Social Security Now Officially in the Red

Washington Post ^ | October 29, 2011 | Lisa Montgomery

[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.

[XenaLee]

The payroll tax cut Obama proposed is asinine since it only helps those that are lucky enough to STILL have a job. And yes, if it ends up “forcing” gov to cut benefits to those on SSN, the ones that don’t have jobs and can’t find jobs and are stuggling enough as it is will only be put further into the ‘poor house’ and onto the poverty level ‘rolls’.

Of course, destroying the middle class and those that were middle class pre-Obama is exactly his intention.

[redgolum]

Leave off the sarc tag and that is the common response.

If on a “conservative” website we can't get people to admit SS is welfare, and that all the money you paid in is gone, we are in deep trouble.

The myth is that you can have someone else take care of you so you can have a second or third adolescence. Life doesn't work that way. You, and your family at best, are responsible for you.

But that isn't what many believe today. They all want some else to pay.

[redgolum]

True, but think of this. If the accounts had been privatized, and the stock market crashed like it did in 2008, what would have happened? Already, the GOP is very weak, that might have destroyed them. A more mature system is to say that you life is your responsibility.

[DuncanWaring]

They lied.

Part of it was based on the assumption that Baby Boomers would have as many kids as their parents did.

But, that only kicks the can down the road for one more generation.

Classic Ponzi.

[Tzimisce]

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".

Baby Boomers are a large generation that loves Social Security and thinks its owed to them. The elderly vote in huge numbers.

The younger generations are smaller and less likely to vote.

So how is anything going to get fixed when the very politicians who created and fomented this keep getting re-elected?

I fear we're all going to have to just learn to accept the socialism overspill. :(

[newzjunkey]

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.

And this assault by Obama on Social Security's viability will fall on deaf ears just like his taking $500 billion from Medicare was largely ignored.

[Cheerio]

Sarah Palin's warning about "death panels" doesn't look so goofy now, does it? ;)

Even the RATS accept there were DEATH PANELS - too bad it is passed and is now law and gonna be darn hard to repeal if Zero is in the WH another four - Can you hear the RAT party laughing it's a$$ off, Ha Ha Ha HA.

Krugman Smears 'Death Panel' Critics Sunday, 14 Nov 2010

‘This Week’: NYT’s Krugman Recommends ‘Death Panels’ to Help Balance Budget, WaPo’s Marcus Says ‘Deranged’ to Not Raise Taxes

Krugman Tries to Explain His Call for 'Death Panels' to Balance Budget

[Dengar01]

With the monetary policy we’ve had during the past decade, people are literally punished for saving. Interest rates are next to nothing, and money sitting in an account at the bank is literally eaten away by inflation and higher costs of living. There would be much more saving if people were rewarded for forming capital.

Couple the above with lower to stagnant wages, and you have some real problems....

Interest rates are horrendous which is why I pulled out of CDs or T-Bills. Yeah the stock market is risky, but that is the age old dilemma of "risk vs. reward". Now I am not about to get into commodities and leveraging. I would need years of reading to even consider getting into that.

The problem with the folks I was telling you about is they never even considered savings in their entire life! And they are in their 40s!!! Which is sadly why I say a lot of people don't consider that life can take a bad turn at any given moment...

[Segovia]

I LIKE it!!!!

[Don_Ret_USAF]

I received this email. Just a thought, but what a great one. Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling: “I could end the deficit in 5 minutes,” he told CNBC. “You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection. The Th amendment (granting the right to vote for 18 year-olds) took only 3 months and 8 days to be ratified! Why? Simple! The people demanded it. That was in 1971...before computers, e-mail, cell phones, etc. Of the 27Th amendments to the Constitution, seven (7) took 1 year or less to become the law of the land...all because of public pressure. Warren Buffet is asking each addressee to forward this email to a minimum of twenty people on their address list; in turn ask each of those to do likewise. In three days, most people in The United States of America will have the message. This is one idea that really should be passed around. Congressional Reform Act of 2011.
1. No Tenure / No Pension. A Congressman collects a salary while in office and receives no pay when they are out of office.
2. Congress (past, present & future) participates in Social Security. All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.
3. Congress can purchase their own retirement plan, just as all Americans do.
4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%. \
5. Congress loses their current health care system and participates in the same health care system as the American people.
6. Congress must equally abide by all laws they impose on the American people.
7. All contracts with past and present Congressmen are void effective 1/1/12. The American people did not make this contract with Congressmen. Congressmen made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.
If each person contacts a minimum of twenty people then it will only take three days for most people (in the U.S.) to receive the message. Maybe it is time. THIS IS HOW YOU FIX CONGRESS!!!!! If you agree with the above, pass it on. If not, just delete. Please keep it going!!

[Don_Ret_USAF]

Change. The th amendment (granting the right to vote for
18 year-olds) took only 3 months and 8 days to be ratified! Why? Simple! The people demanded it.
Should have been - The 26th amendment (granting the right to vote for 18 year-olds) took only 3 months and 8 days to be ratified! Why? Simple! The people demanded it

[CommieCutter]

Oh..I’m sure if the accounts had been privatized Dem idiots would have made sure it would have went somewhere that would allow them to pilfer the system; then make it crash very severely thereby allowing for the We-told-you-so moment

It’s just ridiculous that they would raid the very accounts that took the hit of the 2008 crash. And that’s the overall point: Their way failed SO MUCH so that private accounts, ravaged by the 2008 crash, has to potentially bail us out.

I’d rather live trailer park rich for a couple of years than let these crooks take it so trailer park rich people will still get their SS.

[redgolum]

Eventually, it will come down do “Do we want to play world police man or do we want to take care of our own?”

I fear we are going to keep playing police man.

[zeugma]

Look at some of the threads where it has been discussed cutting SS. Other conservative people suddenly start talking about how they are “owed”

Yup. 

The only thing in the social security "trust fund" is the sweat of their children and grandchildren.

And by God, if they have to enslave their grandchildren, they'll do it.

[cumbo78]

Nothing will solve the problem of today. Its taken decades to get us in to this mess and its going to take decades to get us out. I would hardly be dismissive of something that will cut government spending $8.3 trillion without alienating the necessary voters needed to reform.

PS. McCotter would have BURIED each and every candidate for President, Republican or Democrat,in a debate. Its a sin he was excluded by the MEDIA who pick our candidates.

[MontaniSemperLiberi]

I’ve seen McCotter interviewed a few times and he is very quick. I think he suffered from running as the less exciting House member and being from Romney’s state. My guess is that the old boys from Grand Rapids decided to support Romney instead.

[Notary Sojac]

In my opinion, it's only a "death panel" if the government tells you that you can't spend your own money on health care.

If the government cuts spending on health care for others which is funded by my taxes, that's just good conservative budgeting and I'm all for it, whether done by a Republican or by a Democrat.