http://www.passionatetees.com/politics/18203213_125x125.jpg
Here's the accompanying bumper-sticker:
Posted on 03/29/2010 4:15:30 PM PDT by Kaslin
Entitlements: Social Security's chief actuary reports that the social safety net will run a deficit for 2010, nine years earlier than predicted. Put down that big gavel, Madam Speaker, we're about to hit the iceberg.
No sooner had House Speaker Nancy Pelosi, carrying the gavel used when Medicare was enacted, taken a victory lap around the Capitol Building after passage of the health care bill than did the chief actuary of the Social Security Administration report that his part of the social safety net had a big hole in it and would run a deficit for all of 2010.
Stephen C. Goss said that payments rose "unexpectedly" during the economic downturn as jobs disappeared and people feeling no hope and seeing little change opted to apply for benefits sooner than planned. Revenues also shrank due to fewer paychecks to tax.
Failure of the stimulus to keep unemployment under 8%, as the administration promised, has taken its toll on the entitlement. According to Goss, the administration expected a quicker, stronger recovery from the financial crisis. Officials foresaw an average unemployment rate of 8.2% in 2009 and 8.8% this year, though unemployment is hovering near 10%.
The 2010 shortfall is expected to be $29 billion, but it's still early. It could get bigger as the economy collapses under the weight of increased debt and deficits spurred on by the new taxes and economic disincentives of newly passed ObamaCare. Then, looming ahead, is the angel of economic death known as cap-and-trade.
(Excerpt) Read more at investors.com ...
By the way...I don’t expect to (nor am I planning on) get a dime out of it...
“has taken its toll on the entitlement. “
How is this an entitlement when the govt has been stealing from the citizens.
If I had payed in for 30 - 50 years, and was told that it is bankrupt I would be seriously displeased. Workers that payed in should expect payout per govt contract.
If they cannot SSN cannot payout, all other programs should take back seat to SSN.
I say that govt employees (pols) should take pay cut to make up the difference
That's a great point, but what if the plan is for a global economy? At least Lenin had a degree of 'love' for Russia and its people. Obama has none of that for the USA. Obama made a half-hearted attempt at controlling the auto industry, but it fell flat. Now what?
Bernie Madoff wishes he had thought of this scheme. At least he paid off those wise enought to cash out during his scam.
Love the “Buck Ofama” buttons!
The Bush tax cuts expire in 2011.
The additional taxes will do wonders for the economy. No wonder Larry Summers wants to bail.
I took mine on the earliest possible day. Don’t trust it to be there in 3 years.
I haven’t stopped to look at home much I have put in over the years. I suppose that’s on that periodic statement I receive from the SSA?
I knew a person who told me all 11 bothers and sisters were collecting social security disability. The person I knew really deserved it but a brother said to “go mental” because it was impossible to disprove. My friend was sickened by the comment.
At the time all 12 of them were under the age of 45... collecting full benefits for themselves for possibly another 40 to 45 years. In short, that one family will collect more in benefits than over a thousand American workers collecting at full retirement age...
And dems? Liberals? They’re very quiet about this...
What’s the liberal “solution”? To make Americans who play by the rules work longer - to bankrupt the system for honest young people forced to put money into a corrupt system - and to set citizens against those who really are disabled. And to set the young against the old. It’s twisted - evil - sad.
Yes, I hate liberals.
But the democrats said that Bush was just making up all the stuff about social security going broke.
Does that mean they lied??? /s
Money was stolen from workers who paid in. They should be entitled to collect what can be collected from those who stole it, but very little is going to be collectible. I don't really see that they have any stronger moral claim to other taxpayers' money than those tax payers have themselves.
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