"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!"
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 ...
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.
Only if the death panels don't get to you first.
Yeah, but you're going to get a lot more out than you paid in, which makes you one of those trough feeders.
Right there is the LIE that has destroyed the underlying premise of SS. Thank you Democrats and Rinos.
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.
Cool. Gimme my money back with no interest. Right now. Same with Medicare. I will gladly fend for myself.
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.
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.
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. ;)
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).
The better give me back the $100K that has already been taken from me and put into this cockamamie system.
All the money put in and the govt spent it and gave back IOU’s.
I’ll take mine with interest thank you very much.
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).
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.
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.
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