Posted on 01/26/2011 6:16:19 PM PST by markomalley
Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates.
The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016
This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors' benefits than it collects in payroll taxes, the nonpartisan Congressional Budget Office said. That figure nearly triples to $130 billion when the new one-year cut in payroll taxes is included.
(Excerpt) Read more at news.yahoo.com ...
Gosh Batman, you say that the fed controls the supply of money and can print it? Who could have thought that up.
Put another way: There's good news and bad news.
The bad news is that all the SS money will be gone in 2037 and violent chaos will ensue.
The good news is that Apophis arrives around 2036, for the second time, and social security payments will no longer need to be mailed or electronically deposited.
There is no reason to be sarcastic. Pointing out the obvious (to some) is helpful to all to put context to the subject being discussed... We probably agree on the basic premise so what are your attempting to pick an argument?
Rush put it best; Obama spoke as though he was at his own inauguration, not 2 years into the job.
sorry. It was unintended.
How can we tell if there’s really a deficit (or how large it might be) until the government pays back all the money it has “borrowed” from the fund (with interest) since the Vietnam war days?
I can’t believe we’re just going to let them keep the money and not demand repayment. There are so many of millions of Americans that should be outraged by this — how can the funds just get borrowed/stolen and not enough of us be so outraged that the government has to make an accounting and pay it back — with interest. How can we just roll over like this?
Because the Supreme Court has ruled that you have no right to the money. The money belongs to the government to piss away as they want.
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