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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

Caught in the sluggish recovery from the last recession, Social Security and Medicare face an increasingly dismal fiscal future, the federal government reported Friday in its annual review of the two mammoth entitlement programs.

Medicare, which now provides health insurance to some 47 million elderly and disabled Americans, could begin running a deficit in 2024, five years earlier than projected last year.

And 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 year’s projections.

Over the years, the Social Security and Medicare trustees have produced widely varying assessments of the financial health of the two programs, as the nation’s economy has moved through periods of growth and stagnation.

But the latest estimates by the trustees are expected to intensify pressure on both parties in Washington to move forcefully to shore up the two programs.

"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.

(Excerpt) Read more at latimes.com ...


TOPICS: Breaking News; Foreign Affairs; Government; Politics/Elections
KEYWORDS: doom; doomandgloom; doomed; entitlement; federal; geithner; insolvency; medicare; ponzi; ponzischeme; pyramidscheme; socialsecurity; warns
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To: NormsRevenge

"Uhhh, I've done the hard work, and have fixed Social Security!" [wild applause] "Here's how it will work: starting immediately, anyone who has reached the age of 129 1/2 will be able to collect full benefits!"


41 posted on 05/13/2011 3:37:12 PM PDT by COBOL2Java (Obama is the least qualified guy in whatever room he walks into.)
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To: NormsRevenge

Yes God forbid the government slash that huge check of 1400 dollars for married folks that live on that pittance. And how much should we take away from this huge amount????????? Not much of an entitlement to begin with really.


42 posted on 05/13/2011 3:40:02 PM PDT by napscoordinator
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To: the_devils_advocate_666
"Great, social security benefits are going to run out just in time for me to collect them. But they’ll probably up the age in the next 15 years anyway."

Only if the death panels don't get to you first.

43 posted on 05/13/2011 3:52:03 PM PDT by NoGrayZone ("Islamophobia: The irrational fear of being beheaded.")
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To: BooBoo1000
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

Yeah, but you're going to get a lot more out than you paid in, which makes you one of those trough feeders.

44 posted on 05/13/2011 3:54:06 PM PDT by curiosity
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To: curiosity
and the money went right out the door that set of retirees, leaving that crop of contributors with IOUs to be paid by the next working generation.
45 posted on 05/13/2011 3:57:22 PM PDT by Reily
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To: Ruy Dias de Bivar
Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”

Right there is the LIE that has destroyed the underlying premise of SS. Thank you Democrats and Rinos.

46 posted on 05/13/2011 3:58:14 PM PDT by brityank (The more I learn about the Constitution, the more I realise this Government is UNconstitutional !!)
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To: circlecity

The real story is that it is no longer a Cash Cow for the crooked Politicians. They will be more than willing to “Reform” it now.


47 posted on 05/13/2011 4:22:07 PM PDT by screaminsunshine (Shut up and eat your Beans!)
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To: curiosity

Cool. Gimme my money back with no interest. Right now. Same with Medicare. I will gladly fend for myself.


48 posted on 05/13/2011 4:24:52 PM PDT by screaminsunshine (Shut up and eat your Beans!)
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To: NormsRevenge

Let me guess... they’re out of money for those of us who paid into it all our lives, but can still afford to pay for:
Welfare, Food Stamps, WIC, ADIC, Section 8 housing, heating assistance, free cell phones, free internet, free bus passes, etc., etc.


49 posted on 05/13/2011 4:28:19 PM PDT by Cementjungle
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To: Carry_Okie

I don’t have as much a problem taking care of the elderly, as I do paying out welfare to the able bodied. I’m noticing, too that the article didn’t say anything about welfare, just SS and medicare. When I was young, the children usually took care of their aging parents, now, they can’t because everyone in the house has to work to make ends meet and pay inflated taxes to support an inner city subculture.


50 posted on 05/13/2011 4:31:54 PM PDT by Quickgun (As a former fetus, I'm opposed to abortion. Mamas don't let your cowboys grow up to be babies..)
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To: NormsRevenge

Is he talking about the entitlements of wefare and Obamacare or the entitlements of the NEA, EPA, Department of Energy, Department of Eduaction, the department of Labor, ect.? Suprised he is going after Obama’s people and their entitlements. ;)


51 posted on 05/13/2011 4:56:36 PM PDT by SaraJohnson
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To: NormsRevenge

Okay Turbbotax, you can stop now. I am now thoroughly skeered to death you’re gonna cut off my Social Security check (you know, the money I’m due for paying into the ponzi scheme for 50+ years).


52 posted on 05/13/2011 4:57:19 PM PDT by upchuck (Think you know hardship? Wait till the dollar is no longer the world's reserve currency.)
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To: NormsRevenge
Have no fear, 0bama and Geithner are on it!!!!! Oh, and Joe Biden too!

The better give me back the $100K that has already been taken from me and put into this cockamamie system.

53 posted on 05/13/2011 5:06:37 PM PDT by GR_Jr.
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To: circlecity

All the money put in and the govt spent it and gave back IOU’s.


54 posted on 05/13/2011 5:09:46 PM PDT by wiggen (The teacher card. When the racism card just won't work.)
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To: screaminsunshine

I’ll take mine with interest thank you very much.


55 posted on 05/13/2011 5:18:25 PM PDT by wiggen (The teacher card. When the racism card just won't work.)
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To: NormsRevenge

Okay Turbbotax, you can stop now. I am now thoroughly skeered to death you’re gonna cut off my Social Security check (you know, the money I’m due for paying into the ponzi scheme for 50+ years).


56 posted on 05/13/2011 5:33:10 PM PDT by upchuck (Think you know hardship? Wait till the dollar is no longer the world's reserve currency.)
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To: wiggen
yea my money,interest and employer match
57 posted on 05/13/2011 5:47:08 PM PDT by jessky
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To: jessky

Good Lord, what we could do with that money if they just stopped taking it from us.

We’d all be millionaires — and then some. No need for anyone to take care of us in our old age. Private industry could just take care of it.

It all needs to stop. Like yesterday. I’m 48, in a limbo zone. Not enough time to save and NEVER going to see any of it.

I’m also an RN. And I have seen SOOOOO many people on Medicaire who I cannot imagine have been in this country longer than 5 or 10 years. Too many are taking from it now who never paid a thing into it. Medicaid? That’s totally being sucked dry by illegals.


58 posted on 05/13/2011 5:50:35 PM PDT by LibsRJerks
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; ColdOne; Convert from ECUSA; Delacon; ...

Thanks NormsRevenge.
Social Security and Medicare face an increasingly dismal fiscal future...
...because the Demwits controlling Congress have steadfastly refused to vote for Soc Sec reform, and Obamacare undermines Medicare.


59 posted on 05/13/2011 5:52:51 PM PDT by SunkenCiv (Thanks Cincinna for this link -- http://www.friendsofitamar.org)
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To: LibsRJerks
yea I’m 50 and do not expect to see much if any i also work in a hospital i’m and rt know what you mean
60 posted on 05/13/2011 5:59:24 PM PDT by jessky
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