, wait, that’s what you planned!
***This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016,****
Back in 1964, a booklet published by the SSA said the system would NEVER go broke!
http://www.ssa.gov/history/ssa/usa1964-2.html
“Self-Supporting
The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
At least we won’t have to worry about Obama care going broke! Or Medicare, or the Post office ..;-D
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.