Posted on 02/09/2011 7:29:34 AM PST by Slyscribe
Recent Congressional Budget Office projections show that Social Security will burn through about $600 billion of its promissory notes from the Treasury Department over the coming decade, raising public debt by the same amount.
Overlaying CBO’s 2021 trust fund projection on top of prior Social Security Administration forecasts for 2022 and beyond suggests that the official trust fund exhaustion date could move up two years to 2035, when SSA actuaries release their annual report in the spring.
That may not sound like a cause for urgent action. But take a closer look.
(Excerpt) Read more at blogs.investors.com ...
The promissory notes are a promise to confiscate the needed funds from the unwilling at gunpoint until 2035.
...at which point they will decide that the “at gunpoint” method of fundraising was rather effective, and continue doing so indefinitely.
We ought to take all those bastards out and shoot them.
Wait, most of them are already dead.
never mind.............
Excellent.
With the new life expectancy at 65, that should work out perfectly.
True but I remember stories during Bubba admin of children being certified by teachers for SSDI en masse. Hardly disabled workers.
Dig em up...shoot em anyway.
They can serve as an example.
Haven't we been doing that? And, won't we be doing that at an accelerated pace? Maybe it should be grab your gun and head for the hills or a ship loaded with tea!
BIG "IF".
They don't exist.
1--compute the average life expectancy
2--add 1 year to it
3--this becomes the new SS eligibility age
“They busted into the SS system in the mid 60s, and took it to the general fund, IIRC.”
Yep. The “Great Society” cost a lot of money that LBJ didn’t have, so he took it from wherever he could and printed the rest (hence the double-digit inflation that didn’t get under control until a REAL president was elected to office in 1980).
Well Harry, your math is correct, but you economics are abominable!
In short, the "Trust" fund's only investment are US Treasuries. This is the equivalent of an individual with a large 401(k), but the only investment is loans to himself. Mathematically, his 4019(k) has a lot of money, but economically, he isn't retiring.
Doubly worse for the US economy is that as the SSA cashes in its bonds, the composition of US public debt will become more and more be held by private creditors rather than public creditors. This is because the US is not running annual budget surplus to buy the SSA bonds. The US government must "refinance" these bonds. This will put a huge strain on the credit markets and jeopardize the US credit rating.
So if an individual can't retire under these circumstances, neither can the promised recipients of social security. This means higher retirement age, means testing, reduced or zero COLA's.
In the early days of Social Security the “1 year” you have in Step 2 was more like 4 or 5 years.
Life expectancy around 60, retirement age 65.
WE own millions of acres and other property but not a word is uttered about disposing of some of it to appovered buyers/leasers.
One has a better chance with the lottery than with SS.
Agree I think it’s the plan keep the tax payer working until they drop dead on the job so they don’t have to pay out any healthcare.
Get ready for the FICA tax to be extended to every last penny of income. It will happen, I’m convinced of it. The public will to do anything else just does not seem to be out there.
I agree SS is a scam. But age groups do NOT decline post BB’ers. They stay the same.
See
http://www.census.gov/population/www/projections/files/SummaryTabB1.pdf
What am I missing? Seems by 2030 the younger age groups drop drastically.
363,584,435
.Under 5 years
24,271,894
.5 to 13 years
42,626,829
.14 to 17 years
18,808,574
.
18 to 24 years
32,532,779
.25 to 44 years
91,610,717
45 to 64 years
82,280,171
.
65 years and over
71,453,471
All those are bigger than now, I see no drop.
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