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.
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.
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.
2035?
Cool!
Ironically, the centennial of the passage of the original Social Security Act.
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.
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.
WE own millions of acres and other property but not a word is uttered about disposing of some of it to appovered buyers/leasers.
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.