Posted on 06/06/2018 6:29:23 AM PDT by SeekAndFind
Social Security will spend more than it collects this year, the program’s trustees said Tuesday, marking the first time in more than 35 years that it will run an annual deficit as it slides toward insolvency by 2034.
Medicare’s main trust fund is in even worse shape, scheduled to hit insolvency in 2026 — three years earlier than last year’s estimate, the trustees said.
The twin warnings add even more pressure to a budget already strained by last year’s tax cuts and this year’s deal to boost spending on defense and basic domestic needs, leaving few bright spots in the federal fiscal picture.
The news also produced the usual finger-pointing among Democrats and Republicans, but budget watchdogs said the news was so grim that it should cut through the bipartisan bickering.
“It would be a nice change if this year Congress and the president actually took these warnings seriously enough to do something,” said Robert L. Bixby, executive director of the Concord Coalition.
Social Security has been struggling for years and turned cash-negative this decade, meaning the government paid out more in benefits each year than it collected from the payroll tax.
(Excerpt) Read more at washingtontimes.com ...
I admit, I killed it. They waited until I was about to retire, then they killed it just ‘cause I was ready for it. Oh well, on to Plan B! :-D Shame they stole all my money, though.
The very fact is that Republicans proposed something very similar to that. And remember the Democrat’s drumbeat response immediately following and into the next election cycle?
“Republicans want to ‘gamble’ with your Social Security by putting it into ‘risky’ investments. Republicans want to ‘privatize’ your Social Security by putting your Social Security into the risky stock market”
Yeah, I remember.
Good news. This sort of problem is what will drive down medical costs.
Yes, it will also reduce what the oldies get, but such a reduction will reduce the amount that the youngies are paying to support the oldies.
I am thinking that this was the original plan when 401k’s started.
Phase out SS->401k
RATS blocked it.
Frankly if we tried to do 401k now, RATS would block it and McCain, Linda and Mittens would vote with the RATS.
Only old people’s money?
I’ve been paying in since I was 14 been paying for about 35 years and have paid the maximum per year for more than the last 20 years but guess what? I will be eligible to start drawing at a reduced rate in about 2036-—a few years after it’s completely gone.
There is nothing ethical, fair, or just about that in any way.
I say they need to figure out how to pay out lump sums based on how much people contributed up until x date and pay what ever % of that is available and be done with the whole damned thing once and for all
I surprises me how many people think that theft is justifiable because a government the majority of us barely tolerate and who never keeps it’s word “promised” to rob form future generations to sustain their ponzi scheme for the current recipients
The life expectancy for Americans DECREASED for the second year in a row.
For men, the number is now 76.1 years. Women are 81.1.
But, but, Lock Box! /s
They call SS the “Third Rail of Politics” for good reason.
There is nothing available. The government has stolen all of the funds paid into the system.
Republicans haven’t done a thing to solve the problem.
Democrats push policies that harm social security and medicare:
Obama Care - cuts to medicare
Great increases on “disabled” workers under Obama years. All the incentives were to not work. The more dependent the population on government support, the easier to control, the easier to get votes.
Congress needs to return the trillions of dollars they stole form We The People.
Well if nothing is all there is then so be it.
>>>People weren’t suppose to live long enough to collect Social Security.
That plan worked fine until they invented Medicare.
My brother in law has a child with Down's Syndrome. I was surprised that he gets a social security check each month for her.
RE: Congress needs to return the trillions of dollars they stole form We The People.
We need something written into law PRONTO that says to this effect:
IT SHALL BE ILLEGAL FOR CONGRESS TO TAP INTO THE SOCIAL SECURITY TRUST FUND TO PAY FOR CURRENT SPENDING.
That will go a long way towards helping solve the problem.
We are told that our S.S. funds were to go into a “lockbox”,but apparently it has been left unlocked & that money went into the general fund. That being the case,now we are being told the “fund” will be insolvent very soon. If that’s true,how is it that there is money for welfare,payments to other nations (some are unfriendly nations),& other “projects”? You never hear about these things “going broke”. Time for our elected officials to come clean & quit lying to the American people.
Social Security overspending?
Well then increase it. Double down.
Seniors should get free lawn service, free utilities, free food AND free internet.
There now, SS bankrupcy is fixed.
SSSsssshhhhhhhhhhh!!!
those daca kids will save us .. .¿
Now that gay marriage is legal, there are more payouts in spousal benefits.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.