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.

[Stajack]

While Washington politicians float proposals to extend the payroll tax holiday, Social Security Trustees reported that in 2010 the cost of Social Security benefits exceeded revenues for the first time since the early 1980s.

[muawiyah]

Which means, of course, that the US government will have to start redeeming the Social Security bonds ~ which are nothing but forced loans by working people (those who pay FICA) to a bloated government that makes loans that need not be repaid to gigantic Democrat owned corporations.

I tell you the solution this problem is a TAX ON DEMOCRATS ~ just them. They would all pay the tax computed on their gross wealth and gross income combined for a 10 year period. Sure, this might result in some forced sales (bankruptcies) but who cares ~ we don't!

[katiedidit1]

Just posted a article on this topic:) under front page news

[scooby321]

While Washington politicians float proposals to extend the payroll tax holiday, Social Security Trustees reported that in 2010 the cost of Social Security benefits exceeded revenues for the first time since the early 1980s.

the GOP was more than willing to go along.

[upchuck]

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.

Kick that can extra, extra hard nobama. What the hell, no skin off your nose.

[Reagan69]

Next up... your 401k’s will be needed to fund SS.

Wait and see.

[GlockThe Vote]

Payroll tax cut is absurd if you do not cut equal amount of promised benes to recipients.

[VRW Conspirator]

I tell you the solution this problem is a TAX ON DEMOCRATS ~ just them.

LOL. I have asserted here that if taxing a behavior reduces such behavior, then let us just tax liberalism!

[WesternPacific]

as President Obama has proposed, Social Security will need an extra $267 billion to pay promised benefits.

This will be offset, significantly, by the large number of retirees dying earlier then expected due to Obamacare and the lack of proper medical care and services.

[ronnie raygun]

A rat invention solely for the rats enjoyment. Two examples..... I know of a middleaged immigrant family (non mexican)through a friend. The whole family just came back from a cruise, no one works they all collect from many programs and one of them is SS. An American black women in an interview is unemployed and demands that SS is owed to her because she worked a whole month as a bus driver. Non mexican immigrants landing in this country are given SS literally on the tarmack. The looting contiues with the blessings of the rats. There's a million stories out there, Tell me Im lying

[EGPWS]

Next up... your 401k’s will be needed to fund SS.

No matter how it adds up it will be via tyrannical methods that we are FORCED to give up everything that most of us have worked for all of our lives...freedom to retire and lament on the past and the labor that got us there.

Those idiots in Washington are like drug addicts feeding on more and more for the same high to the point that they will steal and kill to get their fix.

[Dengar01]

Oh I foresee more scare ads from AARP to scare seniors that they aren't going to get what "they earned".

What these fools don't realize is that there is NO Social Security Fund! That is a myth that liberals keep touting! The money that people are receiving from Social Security comes from the General Treasury, there isn't a Fort Knox full of Social Security money!!!

But what else would you expect from democrats? Remember we just like to starve granny, force granny to eat cat food, and throw them down stairs...

If you are an AARP member take your card and burn it, the discounts aren't worth supporting a leftist organization full of Obama worshipers.

[EGPWS]

Now, Social Security is sucking money out of the Treasury.

Urinal targets for sale here.

[Dengar01]

You aren't lying, we have such a stupid government that of course we are drawing leeches from across the world to suck up free money that we don't have.

America is quickly going the way of Greece... Lazy bums who refuse to work, this #OWS is mimicking what occurred in Greece to start off their economic collapse. Lazy bums who just want to complain and demand they are owed a living.

I'm 28 and know that there will be no SS for me. That is why I invest my money. The future is not guaranteed. Unfortunately, this is not taught at the high school level nor at many colleges. The most education I received regarding investing came in Graduate School as one of my professors was a part time investment adviser who told us how we would look back at now (then it was 2008 when the Dow was around 7000) and regret not investing. I bought some stocks and even though I still believe we are in a Depression, those stocks rose dramatically and I literally doubled my money in the stock market.

It wasn't that hard but when you have bums who think that there will always be a gravy train, nothing will change their minds. They think the world is a "Robin Hood" world, and think Uncle Sam will bail them out. How wrong they are.

[DuncanWaring]

Oh I foresee more scare ads from AARP to scare seniors ...

Foresee?

I'm already seeing them.

[Fresh Wind]

Wait just a minute. The politicians have been saying this point wouldn’t be reached for decades.

It it possible that they were lying?

[panaxanax]

SS started out in the red. I really don’t think it was ever self-sustaining.

Someone please correct me if I’m wrong.

[Vaquero]

not a fan of SS...this should have been privatized decades ago...but I have reached that age and paid for it all my life and expect to have it....

that being said....if it was kept a separate fund from the general...as it was designed...there would be enough money in it...though not a tremendous amount..it would still be in the black.

[DJ MacWoW]

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[Dengar01]

No I meant more ads, they’ve been absolutely swamping Fox News with scare ads about “MY BENEFITS!!!” They are even getting more ad time than good ole’ Doug with mesothelioma....