Posted on 07/30/2014 7:59:50 AM PDT by Rusty0604
Social Security is insolvent,” Boston University economics professor Laurence Kotlikoff told the House Subcommittee on Social Security at a hearing on Capitol Hill Tuesday. “And it’s not bankrupt in 30 years, or 20 years, or 10 years. It’s bankrupt today.”
“This is not my opinion. This is the only conclusion one can draw from Table IVB6 of the 2013 Social Security Trustee’s Report."
The economist also accused the system’s trustees of a “disinformation” campaign to keep Americans from finding out that “Social Security is in dire financial shape.”
“To their great credit, Social Security’s actuaries have been reporting the system’s infinite horizon fiscal gap every year since 2002. And to their great shame, Social Security’s Trustees have been ignoring this comprehensive measure of the system’s insolvency every year since 2002.”
“Unfortunately, those who proclaim the strongest desire to preserve and protect Social Security, particularly its Trustees, are doing their level best to destroy the system by ignoring or substantially understating its financial problems,” he said
(Excerpt) Read more at cnsnews.com ...
The political raiders have removed $13.4T to buy pork at the expense of the needy.
A lot of old guys will be going hunting if their checks don’t come.
The Party of Detroit lock box.
A lot of old guys will be going hunting if their checks don’t come.
Well, if they raise the minimum wage to $15 and hour that may help the revenue for social security; at least according to liberal logic.
Adding a gazillion new supposedly “disabled” people hasn’t helped.
Captain Obvious has been on to this one since I was in high school.
Professor Laurence Kotlikoff is just a “Hater” - SS is a perfectly sane program with logical funding and....
Great. I paid my taxes and SS all these years. Now soon to be Obamcare or take tthe penalty. Add to that higher prices for groceries, electric and other utilities, and gas. Hell who can make it unless you’re an elite these days. They just keep shoving it in deeper and deeper. Pfizer is going to have to come up industrial strength Preparation H soon...
Either in a cell or homeless and on the street; if old people don’t get their SS checks all they have to do is take out one of the DC politicians that stole the SS money and then the state will take care of them.
Nancy Pelosi said Social Security is solvent until 2035. And after that, can still pay 75% of promised benefits. So she wasn’t worried about financial problems of Social Security.
Did Nancy P. lie to all of us????
This calls for printing. The Fed can just buy up all the IOUs. Anything to make Obama and the democrats look good until a conservative gets in office and the whole house of cards collapses on itself.
And I can hear Obamas whining now in his childish ‘I’m concerned’ voice.
“If only the millionaires and billionaires who move their companies off shore paid a little bit more.”
“Two wasteful wars”
“Sequester”
“Comprehensive immigration reform would solve all these problems.”
Talk about a racket. Best one I heard about is this: Husband commits a crime and goes to prison. Wife applies for social security disability and gets it FOR LIFE.
Raising the minimum wage would cause inflation and a wage spiral that no one would win.
I still want mine....still working at age 60 and so is my husband at age 62....he’s going to start collecting maybe this year....I wanted to work til 65 but now I’m rethinking it....anyway, we still intend to collect and yes WE DESERVE IT for working between us for nearly 95 yrs of work.
I'm guessing that over half of Freepers are on S/S.
Preparation H soon...
Preparation 0
> Preparation H soon...
Preparation 0
Good one...: )
Definitely more of a pain in the a$$ than hemorrhoids. At least they go away...
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.