Skip to comments.Social Security - 2012 Results
Posted on 12/03/2012 10:59:18 AM PST by Rusty0604
The $46.7B annual cash deficit is the third in a row. The 2012 shortfall confirms it; SS will never see a cash flow surplus again. Every dollar of the cash shortfall MUST be funded by selling additional debt to the public.
(Excerpt) Read more at zerohedge.com ...
I say cut the benefits immediately even for those on the program! They are the idiots that voted for this scam so let them lay in the bed they made for themselves. Cutting it on the youngest only makes the young pay for the older idiots.
This is exactly like buying stuff on your Visa and paying the bill with your MasterCard.
FICA tax will be extended to very high levels of income. Perhaps every last dime. The cretins of the Obama Majority are surely all for that.
Make it harder to qualify for disability.
The idiots who voted for this "scam" would be in their upper 90's or beyond. Those younger did not vote for this scam - many of us weren't born when it was voted for.
But we are the idiots who paid into this scam for better than 40 years.
Most of FDR's people are dead now.
The young whipper snappers need to learn history better before they start the blame game.
They are biting the hands that are trying to save their future. We are on their side, but they need to understand as you said, "We paid into this for over 40 years, they stole our money" I want mine back.
I do want SS to be phased out for the future, but if they keep TRASHING and BLAMING us old folks, I could change my mind.
We are now hitting the inflection point of the exponential numbers.
Next stop; chaos.
PS - The Alinskyites think they are going to be in charge after the chaos begins. It's our job to see that they are the first victims of the chaos they engineered.
Just remember, they’ve been shorting the “kitty” by 2% for the last two years. Wonder what that adds up to????
LIKE IT SHOULD HAVE BEEN TO START WITH !!!!!!!!!!!
That generation is dead. If you feel so strongly that we shouldn't get our money, YOU stop paying in now - tell your employer to stop your deduction (can you say fine/jail?) and don't take any benefits because the generation younger than you will blame you for taking yours.
You are really a dummy.
Fella, if you have a great grandma or grandpa, you can go by their graves and take a whiz on’em....they’re the ones that let FDR push this crap off on all of us. The rest of us have had no say for nigh on 7 decades now.
They are shorting the fund, But I believe all along the plan was to steal our savings plan 401k and IRA’s and blow through that pile of cash.
This is happening right before our eyes and no one is doing any thing to stop it. They don’t need to take our guns, were just handing over the cash with out a wimper
It is incredible the scale of theft by our Congress these days.
Madoff went to jail.
Politicians get re-elected.
Same idea, different outcome.
AARP and the MSM continue the coverup.
..............Just remember, theyve been shorting the kitty by 2% for the last two years. Wonder what that adds up to????..............
Lets put those calculations into the whizzinator! Wzzzzz.
The normal take for the SS Admin is a total of 12.4% of payroll (1/2 emp, 1/2 empr.) So a reduction of 2%, to a total of 10.4% means that for the last two years SS Admin has only received 10.4%/12.4%. or 83.9% of the normal take.
In 2009, the SS Admin took in $807.5 Billion in “contributions”. So 83.9% of that amount totals $677 Billion, for an annual shortfall of about $130 Billion.
Yeah employment levels and wages will change that date, but that’s an approximation.
“Lets put those calculations into the whizzinator! Wzzzzz.”
I predict the payroll tax cut for the employee will never be recinded. They will raise the employer part instead, and crow about how they stuck it to those nasty bosses.
They've actually been making it easier to qualify. Every person they put on disability is one less that gets counted as "unemployed". They're gutting SS to fudge the unemployment numbers and help create the illusion there is a "recovery".
Sorry you all don’t quite understand the history. This became a real problem when they added the SS money to the general fund in the 60s or 70s—can’t remember which. So the generation on it now is to blame for this crap.
Marcella...you should be more careful calling people idiots. It typically is an idiot that resorts to name calling.
