Skip to comments.Report on Social Security and Medicare could be bleaker (Lock-box surplus down 95%)
Posted on 05/12/2009 6:07:48 AM PDT by Libloather
Report on Social Security and Medicare could be bleaker
Story By: Associated Press
Updated Tue May 12, 2009, 06:44 AM MDT
Analysts say today's release of a report card on Social Security and Medicare won't be anything to celebrate. Analysts think this year's trustees' report will project the two trust funds will run out of money sooner than projected a year ago, thanks in part to the worst recession in decades and resulting high unemployment.
The economic downturn has resulted in a loss of 5.7 million payroll jobs since it began in December 2007 and an unemployment rate that hit a 25-year high of 8.9 percent in April. Fewer people working means less money paid into the trust funds for Social Security and Medicare.
(Excerpt) Read more at koaa.com ...
Actual numbers are supposed to come out @ 2:30 this afternoon.
B-b-b-b-but Clinton ran a surplus all 8 years! Either that, or he was including social security receipts in the general fund. One of those two, I forget.
Last week some Freeper laughed at me for suggesting we are very likely in a depression, though we just don’t have the published figures yet.
Guess it’s time to fix up the spare room for my elderly mother-in-law....sigh.
Can’t anybody in government see this is a problem? We need to tax and spend more to dig out of the SS, Medicare, Medicaid hole... Barry to the rescue...
my Congressman Andre Carson (Muslim, IN) said he would make Social Security “safe for seniors”
how could this be?
Sheesh, every 5th grader knows that the proper way to say it is ‘more bleaker’.
Andre lied to you. He knows it. Now you know it.
Last week some Freeper laughed at me for suggesting we are very likely in a depression, though we just dont have the published figures yet.
Once again it has been made obvious to you as well as to me that being a Free Republic member, in and of itself, does nothing to raise a person’s intelligence level. I would have asked why you said very likely, I consider it a foregone conclusion, anyone who laughs at the thought is living in dreamland.
My only question is whether it is a depression, which implies a recovery at some point or an engineered descent to a lower level plateau, the latter is looking more and more likely.
This is a prime example of the government “investing” our money for us, not to mention the fact that government entitlements will fail.
The trust funds don't exist anyway except in the same computer system that the Fed uses to print money.
The funny part is that the smaller SS surplus is actually making the national debt increase at a slower pace than would be the case if the revenues were not decreasing.
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
“Trust funds?!” “Run out of money?!” There are undoubtedly still a great many who believe that SS funds (that is, Social Security. Given the Hussein administration one must be clear) are somehow separated from the rest of the money confiscated by Big Brother each year.
And we want Zero and Unions running Banks and Chrysler?
Economics / Recession 2008 - 2010
May 11, 2009 - 05:35 AM
Martin Weiss writes: Any economist fixated on so-called signs of a recovery needs to have his head examined.
As Ill prove to you in a moment, the hard-nosed reality is that five major economic cyclones are in progress at this very moment.
The storms are not abating. Nor are they changing direction. Quite the contrary, what you see today is, at best, merely a deceptive calm before the next, even larger tempests.
For investors who follow Wall Street, it could be fatal.
Actually Government Motors could be a nice booby trap for Baraq if the GOP can ever get the message across that taxpayers are going to be subsidizing lush retirement payments and platinum benefits for UAW members.
I knew it all along, but I’m sure as hell not gonna let him forget he said it, LOL.
You understand I didn’t want you to continue through life being surprised by Andre. Most everybody else knows he’s telling lies because his mouth opens and closes.