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 ...
Did you have to mention that guy? I actually used to like his music fifty years ago when I was too young to know what a disgusting person he is.
How about freedom from fear of Obama and his henchmen and all his pomps and all his works? Now, that would be a guarantee worth having!
Do you have a source for this because I honestly never heard of this. I understand why FDR created the program. During the Depression society was much different. The elderly had to pretty much fend for themselves or live with a relative. And life expectancy was considerably lower than it is today.
However, everything I have heard about all the projects under the New Deal was that the money for the various programs like FERA, PWA, CCC, TVA, CWA, ect... all came out of the General Treasury. There was not a New Deal Treasury, there has always been the National Treasury to fund these programs.
Just as Barry's failed stimulus came from the Treasury. They don't just make separate funds. It all comes from one source.
I am curious as to your statement about the SS Vault in West Virginia as I never heard that and I've studied the New Deal in great depth, far more reading than I ever wished I would have to endure.
No argument here. The first social security recipient, Ida May Fuller paid a grand total of $22.54 into Social Security between 1937 and 1939. When she died in 1975 at age 101, she had received $22,888.92 in SS benefits. So by that criteria, Social Security did in fact start out in the red. But in terms of current projections, SS costs weren't projected to exceed revenues until 2032. SS Trustees are now reporting that this projection was off by 21 years.
Yeah, but they DID make nice Norman Rockwell Paintings, even if they were just slogans and platitudes! LOL!
That’s why I said that raising the retirement age makes the unemployment problem worse.
No matter what anyone does, much unpleasantness lies ahead.
The law requires the difference be made up out of the General Revenues, in other words, money borrowed from China. It was still a stupid idea, just for different reasons. It actually is a redistribution scheme, since the SS Payroll tax is distinctly regressive, Warren Buffet's Secretary actually does pay at a much higher rate than the Oracle of Omaha, the money is mostly coming from the top income people.
This is an anathema to a lot of liberals, because it gives the game away, Social Security has now officially become a redistribution scheme, not an insurance scheme. I have a defined benefits retirement program with my company and a 401k. If I retire today and took a second job elsewhere, they would still be on the hook for 100% of my retirement pay and my 401k and outside income would have no effect, whatsoever. If I retire next year and take early retirement form Social Security, I lose at least one dollar for every two dollars I make working! For someone like me, the actuarial value of my SS benefits is very much smaller, like 50% of my and my employers "contributions".
To top it off, when they "needs test" Social Security (which will happen), folks like me who were frugal, saved, worked for lower pay at jobs with pension plans and retire later will get a further screwing.
Well the good thing with that interview with the old communist hack is that it opened the eyes of many conservatives who decided to rip up their AARP cards.
However, as a younger person at 28 the commercials to scare granny really anger me. They are nothing more than Barry 2012 campaign ads. Notice how they focus on the word "benefits", when they should be saying "entitlements". Medicare, Medicaid and Social Security is the new mantra instead of Medicare, Medicaid and the Environment. Sorry Algore, saving Barry's Presidency seems to be more important for the AARP.
I agree. Shut them down. Of course you won't hear this coming from anyone running for President right now. That would be like political suicide.
That is why instead of sitting in a park in Chicago and complaining like the little rats from #OWS I choose to invest my money, put money away so that I have my own security blanket. The rats in the various parks defecating on police cars are screwed, because they expect that the Government owes them a living, when they are too damn lazy to get a job.
Instead of Occupying Wall Street the morons should protest the Democrat politicians who are blocking any spending cuts for handouts to lazy bums.
I just got done watching the documentary "The West" by Ken Burns. And one thing stood out to me comparing this generation of louts to the pioneers. The pioneers went West with nothing, they didn't get a fat check from Uncle Sam, they worked, many died working, but even if they lived in sod houses, they took pride in their work.
The bums in the parks protesting have no pride, only greed.
One of many references to the Social Security “Trust Fund”:
http://www.usatoday.com/news/washington/2005-02-28-trust-fund_x.htm
The actual physical repository was not set up until fairly recently ... 1994 perhaps.
That could be.
But I suspect you realize that taking your money out of one pocket and putting into another pocket doesn’t mean you have more money.
Eventually, the money runs out. No way around it.
No matter what anyone does, unpleasantness on an Old Testament scale lies ahead.
Man that legislation is laying around on somebody’s desk. They were talking about it back in the fall of 2008. Discussion and wording all to hide the fact they were getting ready to confiscate it. Convert it to some type of government holdings...
Other way around. US Government expenditures should NOT be funded by FICA which should be reserved for Social Security.
You're right, which proves why we should have a healthy skepticism of all projections, especially long term ones.
The Ponzi scheme will collapse.
No one wants to call it that, but it is. Expect to hear howls of rage as the retired folks say “I want my money!”
And after that forced housing.
I don’t think people realize just how screwed we are. Or they don’t care, as long as they get theirs.
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