I wasn't in the congress in the 60s or 70s so I didn't vote one way or another for moving SS money to the general fund. I didn't call you an idiot - I called you a dummy and you still are if you think Gaffer, Abby and I voted for that. Go take the money away from your parents and/or grandparents, tell them they aren't entitled to that money.
I still say YOU stop paying it in now and don't accept SS when you are 65 - that'll fix it.
You see, you are the one who used the word "idiots" - calling us idiots. I see you have a memory problem, along with faulty thinking.
Go piss up a rope and PAY, PAY, PAY!!!
Just like when Medicare was passed, plenty of people were against it. Just like most are against Obama care. My grandpa told me in 1965 that his white cross policy was better than Medicare, and cost less, but he had no choice.
As soon as Medicare was up and running, the Insurance company was going to eliminate the program, and with pre existing conditions, he would not be able to get anything else.
The government made sure that elderly Americans would have no free market choices, so focus your ill-will on the Democratic Congress/President not the American people who got stuck with crap that sucks.
Your Post #2 was the first post on this thread to use the word idiot. By your logic, wouldn’t that mean that you are typically the idiot?
Technically, this guy is wrong about adding social security to the general fund just as he is wrong in stating that Seniors of today voted for it.
Social Security receipts are used to pay current checks being sent out to senior citizens. Any extra after that is used to purchase special non negotiable Treasuries, which are still accounted for in the so called Trust Fund.
Just like any other Treasury sold, they became part of the overall debt.
What they actually have done over the years is to put these numbers on or off budget, depending on the usefulness in whatever political dialog politicians are spouting. During the Clinton Administration, it was included, because it was in a surplus, and it helped make the budget look better.
If Social Security receipts continue to be less than the checks going out, I expect that it will be taken off budget again, so the budget deficit will not look as large.
Well yes if you voted for this then you are an idiot. I don’t think many would disagree.
Well I’m focusing on those that voted for those that put those people in power.
Calling an individual a name is different than calling a group that voted for ss to go to the general fund idiots.
And it’s an accurate statement wouldn’t you agree?
Ok so when there is a shortfall where does the money come from?
The poster who started this should not have dumped on the elderly - he will be one himself one day and will suffer the ridicule of the young.
Sure, I'm old, likely older than anyone on this forum, but I see a change happening toward the elderly and it isn't a good one. People are angry because the elderly are getting their social security when they paid all their working lives. People are angry because the older one gets, the more medical care they need and that takes money and younger folks don't want the elderly to get that care because it costs Medicare money. (I seldom go to doctor, so I'm not costing the government money.)
This speaks of Hitler's method - killing the old, disabled, and mentally deficient. When will that be the norm? From what I see, I think by 2014, they start dying in more than normal numbers. It will become the norm. A nation that kills its babies, the elderly, the disabled, the mentally deficient, is a country without soul forever after.
No, I don't agree with overly broad, inaccurate, and pejorative generalizations used to unfairly label people rather than constructive proposals for solutions.
I don't support name calling even when you know a person, and it is especially abhorrent to label entire generations of Americans when clearly many were not in agreement with those policies.
Social Security receipts are used to pay current benefits. Any excess has been used to buy Treasuries and becomes part of the debt. Entries are not posted to the general fund, they are posted to the so called Trust Fund.
What does happen is that Social Security has over the years been either an on or off budget item. It's always a Congressional Issue and seems to be aligned with whatever political theater/narrative the politicians want to entertain the LSM with.
During the Clinton years, it helped the narrative regarding a budget surplus/reduction of deficits. Now, it makes the budget deficit look even worse, so it will probably be taken off budget shortly, so that politicians can pretend that the budget deficit reduction has been more successful than it actually has been.
Frankly, it is easier to keep track of the truth vs propaganda if it is on budget. When they take it off budget, you will have to do additional research to see how much worse off the financial picture is.
It’s a book entry. The Treasury Instrument is “cashed” which lowers the debt. The offset is to the account used to send out the checks.
The balance in the “Trust Fund” is enough to keep Social Security going for a number of years, lowering the total debt as it is “cashed in”.
