Skip to comments.Third-Rail Shocker (Social Security Going Bankrupt Sooner)
Posted on 01/08/2010 5:17:09 PM PST by raptor22
Entitlements: While a massive health care entitlement is fashioned in secret, another one, Social Security, is running deficits decades earlier than expected. We've been kicking the can down the road. We're out of road.
As Bernie Madoff found out, any Ponzi scheme depends on a continuous inflow of new cash and new customers or the ever-expanding pyramid will totter and collapse. Social Security, dependent as it was on new workers paying the expanding benefits of retirees, is about to, much sooner than expected.
As Ed Morrissey over at HotAir.com reminds us, Peter Orszag, now director of the Office of Management and Budget, predicted as director of the Congressional Budget Office in August 2008 that no one needed to worry about Social Security. "CBO projects that outlays will first exceed revenues in 2019 and that the Social Security trust funds will be exhausted in 2049," we were told.
As the baby boomers have started retiring and the economy has collapsed, that day of reckoning is here. The Social Security Administration's Office of the Chief Actuary finally got around to posting detailed November numbers, and they aren't pretty.
(Excerpt) Read more at investors.com ...
Scrimp and save your own retirement funds. 401(k), Roth, whatever. Gold and silver might be good ideas, too, considering the way our government is handling our currency, although a friend told me recently that if I was invested in gold, I should sell about half of it.
When SS runs out, it’s gonna be a world of hurt. Hopefully, government will get rid of the FICA tax at that time, but I’m probably hoping for too much.
Well right after being reelected in 2004, Bush tried to fix social security and Democrats and the corrupt MSM screamed like stuck pigs.
(And this is a Ponzi scheme that’s not even voluntary!)
It’s insane to have government running any entitlement program. SS is proof. Medicare, medicaid, proof. VA Hospitals, proof.
Yes, the proof is in. And the dems are hell bent in destroying themselves to get government to run our healthcare.
Keep the powder dry.
Personally, I would get rid of SS altogether, and eliminate the payroll tax along with it. This may sound contradictory to my earlier replies to some, but it’s not. Whether SS is forcibly eliminated or it eventually goes bankrupt, everyone is going to have to save their own money for retirement, in addition to what they eventually have to spend for relatives currently on the system.
And the HITS just keep on coming! How ‘bout that “hope and change”?
Part of the problem, as I see it, is that if you put your money into any banking system it is at risk. That’s why many folks (like Russians) have been burned more than once and keep their things of value close at hand. It seem that anytime there is a pot of money big enough somebody’s going to try to steal it.
Put yourself in control.
WELL THE ONLY OBVIOUS SOLUTION IS TO TAX THE RICH. THAT ALWAYS WORKS.
The solution is obvious: spend more money on it.
Proletarii vsekh bushakh coedinyaites!
Is that Polish for "Workers Unite?"
My mattress is at the ready! :-)
Social Security is the only annuity program where the government declares itself the beneficiary!
Workers of all Bushes unite!
Besides, I screwed up part of the message. Properly, it should read:
Proletarii vsekh bushov soedinyaites!
Just wait until your father comes home. You are in for the beating of your life.
It is going to be one ugly sight when millions of retirees get their walkers and march on Versailles. Osama bin Laden has a better chance of hiding than the politicians who mess with the seniors.