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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.
1 posted on 10/30/2011 4:58:05 AM PDT by Stajack
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To: Stajack
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!

2 posted on 10/30/2011 5:02:49 AM PDT by muawiyah
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To: Stajack

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


3 posted on 10/30/2011 5:02:54 AM PDT by katiedidit1
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To: Stajack
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.

5 posted on 10/30/2011 5:08:17 AM PDT by upchuck (Rerun: Think you know hardship? Wait till the dollar is no longer the world's reserve currency.)
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To: Stajack

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

Wait and see.


6 posted on 10/30/2011 5:09:13 AM PDT by Reagan69 (I supported Sarah Palin and all I got was a lousy DVD !)
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To: Stajack
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.

9 posted on 10/30/2011 5:20:03 AM PDT by WesternPacific (Deafness has its Advantages)
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To: Stajack
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.

12 posted on 10/30/2011 5:30:32 AM PDT by Dengar01 (Dengar01 - "Heartless" since 1983!!!)
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To: Stajack
Now, Social Security is sucking money out of the Treasury.

Photobucket

Urinal targets for sale here.

13 posted on 10/30/2011 5:32:36 AM PDT by EGPWS (Trust in God, question everyone else)
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To: Stajack

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

It it possible that they were lying?


16 posted on 10/30/2011 5:40:58 AM PDT by Fresh Wind ('People have got to know whether or not their President is a crook.' Richard M. Nixon)
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To: Stajack

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

Someone please correct me if I’m wrong.


17 posted on 10/30/2011 5:41:07 AM PDT by panaxanax (0bama >>WORST PRESIDENT EVER.)
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To: Stajack

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.


18 posted on 10/30/2011 5:42:21 AM PDT by Vaquero ("an armed society is a polite society" Robert A. Heinlein)
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What Would You Do Without FR?


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19 posted on 10/30/2011 5:42:56 AM PDT by DJ MacWoW (America! The wolves are here! What will you do?)
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To: Stajack

I seem to recall SS already being in the red even before this year’s “payroll tax holiday”.

Since the “Social Security Trust Fund” has long been spent, and in order for the Social Security Administration to redeem one dollar in its bonds the Treasury Department must sell one dollar of bonds elsewhere, the Social Security Trust Fund should be recognized as the accounting fiction it is and declared Null and Void.

From now on, Social Security payouts should be funded solely by FICA tax revenues.

This requires, of course, some combination of increasing the retirement age and means-testing all recipients, at a minimum.

Raising the retirement age, of course, worsens the unemployment problem.

I’ve been saying for some time that “much unpleasantness lies ahead, no matter what anyone does”.


21 posted on 10/30/2011 5:46:03 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Stajack

I hope competition for greeter jobs a Wal*Mart doesn’t heat up too much in the next 5-10 years.


34 posted on 10/30/2011 6:08:04 AM PDT by Lonesome in Massachussets (Ceterum autem censeo, Obama delenda est.)
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To: Stajack
Anyone have a number on what the payroll tax holiday took out of the system??

And what did no COLA for 2 years put into the system. My rent went up. Food went up. Gas went up....but no cola. It really hurt.

35 posted on 10/30/2011 6:08:33 AM PDT by Sacajaweau
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To: Stajack

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!”


58 posted on 10/30/2011 6:45:17 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: Stajack

Great, just when I am about to start collecting Social Security they run out of money.


73 posted on 10/30/2011 7:07:38 AM PDT by The Great RJ ("The problem with socialism is that pretty soon you run out of other people's money" M. Thatcher)
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To: Stajack

Another Obama first. Thanks to the hard work of the Obama Administration and Congressional Democrats, Social Security became insolvent six years ahead of schedule.


75 posted on 10/30/2011 7:07:55 AM PDT by Hoodat (Because they do not change, Therefore they do not fear God. -Psalm 55:19-)
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To: Stajack

Sunday morning! Wake up, get some coffee, scan the headlines.... and find a FR post about SS that’s already had 74 replies in two hours.


78 posted on 10/30/2011 7:16:03 AM PDT by MontaniSemperLiberi (Moutaineers are Always Free)
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To: Stajack
Remember when Hurricane Katrina was barrelling down on New Orleans, and some people got the hell out of there while others waited for the government or somebody to come rescue them!

Let's just say that I haven't depended on Social Security for my...well...for anything.

(And I'm not trusting in a government rescue!)

(Is anybody stupid enough to think that those thugs in Washington are looking out for anybody's interests but their own?) (Obviously millions are. They're called Democrats.)

("Don't trust yo' soul to no backwoods country lawyer," but if you have to make a choice it would be a better bet than a slick Washington politician!)

89 posted on 10/30/2011 7:45:21 AM PDT by Savage Beast (History is not just cruel. It is witty. -Charles Krauthammer)
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To: Stajack

Social Security will need an extra $267 billion to pay promised benefits?

Keep Michelle at home. That should do it.


95 posted on 10/30/2011 8:05:15 AM PDT by TribalPrincess2U (They vote twice, we'll vote three times. AND DONATE TO FR MORE!)
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