Skip to comments.Social Security strained by early retirements
Posted on 09/27/2009 9:16:38 AM PDT by Nachum
WASHINGTON Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that's happened since the 1980s.
The deficits $10 billion in 2010 and $9 billion in 2011 won't affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion. But they will add to the overall federal deficit.
(Excerpt) Read more at news.yahoo.com ...
I wish it was mainly seniors and baby boomers who voted for Obama who are royally screwed.
The kids who voted for him are screwed too. Well we can go back to watching college ball games and the NFL and living in a dream world. Until people shut off the TV and cancel cable and sat TV service then not a lot will change.
I'm planting beans and corn next spring, and built a coffin out of pine. Cause I ain't gonna see any of the hard-earned cash that I 'contributed'.
That is worthless IOU’s from Congress which means nothing, it isn’t cash.
WOW! Party on grammy! Gives us (relative) youngsters hope for the future. ;)
I would recommend keeping track of “paid me, paid me not, paid me, asked for it back”. Then get a lawyer if it keeps up. How can you live on money that may stop and even be demanded back at whim?
There are no good choices here. The only things to do are continue to raise the retirement age, increase FICA taxes from 6.75% to 7%, and dramatically raise the earnings limit.
Ya...so its like..they’ve only had 65 freekin’ years to anticipate this...and plan for it...with the resources of the mightiest country to ever exist.....fools.
From a percentage-increased perspective, they have been dramatically raising the earning limits .
Obviously, it’s not enough. I think we can aford to raise the limit because the next generation to reach retirement age is much smaller than the current one.
Going to go through the SS letters and my checking account this weekend. Will talk to a lawyer and my Rep in Washington.
Don’t expect much from him. He’s Emanuel Cleaver, former corrupt mayor of KC with an even more corrupt city hall during his time in office. If I were a black female in one of his pet areas it would be no problem. My senators are Bond and McCaskell.
Can I sue SS for mental stress?
I used to think disabled meant in a wheelchair, or paralysed, or blind, or mentally challenged...but now I know you can have a bad ankle or a sore back or nevousness and get on it....
what a scam....
that and those wheelchair parking spots...for the lazy and the obese .....and I am not talking about those who can't walk...doesn't it seem the truely disabled can never find a handicap parking space because of all the 40 yros with the bad backs....
Why else do you think Zero wants Obamacare to not start until 2013, but start TAXING us for it immediately?
Reason is the country is flat broke, right now, and O-care is an excuse to keep his socialist programs financed until it all goes bust after the re-election.
The urgency for o-care now, is that he NEEDS to spend those healthcare dollars NOW on other things.
Yeah, something tells me that “two years” is going be longer than they think.
I have a feeling you may have an illegal immigrant using your SSN and contributing on top of what you put in. SSA may not have realize that when they calculated your contributions to determine your monthly stipend.
You have FReep mail.
I curse FDR every time I think of it.
As did I, at one time. Then, I wrote off everything I ever paid into it, as I'm certain I'll never see a nickel of it. Now, I curse him *twice* every time I think of Social Security...
Phase it out.