Posted on 11/14/2010 1:07:03 PM PST by La Enchiladita
Baby boomers withdrawing funds from Social Security, Medicare and Medicaid are going to "crush the system" in a matter of years, a member of President Obama's blue-ribbon commission on the debt warned Sunday.
David Cote, CEO of Honeywell and one of a handful of private-sector chiefs appointed to the 18-member fiscal reform commission issuing its final recommendations on Dec. 1, said he didn't realize -- even perched at the top of his field -- that the next decade will be disastrous to the nation's accounts ledger unless something drastic is done.
"It scares me that as a financially conversant CEO, I didn't know how bad this was going to get in the next 10 years," Cote said on ABC's "This Week." "The thing that everybody misses is it's my generation, the baby boomers, who are going to flow through Social Security, Medicare, Medicaid. It's going to crush the system."
"Social Security is going to go cash negative in five years. It's going to go broke in 2037," added Sen. Kent Conrad, D-N.D., another member of the commission who appeared with Cote.
Medicare is "prepared to go permanently cash negative in just 10 years. So, obviously, those things have to be reformed; there have to be some changes," Conrad said.
(Excerpt) Read more at foxnews.com ...
Fortunately, we HAVE done that with part of our discretionary income. ;-)
Clean up ‘disability fraud’... Alcoholism is NOT a disability - it's a life choice. ETC.
ETC
Target those who abuse the system rather than the hard working middle class Americans who support the system.
Given the far higher incomes many of us receive from retirement systems and investment accounts these days, we reach the standards for having our Social Security taxed ~ fortunately with a great deal of ease.
That SS money is then taxed at our highest applicable rate!
Congress should act to revert taxes paid on Social Security to the Social Security side of the ledger.
If there were someway for them to keep taking our money after killing SS, I'm sure they would take you up on your offer.
There is so much to cut out of the federal government’s mission creep before stranding the elderly who planned on and paid for these “benifits” in retirement. Make no mistake, for many of the elderly Social Security stands between paying the bills and being homeless. Not everyone can be a bankster or government union worker and someone was performing those low wage service jobs.
But, the elderly don’t riot and don’t understand what is happening to them. The Dems have committed to actually killing boomers with death care and most don’t have a clue. Now I guess that is not fast enough. They have to starve them to make them homeless, too.
You are talking way too much common sense and freedom....along with the attendant virtues of self-discipline and prudence. ;-/
The money gone fools! And guess what? There are not enough people of working age to carry the load.
The money gone fools! And guess what? There are not enough people of working age to carry the load.
what the hell have they done with OUR money from my hubby and I with a combined work history of over 75 working years....
GIVE ME BACK MY MONEY!
Where is the Captain Obvious cartoon???
I'd almost pay to watch the epic anger that will be directed at this government...
That is a show, I don't want to miss.
These people saying ‘just give me back what I put in’ are clueless. Might as well go to the casino and lose and say that.
these are the creeps we support....
fact is, there are people that never worked and never contributed who are on SS and living long lives..there are people here as immigrants who state they are 65 without a BC and they get SS....an American marries a much younger person with children and they get SS....don’t get me started on the many on disability for the flimiest of reasons.
But Obamacare will be just peachy.
Then, David Cote is a dumbass. We were told, repeatedly, what the situation was and the man saying it was called a liar at best,a fear monger and much, much worse. ■Just 13 years from now, in 2017, the government will begin to pay out more in Social Security benefits than it collects in payroll taxes – and shortfalls then will grow larger with each passing year. ■By the year 2027, the government will somehow have to come up with an extra $200 billion a year to keep the system afloat. ■By 2033, the annual shortfall will be more than $300 billion a year. ■By 2041, when workers in their mid-20s begin to retire, the system will be bankrupt – unless we act now to save it.
If we do not act to fix Social Security now, the only solutions will be dramatically higher taxes, massive new borrowing or sudden and severe cuts in Social Security benefits or other government programs.
The fact of the matter is that boomers have floated SS and MC to date. Without the huge wave of boomers paying SS and MC, not to mention income, taxes all these years, the wheels would have come off long before. These programs are and always have been Ponzi schemes, and would have been indictable offenses if put forward by anyone but the Feds.
So, yes, the wheels are gonna come off, but it ain’t the fault of the boomers.
My wife and I were born in 1946. We are the first of the Baby Boomers to retire and collect S/S. And we both start on Medicare next year. We are in very good health, so who knows, maybe it will be 35 years, not 30?! Of course, we have our S/S checks direct deposited because we travel so much.
“My husband and I have put a lot of our money into the social security system over our lifetime. If we had been able to invest that same money as we saw fit....we’d be much better off today.”
This is the real tragedy Big Government democrats took away your financial freedom and forced you to invest in theses ponzi scheme.
This is just one of the reasons why i am conveced we must privatize and individualize Socail Security, Medicare and Medicaid, as soon as possable.
The sooner we get this money and “IOU’s” out of the hands of the same corrupt incompetent politicians that never could balance a budget the better off we will be.
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