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 ...
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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