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Social Security's $20 Trillion Shortfall: Why Reform is Needed
Heritage Foundation ^
Posted on 01/17/2008 6:14:34 PM PST by newbie2008
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To: Graybeard58
Im joking kiddo.
You got me!
To: microgood
I would agree, but that is Medicare, not Social Security, which Bush actually tried to fix. Huh..are you series??
22
posted on
01/17/2008 6:43:01 PM PST
by
evad
(.)
To: newbie2008
So folks, tell me....this has gotten better with the democrats in control of congress, right? I mean, it’s much better now than it would have been if anyone would have backed Bush when he was taking on the issue, right? Just wait until there is a democrat in the White House...then this problem will be completely resolved, right?
23
posted on
01/17/2008 6:43:07 PM PST
by
Gator113
(My short list..Fred, Hunter, Romney.)
To: newbie2008
This is from 1998, and there is a lot better data on SS from 2005.
The trust fund is currently worth about 3 trillion...it is not going bust anytime soon.It is backed by government bonds that the US has never reneged on, and by law, can only invest in those US government bonds.
Social Security as we know it isn’t going to be touched by politicians for a decade, if then. Bush tried to just get a dialog going...you saw how well that worked.
24
posted on
01/17/2008 6:43:51 PM PST
by
A.Hun
(Common sense is no longer common.)
To: evad
Huh..are you series??
I thought Bush tried to privatize Social Security at some point. I know he failed but I thought he was going to give people control of at least some of it.
To: A.Hun
What a crock.
The trust fund is worthless. The only thing social security has to back it up is the government's ability to confiscate money in the form of taxes.
26
posted on
01/17/2008 6:47:03 PM PST
by
evad
(.)
To: microgood
I helped an elderly man load a couple of those big bags of dog food in his pick up at Wal-Mart the other day and he told me I was a nice young man. Made my day and I’ve been feeling frisky ever since.
27
posted on
01/17/2008 6:47:45 PM PST
by
Graybeard58
( Remember and pray for SSgt. Matt Maupin - MIA/POW- Iraq since 04/09/04)
To: microgood
oh..ok, I see how it reads now.
You're right of course.
28
posted on
01/17/2008 6:48:12 PM PST
by
evad
(.)
To: evad
The trust fund is worthless. The only thing social security has to back it up is the government's ability to confiscate money in the form of taxes. US bonds are the safest investment in the world. Of course they are based on US tax revenue. I don't see your point. The bonds are not worthless.
29
posted on
01/17/2008 6:54:04 PM PST
by
A.Hun
(Common sense is no longer common.)
To: A.Hun
The trust fund is currently worth about 3 trillion...it is not going bust anytime soon.It is backed by government bonds that the US has never reneged on, and by law, can only invest in those US government bonds.
Here is the situation:
Currently Social Security is running a surplus which Congress is spending every year to help reduce the deficit. But that number is beginning to decline (currently about 300 billion) and will be gone in 2016. Each year it is declining which gives less money to Congress to steal.
In 2016, the Social Security System will go to Congress to make up for the deficits it has after 2016 with the IOUs the Congress have given them. At this point they have enough IOUs to last them to 2040, but Congress has spent all the money. They will either have to raise taxes or cut spending to cover it.
In 2040 the IOUs run out and current taxes will only pay about a percentage of what is needed (about 30%).
To: doc1019
Well, Doc, here’s my solution. If you need more taxpayer money, just simply provide your bank account and routing numbers to me, and I’ll help the government collect the money and deposit it for you.
31
posted on
01/17/2008 6:59:17 PM PST
by
Tolerance Sucks Rocks
(I resolve to remember to write "08" on my checks.)
To: doc1019
Its my thought that the powers that be will successfully eliminate SS. It all part of the cabal that wants to reduce America to a turd world country.
32
posted on
01/17/2008 6:59:56 PM PST
by
abigkahuna
(Step on up folks and see the "Strange Thing" only a thin dollar, babies free)
To: Graybeard58
Made my day and Ive been feeling frisky ever since.
I guess we better keep an eye on you for the foreseeable future.
To: Gator113
As long as you’re willing to support private accounts, you can have the rest with my compliments.
34
posted on
01/17/2008 7:01:56 PM PST
by
Tolerance Sucks Rocks
(I resolve to remember to write "08" on my checks.)
To: newbie2008
those under age 50, are slated to receive very low benefits in return for a record amount of payroll taxes
While baby-boomers enjoy the money, some stupid young folks will continue to vote Democrat.
35
posted on
01/17/2008 7:02:30 PM PST
by
Son House
(Protection For Opportunity Seekers And Tax Payers From Congress Spending: Low Tax Rates !!!)
To: Tolerance Sucks Rocks
Well, I dont need more taxpayer money, just that which is owed to me from a lifetime of paying into the SS debacle.
36
posted on
01/17/2008 7:03:29 PM PST
by
doc1019
(Rabbit and the Hare … Fred ‘08)
To: newbie2008
What's scary to me is that any fix attempted will invariably be a convoluted mess. I've been fortunate enough to be in industries that aren't in social security practically all of my working life.
To: A.Hun
The trust fund is worthless. The only thing social security has to back it up is the government's ability to confiscate money in the form of taxes. US bonds are the safest investment in the world. Of course they are based on US tax revenue. I don't see your point. The bonds are not worthless.
What post #30 said...but let me also offer an analogy.
Suppose you have $1,000 and you put it in a "lock box".
Then suppose you take $100 out and put an IOU to yourself for $100.
Question: How much money do you have?
That's exactly what these bonds are. The government has slipped a piece of paper (bonds) into an accounting ledger and spent the "real money". They have promised to redeem their own debt with their own IOU.
Question #2: How do you think they will do that?
38
posted on
01/17/2008 7:04:17 PM PST
by
evad
(.)
To: qam1
"I'm old. Gimme, Gimme, Gimme..."
39
posted on
01/17/2008 7:04:57 PM PST
by
Incorrigible
(If I lead, follow me; If I pause, push me; If I retreat, kill me.)
To: newbie2008
So you’re telling me not to count on Social Security when I turn 65?
:-)
40
posted on
01/17/2008 7:06:11 PM PST
by
writer33
(The U.S. Constitution defines a conservative and Rush Limbaugh knows it.)
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