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Insolvency looms for federal entitlement programs, government warns ("TurboTaxCheatTimmy" says)
Los Angeles Times ^
| 5/13/11
| Noam N. Levey
Posted on 05/13/2011 12:08:22 PM PDT by NormsRevenge
click here to read article
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To: NormsRevenge
Kill it all... do not raise the spending limit... force these criminals to make across the board cuts... do it now... it is our last chance.
LLS
21
posted on
05/13/2011 12:36:06 PM PDT
by
LibLieSlayer
(THANK YOU PRESIDENT BUSH!)
To: hattend
In his case, it’s too connected to see real jail time.
22
posted on
05/13/2011 12:40:11 PM PDT
by
SueRae
(I can see November 2012 from my HOUSE!!!!!!!!)
To: the_devils_advocate_666
Just keep paying your taxes and don't make a fuss. (Say's the 70 yo SS recipient).
23
posted on
05/13/2011 12:41:39 PM PDT
by
Don Carlos
(Don't tell mom I'm running for congress. She thinks I still play piano in a whorehouse.)
To: Ruy Dias de Bivar
THE OLD AGE PENSION CHECK
Roy Acuff & His Smoky Mountain Boys - 1939 Oh, my! Never heard of that one before. But there is a load of insight in the lyric.
24
posted on
05/13/2011 12:49:58 PM PDT
by
okie01
(THE MAINSTREAM MEDIA: Ignorance On Parade)
To: LibLieSlayer
I wish the Trough Feeders in Washington would leave Social Security alone. The reason I say that is, we paid the money into the system. In my case I started paying into Social Security when I was 16 years of age.During the Johnson Administration President Johnson wanted to start the “ Great Socity” also he was running the Viet Nam war. The tax income of the Government was not large enough to support both Program. But Johnson and Congress saw this great fund of Money that was in Social Security and as Politician’s always do they wanted to spend it. So in their wisdom they stole the money from Social Security Fund and replaced it with a special issue bond, which is like a note to repay. They then went further and decided the interest on these Bonds should be set at 2%.
If the money had been left in the Program,and allowed to grow with the normal rate of interest we would have no problem. So it is not the fault of the retiree’s that out money that we had paid in was stolen, it is not our fault the return of 2% has not been sufficient to insure the program, again is due to the bungling, thievery, and mis-managemt of Washington
To: Ruy Dias de Bivar
"We should not wait for the trust funds to be exhausted to make the reforms necessary to protect our current and future retirees," said Treasury Secretary Timothy Geithner, who chairs the board of trustees. So, now, Timmy is selling panic to the entitlement crowd (being over 65, I'm one of them). In this sense, he joins Bernanke -- who is demanding that the debt ceiling be raised NOW.
Yet, we all know that, in the absence of raising the debt ceiling, the government can keep running for months on cash flow. Assuming reasonable priorities, debt service, defense needs and even all entitlements are secure for months.
But, for some reason which isn't clear, the administration is signaling panic.
Which leads me to ask: "Is there something we don't know?" Is there cash that is supposed to be there...that isn't? Is there debt which was supposed to have been sold...which wasn't? Are there accounts which were supposed to have been in order...which aren't?
I wonder if we are approaching one of those Moments of Truth...
26
posted on
05/13/2011 1:00:32 PM PDT
by
okie01
(THE MAINSTREAM MEDIA: Ignorance On Parade)
To: NormsRevenge
Yet for decades we’ve been hearing about the insolvencies and people still vote the same idiots in, year after year after year. The ones without the guts to face up to the realities.
To: BooBoo1000
The only talk that I have heard on reform does not touch those 55 or older or already on socialist security... I am 56 and I never expect to see a dime. Your government lied to you and stole your money... and they have no way to make good on their promises and they do not care. The only way to fix it is to change it for younger people.
LLS
28
posted on
05/13/2011 1:06:59 PM PDT
by
LibLieSlayer
(THANK YOU PRESIDENT BUSH!)
To: NormsRevenge; sickoflibs
Social Security, which last year began paying out more in benefits than it collected in taxes, now faces insolvency in 2036, compared to 2037 in last years projections. i didnt bother reading past this drivel...how the hell is it 'solvent' this yr if its currently running a deficit ???
oh thats right, the 'trustfund' hidden in the 'lockbox'...wait, WHAT ???