When that fund goes to zero, everyone takes an immediate reduction of benefits of approximately 25%, or Congress comes up with some other plan to make up the shortfall which could include the general fund if they want it to.By that time, the elderly may be a small enough demographic that the pols just let the 25% reduction happen, especially if they have the undocumented people turned into citizens by then.
The payroll tax holiday means the day of reckoning will come sooner rather than later.
There are many ways to solve the Social Security issue, that would probably be acceptable-Most people on Social Security either worked or had spouses who worked, and I would think have a better grip on reality than people who have been living for generations on government hand outs.
It is these other entitlement programs that are going to be tough. Some of the people on those programs seem to think that their mere existence entitles them to have someone else provide their stuff.
Likewise, a large number of politicians depend on these people to keep electing them to get that stuff. That right there is a tougher problem than Social Security JMHO.
I am a baby boomer, and I get tired of being attacked too. When Reagan and Tip O’neil raised the retirement age, and increased the payroll taxes, I didn't complain and call the elderly greedy or call for them to loose their benefits nor did any one else I know.
Baby boomers I knew, were quite willing to pay that extra amount for their own retirement in addition to supporting the greatest generation retirees, so that boomer's children would not have to shoulder the burden.
I also get tired of the portrayal of boomers as drugged out hippies. That stuff was the East and West coast liberals. Weren't any of those types in the Missouri town where I grew up.
But still where does the money actual cash come from? It’s not sitting in a bank somewhere it’s just on a ledger and it’s vapor. They have to back it with real dollars and those are from the general fund.
It’s just a ponzi scheme and we all know it. If it’s easy as just saying it’s a ledger entry then great...that’s all Bernie Madoff need to say and he’d be ok.
"Boomer", yes, you get hit on as there are too many of you and that's going to cost us so don't take your Social Security but do drink this hemlock I made for you and we'll give you a swell funeral. And, put in your Will that I get your preps.
I see Kart has two new prepper articles today, I'll probably see you there.
You poor sap. It comes from the same source as all the other cash denominated in USD. Helicopter Ben. Purchase of Treasuries is a Federal Reserve Bank Transaction. Cashing in of those Treasuries is also a Federal Reserve Bank Function.
I am not sure that I would call any USD “real” dollars these days, they are only backed by the full faith and credit of the US Government, not gold or anything real, and helicopter Ben is busy printing all the dollars we need for everything and the Fed is busy buying all the Treasuries that no one else wants to purchase.
That is why the value of the dollar has been going down, and a contributing factor to high prices in food and gasoline.
In reality, Social Security recipients have already had a benefits cut, as has anyone else. Alternatively you could view it as a huge tax increase courtesy of Federal Reserve Bank policy which impacts rich and poor.
A balanced approach no doubt with respect to currency, but not with respect to being able to purchase necessities like food. But not to worry, any premature deaths will benefit the survivors and politicians.
Way I look at it, we just had a bloodless coup. Mao, Hitler, Stalin, Lenin, they all killed millions either at the point of a gun or through starvation and created scapegoats to keep the populace divieded-so history reapeats itself.
The USA changes from being about Life Liberty and pursuit of happiness to the culture of death, bondage and misery, people fall into the trap of young vs old, sick vs healthy, rich vs poor, black vs white etc. I am afraid it is going to get real ugly. Myself, I don’t fall for that nonsense.
The real culprits are the Congress Critters and the rest of the government whose policies are so far from constitutional, and I am not going to fall for their propoganda blaming the American people for their statist march to doom. Nor do I fall for their propoganda that they want to help people. They help their partners in crime, and themselves.
Once they reform immigration, and have all those undocumented persons voting, lots of others will be thrown under the bus when their votes are no longer needed.
Funny I thought you were against name calling
Funny I thought you were against name calling
Sorry, I didn’t mean to call a name, just trying to express sympathy.LOL.
I am all for cutting my generation from SS. I could invest that 12.65% and make some real money!
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