"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!"
These programs are already insolvent.
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.
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.
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.
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).
This is the frickin problem. So many of these pols are working to shore up the problem that nobody's spending any time to FIX it.
They've dug us in so deep that it'll take DECADES of NO entitlement programs to fix this fiasco.
Figure to even break even, they'd have to cut 1.5 trillion EVERY YEAR, NOT EVERY 10 YEARS. And to make any headway, they'd have to cut 2.5 trillion to break even, pay off the deficit on a yearly basis and have .5 trillion left to start paying down the debt. and .5 trillion 15 ways is about 30 years at severe cuts to get that 15 trillion acknowledged debt cleared up, then about 50 years more to get the unfunded mandates like SS and Medicare taken care of.
This problem will NEVER be taken care of. The pols and Dems have run the most prosperous country the worlds ever seen, straight into the ground and nothing can fix it.
And if you think that the Republicans are likely to do this any faster than the Democrats are, you're crazy.
Maybe like we all agree that leaving socialist states destined for bankruptcy makes sense, leaving socialist nations is similar.
I’m getting ready.
Drug addicts can start collecting Social Security Disability in their 20's... If they live to be 90 - that's seventy years of monthly checks. Adds up.
Are these people really that dense? If it is now paying out more in benefits than it collects in taxes, then it is insolvent right NOW.
What’s new? If all of the entitlement plans were fully privatized, instead, and not controlled by the government, then things would be very different, for the long-term survival of all of the entitlement programs.
May 13, 2011, 2:45 p.m. EDT
Medicare, Social Security finance outlook worsens
By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) — The outlook for Medicare’s finances has worsened on a slow economic recovery and higher costs, while the outlook for Social Security has also declined, trustees for the programs said Friday.
Medicare’s Hospital Insurance Trust Fund is now expected to be exhausted in 2024 — five years sooner than projected last year. Upon exhaustion, dedicated revenue will be able to pay 90% of costs for the hospital-insurance program.
Meanwhile, government officials said trust fund reserves for Social Security will be exhausted in 2036, one year sooner than expected last year. Afterwards, tax income will only be able to pay for three-quarters of scheduled benefits though 2085.
For the first time since 1983, Social Security spending was greater than non-interest income in 2010. A $46 billion deficit is projected for 2011, compared with $49 billion in the prior year.
Also, trust fund exhaustion for disability insurance is expected in 2018. Costs for disability insurance have been greater than non-interest income since 2005.
“Projected long-run program costs for both Medicare and Social Security are not sustainable under currently scheduled financing, and will require legislative modifications if disruptive consequences for beneficiaries and taxpayers are to be avoided,” according to a summary of the reports for the programs.
http://www.marketwatch.com/Story/story/print?guid=9041B7A4-7D7C-11E0-915A-00212804637C
Right now I just want to make sure they do in fact collapse under their own weight rather then allowing them to gobble up an even larger share of our protect just to stave off their inevitable downfall and pay for unmitigated wast.
Let theses Social programs fall! Don’t let them drag the rest of us down to hell with em...
And yet, we’ll get the usual angry posts here about how neither can be changed because people have “paid into” them for years and should get full benefits.