Posted on 10/30/2011 4:58:03 AM PDT by Stajack
Now, Social Security is sucking money out of the Treasury. This year, it will add a projected $46 billion to the nation’s budget problems, according to projections by system trustees. Replacing cash lost to a one-year payroll tax holiday will require an additional $105 billion. If the payroll tax break is expanded next year, as President Obama has proposed, Social Security will need an extra $267 billion to pay promised benefits.
(Excerpt) Read more at washingtonpost.com ...
Moving funds to another country is starting to look like a smart idea. After 45 years of great society communism, The freeloaders now outnumber the workers pulling the wagon. Communism is openly accepted in political discourse in America. We now have a communist government.
For 45 years we have been paying lazy fat slobs to live in public housing projects with our SS money. Paying them to get drunk, use drugs, stuff their faces and get fat, and reproduce more welfare slugs. (See our president and his extended family as an example.) Any society that does this deserves to fail.
We aren't supposed to be told this until there's a Republican President and Congress!
yes.
a tax on democrats.
Boy I’m glad I’m not a young person who has to pay that bill. LOL!
Speaking of which, why don’t you little people pay your taxes? Your government is broke. :)
/sarc(?)
As the indians would say...
It is a good day to die...
Should that ever come to pass I would expect every true patriot to rise up and do what is necessary.
I can’t see them even suggest this though.
Social Security was born in the red, the guv just decided not to do anything for 80 years.
It wasn't entirely against their/our will. The ones who have the most invested also had the most time to stop Congress from spending all the money.
Barney Frank mentioned this over a year ago..
No worries. What do you think all of those 401k accounts are for?
I know how it works, but why the media BLACKOUT?
The same way you tell any other creditor to a bankrupt party. "Sucks to be you (or me ... or most of the rest of us)".
Not unlike the secured GM creditors who had to get behind the UAW in the payment line.
Sarcasm noted, but sadly, by procrastinating until the Social Security situation becomes an actual crisis, the politicians narrow the available options down to raising taxes on current and future workers, aka "the young".
I agree, it was born in the red, but finally even the SS Trustees have to admit it. So it's now official.
why the media BLACKOUT?
It’s too prosaic plus it’s from the doomed candidate McCotter. There’s nothing magical in his “plan”. It’s very similar to the Ryan plan. Nothing is done to reduce today’s SS deficit. Under his plan SS deficit is paid out of general funds. The money to do that is borrowed from our creditors. Other programs are cut to reduce that borrowing. Sometime in the out years, long after McCotter is retired and possibly dead, people will begin to draw from their own “personal accounts” (as personal as anything can be when controlled by the government).
Yes, I’m dismissive of his plan. It’s nothing new and fails to solve today’s problem today. Today, we are running a huge overall deficit and a smaller SS deficit. That has to be changed and soon or the Federal Reserve Notes (or as most call them “dollars”) used as payment for SS checks won’t be worth the paper they are printed on.
****Social Security will need an extra $267 billion to pay promised benefits.****
But, but we were promised! Look at what was said by the SS back in 1964!
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. 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.”
Great links, Cheerio. The kind of stuff that normally gets replayed to elected Republicans by the national media, if the situation was reversed. But my bet is that Harry Reid gets a pass.
just open up the lockbox /S
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