It's all because of global warming.
Maybe there's better way to spend our money.
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Posted on 09/26/2007 6:18:35 PM PDT by Libloather
$13 trillion deficit looms for Social Security
Tuesday, September 25th 2007, 4:00 AM
WASHINGTON - The Bush administration said in a new report yesterday that Social Security is facing a $13.6 trillion shortfall in coming years and that delaying reforms is not fair to younger workers.
A report issued by the Treasury Department said that some combination of benefit cuts and tax increases will need to be considered to permanently fix the funding shortfall. White House officials stressed that the President is opposed to new taxes.
Treasury Secretary Henry Paulson said he hoped the new report would help find common ground on the politically divisive issue, but a key Democrat charged the administration will still try to fix Social Security by imposing sharp benefit reductions.
"The administration's new report is a reminder of President Bush's determination to not only privatize Social Security but to make deep cuts in the benefits that American workers have earned," said Senate Majority Leader Harry Reid (D-Nev.).
"Nobody should be fooled into believing that the only way to save Social Security is to destroy it with privatization or deep benefit cuts," he said. Bush had hoped to make Social Security reform the top domestic priority. He put forward a reform plan in 2005 that went nowhere fast.
guess that lock box failed the American people.
Nothing yet.
I'm not aware of anyone proposing "deep benefit cuts". It's just a Dem scare tactic.
Privatization is the way to go.
Frightening indeed!! Is anyone else old enough to remember the pie charts showing how the government kept dipping into SS? For any and every entitlement program? THAT is why SS is in trouble. And it continues today. People who never worked, never paid a cent into the program should not be eligible for SS or title 19, or any other program funded by the SSA.
I guess that lockbox is full of too much DemoCRAP and not enough money!
Use any three states, the past rate of growth of government and taxes and factor in an average growth for the GDP. No website necessary when one uses the Mark I brain.
like medicare is such a wonder
Maybe we should turn it over to the UAW to administer?
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"Bush lies. The Amuhrican peepull, like Jimmy Jeff here, know that I led the Demukratz in securing their Social Security in a lawk box. If there's a shortfall it's because George Bush picked the lock and stole your Social Security."
"The administration's new report is a reminder of President Bush's determination to not only privatize Social Security but to make deep cuts in the benefits that American workers have earned," said Senate Majority Leader Harry Reid (D-Nev.).
"Nobody should be fooled into believing that the only way to save Social Security is to destroy it with privatization or deep benefit cuts," he said.
That pinhead pisses me off to no end.
I have a privatized SS called a 401K, that I earned, and what it's earned in its short life, surpasses what the SSA says in their statements to me over my entire working life.
If SS was a private account, meaning it was was mine, and not someone else's (like it is now) and thrown into even a simple money market or T-Bill investment; what I have paid into it, and what my employers have contributed, would far exceed what my present 401K is.
Come on Dingy Harry, you know SS is a PONZI scheme, oh wait, you like PONZI schemes, because you're a corrupt democrat.
Privatization is the salvation of SS for future generations. The Charlie Foxtrot the rest of us have to live with, will have to be dealt with, and it will cost, and that will suck. But you had damn well better fix it for the children.
Oh wait, you damn democrats really don't give a damn for the children, only the money they can provide government to give your sorry excuse for of an existence, meaning. At least in your own withered, atrophied mind.
Of course its not the only way to save it. You can reduce it, tax it, tax it some more before you add an increase in the tax we pay...lotsa a ways to save a corrupt unworkable system just STEAL MORE MONEY.
A new plague would resolve all the issues.
I don’t want it saved - I want a stake driven through its heart.
We will do just fine on what we have saved and invested. I wonder what is going to happen to those that are depending on SS to sustain them in their “golden years”.
Nonsense. Our Social Security contributions have been safely invested in government IOUs, which are kept in the Social Security Trust Funds. All the Social Scurity trustees need to do is buy more government IOUs.
If there is a shortfall, the trustees can always make up the difference by selling that bridge in Brooklyn.
I’d agree with you but never saw any republican leadership fix it either.
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