29
posted on
05/13/2011 1:07:03 PM PDT
by
Gilbo_3
(Gov is not reason; not eloquent; its force.Like fire,a dangerous servant & master. George Washington)
To: BooBoo1000
And neither is it our fault that the system is broke. Kill the ponzi scheme.
To: Ruy Dias de Bivar
This is THE BEST post I’ve seen so far this year! THANK YOU!
31
posted on
05/13/2011 1:15:59 PM PDT
by
prisoner6
(Right Wing Nuts bolt The Constitution together as the loose screws of the Left fall out!)
To: Gilbo_3; NormsRevenge; joe fonebone; NFHale; Notary Sojac; RockinRight; ...
RE :”
Social Security, which last year began paying out more in benefits than it collected in taxes, now faces insolvency in 2036, compared to 2037 in last years projections. ... i didnt bother reading past this drivel...how the hell is it ‘solvent’ this yr if its currently running a deficit ??? oh thats right, the ‘trustfund’ hidden in the ‘lockbox’...wait, WHAT ???”
Democrats keep repeating this nonsense and the cowardly Republican refuse to challenge it because Democrats then accuse Republicans of putting the nation's debts to China ahead of it's debts to seniors. Yep, I heard Dem's say this.
That's why this is important: A Liberal Democrat explains the why the Social Security Trust Fund is safe
32
posted on
05/13/2011 1:18:35 PM PDT
by
sickoflibs
("It's not the taxes, the redistribution is the federal spending=tax delayed")
To: NormsRevenge
Gee, didn’t see this one coming.
Quit giving billions to illegals, lazy vermin, african aids waste, hamas paliscum and hundreds of billions of others
that have done nothing to earn ANY of OUR money we have paid into this ponzi scheme.
33
posted on
05/13/2011 1:56:31 PM PDT
by
soycd
To: soycd
Quit giving billions to illegals, lazy vermin, african aids waste, hamas paliscum and hundreds of billions of others that have done nothing to earn ANY of OUR money we have paid into this ponzi scheme. Free hips. Free scooters. Subsidized drugs. Visiting nursing care. The big money is in garden variety entitlements.
34
posted on
05/13/2011 2:01:35 PM PDT
by
Carry_Okie
(The RINOcrat Party is still in charge. There has never been a conservative American government.)
To: NormsRevenge
OK, so “Social Security is going insolvent” is ABSOLUTELY TRUE when Geithner says it as an argument for raising the debt ceiling, BUT FALSE whenever a Republican says it as part of an argument for reforming it.
35
posted on
05/13/2011 2:05:54 PM PDT
by
HKMk23
(A free man unarmed is just a slave on borrowed time.)
To: NormsRevenge
The Rats realizing that their bread and butter entitlements really are unsustainable are positioning to blame the needed reforms on BUSH....i.e., if Bush didn’t screw up so bad then Obama could have given us more entitlements...
36
posted on
05/13/2011 2:13:37 PM PDT
by
Typical_Whitey
(Liberals are intellectually dishonest and morally bankrupt.)
To: NormsRevenge
“Insolvency looms for federal entitlement programs”
Oh thank God. I look forward to the videos of the riots as the inner cities burn.
37
posted on
05/13/2011 2:28:59 PM PDT
by
Grunthor
(RIDE THE CAIN TRAIN!)
To: NormsRevenge
In the past when Republicans claim entitlements are going insolvent and need reforms Democrats say they don’t and nothing gets done.
38
posted on
05/13/2011 2:54:44 PM PDT
by
newzjunkey
(Stay focused: Debt, Deficits, Immigration.)
To: NormsRevenge
These programs are already insolvent.
39
posted on
05/13/2011 2:58:10 PM PDT
by
Hoodat
(Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
To: NormsRevenge
So Timmy, maybe you could speak to your boss and tell him to stop demagoging Ryan’s plan for trying to fix Medicare and propose an alternative if he has one.
40
posted on
05/13/2011 3:11:32 PM PDT
by
kushnejz
(Did you notice that in the article there was a reference to dems passing the tax increase)
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