Posted on 07/15/2014 3:53:18 PM PDT by Oldeconomybuyer
They have no ides when SS will go broke, but there is no trust fund. There is as other posters said never a discussion of popular welfare programs running out of money.
I believe you dropped a zero someplace in your calculation.
“Trust Fund” Income In 2012:
(1) Payroll taxes for OASI and DI were almost $600 billion.
(2) Interest earned on the “Trust Fund” was about $100 billion.
(3) There's another $25 billion from taxes on received benefits.
(4) And, $100 billion from “General Fund Reimbursements” (sounds like an accounting trick).
According to the Trustees, OASI and DI can pay in full until 2020 with those 4 income sources.
After 2020, they must start to “redeem” the IOU’s (Good Luck!).
SSI - that used to be paid directly from General Funds - but, maybe that has changed.
Here's a good link for you or anyone else who wants to see a good composite summary for 2012 (I don't think 2013 has come out yet):
guess I won’t get my Social Security check after age 92!
Yep. Off by one digit there. Still, broke.
Inflation will solve this problem quite nicely. Take in somewhat valuable dollars from workers over the decades, and when they retire pay them back with almost totally worthless dollars.
Given the ever-increasing money-printing, this is sure to happen. And our clueless citizenry will continue to vote for leftists (be it GOP leftists or Democrat communists) until our country implodes, most likely occuring when the unchecked money-printing finally renders our currency worthless.
Until then, the merry-go-round will continue to spin, and our fat, ignorant, and stoned citizens will guzzle, gobble, tweet, twitter, facebook, instant-message, and surf the web for the latest cat videos until the day the ATM machines no longer work.
Uh, it takes good secure full time jobs with decent benefits to be able to buy homes, loans, have babies, raise families and pay for everything else...
Where do you suggest they get the money to do this, all of which was taken for granted by the "adults" in the late 40s 50s, 60s 70s and part of the 80s?
The whole thing is already bust to the tune of $17 very large.
All we have to do is SEIZE all ASSETS in Every Public Employee Pension Plan in America and automatically roll All Public Employee Retirees into Social Security.
Problem Solved.for now
How dare you use those old outdated antiquated mathematical principles of yesteryear that were deemed Racist 30 years ago. You need to learn “Common Core”
We want to spend $1 Trillion on Social Security programs and we are only spending $800 Billion, why were Social Security programs cut by $200 Billion Dollars??
The Supreme Court has historically officially clarified that Congress is prohibited from laying taxes in the name of state power issues, essentially any issue which Congress cannot justify under its constitutional Article I, Section 8-limited powers.
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
So the first thing that taxpayers who would like to have more children need to do tomorrow morning is the following. Taxpayers need to start working with their state lawmakers to permanently stop the corrupt House of Representatives from stealing citizens' money in the form of constitutionally indefensible federal taxes.
In fact, just about the only constitutionally authorized federal government service that citizens might be dealing with on an almost daily basis is the US Mail Service, authorized under the Constitution's Clause 7 of Section 8 of Article I.
Otherwise, most other federal government services are constitutionally indefensible, having been authorized by FDR's misguided activist justices in the 1930s and 40s.
It cannot go bust because it is a “pay as you go” welfare program. Today’s taxes go to today’s beneficiaries. The so called trust fund is an accounting fiction that politicians use to reinforce the idea that benefits and earned and placed in an account.
BUT, here is what was said in 1964!
http://www.socialsecurity.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.
Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
I am relatively old and “collecting” SS. It makes me wonder who will “really” be screwed when this ponzi scheme collapses...mainly people younger than I. Why are so many of them LIB lovers and dependent on the government? They will get an uncomfortable awakening relatively soon. The collapse of things won’t be pretty.
***..wonder who will “really” be screwed when this ponzi scheme collapses***
Here is where the money went! Read and weep.
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
Thanks for the reference. I didn’t think I could feel any more disgust with these WDC critters.
They will just blame the collapse on “right-wingers” and turn away from the truth as they do now.
FDR, why he was even Bob Dole’s “hero”.
But there would still be the annual payroll taxes from workers.
When Social Security used to send out annual projected benefit statements, they'd tell how much of the benefits would be covered by the annual SS payroll taxes without the trust fund (presumably in the year they projected the trust fund to run out).
My last statement was in 2011; it said:
"By 2037, the payroll taxes collected will be enough to pay only about 78 percent of scheduled benefits."
BTW SS is going to resume sending out the projected benefit statements, on a limited basis.
The kids I know just out of college are paying 25% of their income on SS. they know that if they look. At this stage, there’s so much taken out for other government deals, there are not many who are actually aware of it.
But why are they paying. It used to be a government deal where you’d get a pension.
The Business minded people knew it was a bad deal back in the ‘30s, but...
Why should a young lawyer with $150 Grand debt and a new husband, another new lawyer, with another $150 Grand debt, after sweating through law school, the bar, working in some stupid law firm just trying to get to where they can do some good in a good job, $300 Grand or so in debt, take care of old people who are strangers?
That’s all it is and they know it. They don’t need this report to tell them that
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