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 ...
Misleading...it’s already busted
So why the 2% cut this year and is it the employers or employees share?
It’s already bankrupt, which is why it’s running on “promisary notes”.
I will gladly pay you Tuesday, for welfare benefits for illegal aliens today.
SS is a pay as you go system. It is in the red now and will go permanently in the red in 2016. The SSTF represents an unfunded liability, which is why it is included in our $14 trillion national debt under “Intragovernmental Holdings.”
CBO: Social Security to Run $45 Billion Deficit in 2011 | CNSnews.com
Source: cnsnews.com
(CNSNews.com) – The Congressional Budget Office (CBO) reports that Social Security will effectively run a $45-billion deficit in 2011 and continue to run deficits totaling $547 billion over the coming decade. The admission comes in the CBO’s semi-annual economic review, that projects federal spending, debt, and economic growth. In the report, the CBO also examines the impact of projected economic performance on the trust fund that nominally funds Social Security.
CBO=Madoff Accounting Firm...I predict everyone will be screwed. The Democrats will not like SS now that it is no longer a cash cow. They will be all for “reform”. They need to get it back to being a cash cow for redistribution not an expense.
Danger to US: Social security to run on permanent deficits!
URL:http://apnews.myway.com/article/20110127/D9L0BDUG0.html
Notice how they assume the BB’ers will live forever.
Just another taxing scam argument.
Same argument was used in the 80’s to “fix” Social Security by raising taxes. OOPS.
Does ANYONE really think that all of the 1st wave of BB’ers are going to live to 100.
We know that the population age groups decline after the BB’ers. Where will all the extra moneies go, general fund?
There i sno such thing as a social security trust fund. All money goes in to the general fund.
There is no such thing as a social security trust fund. All money goes in to the general fund.
The Democrats will not like SS now that it is no longer a cash cow.
The government stole the money we put into our SS system for years! Spending like drunk’n sailors on our SS savings. What the hell right did they have to steal this money (or as they like to say borrow). Their pensions, expense accounts and perks should be taken away until they pay back the money. I know that is impossible but so what? My son won’t see the money he is putting in. So in other words, SS will be just another TAX on the American people. All these thieves er,people have to go. They have mismanaged what has been put to their charge. We would be in jail for that kind of reckless business.
There is no Social Security "Trust Fund". Likewise, there is no "lock box" or an account with your name on it. There never was. All Socialist (in)Security receipts go into the general fund of the US Treasury. Socialist (in)Security started paying out more than it takes in several months ago. For all intents and purposes it is broke now. I expect a lot more from IBD. This headline is very misleading.
For years they were able to collect and spend billions more than they paid out. Now they have to pay out billions more than they collect. Thus the Democrats will be for ‘reforming’. In other words screwing the Pooch. I look for Obama to be for bi-partisan reform. Grab your wallet and head for the hills.
CBO projects Social Security’s Disability Insurance trust fund will run dry in 2017, which would trigger an immediate cut in benefits for disabled workers of about 18% unless Congress takes action, which of course it would have to do.
I wonder if the SSA is still giving SSDI funds to children deemed disabled with Attention Deficit Disorder.
Indeed new retirement age will be 90 by the time congress gets done with SS.
Rule one...Never pay any attention at all to anything the CBO says.
Employees' share. The employer portion is unchanged.
2035?
Cool!
Ironically, the centennial of the passage of the original Social Security Act.
Seriously, if anyone in DC had any stones, they'd propose raising the retirement age to 70 for anyone under age 50 *today*. Immediately.
Since none of us ever expect to see a dime of it anyway, what difference would it make?
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