Posted on 07/15/2014 3:53:18 PM PDT by Oldeconomybuyer
The $2.8 trillion Social Security Trust Fund is on track to be totally spent by 2030, the Congressional Budget Office said Tuesday.
That's one year earlier than projected in 2013 and a decade earlier than the CBO estimated as recently as 2011.
The CBO delivered the warning in a gloomy long-term budget outlook that shows federal debt reaching 106% of GDP in 25 years, up from 74% now.
(Excerpt) Read more at news.investors.com ...
Why doesn’t welfare ever go broke?
The country will collapse before then, just like Detroit.
I have an idea. Let’s invite 2230993 illegals into America. That will fix it.
I hate to be the one with bad news, but it’s broke already. Those IOUs are only as good as the credit of the entity holding it, and we went broke a long time ago.
Once the rest of the world gets its act together and dumps us as trade currency, it’ll be scary how fast everything comes apart.
FR: US fertility rate hits all-time low
On the other hand, the states have never delegated to the feds, expressly via the Constituiton, the specific power to regulate, tax and spend for a federal program like SS.
I was going to say the same thing. Everytime they want to raise taxes on SS, they say its going broke in 10 years...I’ll be dead by then so I don’t give a sh=t. Even during Reagans adm. we were told that...and they raised taxes on SS.
President Chelsea will fix it
Another argument in favor of my belief that there should be “no representation without taxation”.That and for dramatically reducing phony disability claims initiated by crooked lawyers and signed off on by crooked chiropractors and psychologists.
134 million people employed, supposedly.
$46,500 average income.
12.4% SSI tax.
This gives about $77 billion in income to Social Security.
Old-Age And Survivors Insurance (OASI)is $700 billion.
SSI benefits paid is $59 billion to about 8 million people.
Disability is another $145 billion to over 11 million people.
We take in $77 billion, we pay out over $800 billion.
We are already broke.
As a side note about problems with constitutionally indefensible SS, please consider the following paradox. Note that on one hand, Constitution-ignoring Democrats won votes for themselves by establishing constitutionally indefensible pyramid-scheme SS. Simultaneously, life-hating Democrats also win votes by promoting the so-called right to an abortion which ultimately kills a pyramid scheme like SS.
Also note that corrupt Democrats encourage illegal immigration while ignoring that the water supply system needs to be expanded to accomodate the growing population, such oversight arguably creating a man-made drought.
It would be nice if power-mad Democrats actually thought about what they are doing every once in awhile.
Bump
I may be dead and gone by that time, but ... ya never know ... :-) ...
As soon as we get the homosexual “partners” on board, it will collapse even sooner.
“134 million people employed, supposedly.
$46,500 average income.
12.4% SSI tax.
This gives about $77 billion in income to Social Security.”
I think that is suppose to be $772,644,000,000.00
Anyway, we’re still broke.
I’ll be 79. That’s a lot longer than my parents lived so I’m not too worried about it.
A key statement slipped in among all the CBO figuring.
The Obamacare death panels will fix all that. Lots of folks will die younger.
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