Posted on 01/26/2011 12:06:02 PM PST by pissant
Today’s CBO report has some bad news about the deficit. But CBO has some really, really bad news about Social Security: It’s officially broke.
The CBO’s revenue/expenditure estimates now place the program in permanent deficit. There had been some hope that payroll taxes would recover sufficiently post-recession to put the program back into the black (the theoretical black) for at least a few more years, putting off the day of reckoning for an election cycle or more. No more: The new CBO estimates put Social Security in the red for as far as the eye can see.
But there’s a bit of camouflage attached: If you include the “interest” that the federal government “owes” the fictitious Social Security “trust fund,” then the program is in the black. Which is to say, if you think that borrowing another $1 trillion from the bond market to shift money from one government account to another government account makes the nation $1 trillion richer, then everything’s hunky-dory. But if you compare the program’s tax income to its benefit outlays, without the “interest” owed, as CBO does, what you get is deficits from this year forward to 2021 of $45 billion, $30 billion, $28 billion, $30 billion, $31 billion, $33 billion, $44 billion, $59 billion, $77 billion, $98 billion, and $118 billion — by my always-suspect English-major math, about six-tenths of a trillion dollars in the hole.
(Excerpt) Read more at nationalreview.com ...
No worries mate, just find the key to the lockbox
Good - now come up with a plan to phase it out over the next 25 years for everyone currently under 62 years of age and drive a stake through its heart.
What you do is, form a corporation and have this corporation assume all of the national debt and then have it declare bankruptcy.
simple.
//sarcasm
But, but, Harry Reid was on Meet The Press like 2 weeks ago saying this would never happen...
The govt will do what it does best....just print more money.
Before you do that, pay back all the money these people have put into the system, with interest.
Where’s Harry Reid to make the “bold” assertion there’s nothing wrong with Social Security... those words that he used when Bush wanted to cushion the fall by allowing recipients the option of privately investing up to 2%?
All they need to do is pay back the $2.5 Trillion they borrowed from the fund.
It's in the lockbox somewhere sharing space with a certain, celebrated birth certificate.
“now come up with a plan to phase it out over the next 25 years for everyone currently under 62 years of age.”
Just give me back what I paid and let me worry about it.
Dream on.
That money’s as long-gone as Bernie Madoff’s money.
Including the hundreds of thousands I’ve put into it (Social Security).
All they need to do is pay back the $2.5 Trillion they borrowed from the fund.
You mean the $$$ they stole via a ponzi scheme?
You might as well say that to Bernie Madoff.
SS can just issue bonds to cover the ever-growing deficits and the Fed can buy them with printed money!
Problem solved!
Now wasn't that easy?
If they would give back the IOU’s, we could go to McDonalds and get a Number 2. (With a coke). That being said, if people don’t start bringing up the IOU’s they’ll continue to rip people off. The people of this country need to stand up and say “Wait a minute, you guys that stole the money, are off the payroll until it’s returned.”
Just give me a few acres of Yellowstone and I’ll call it even.
I don’t care what name we put on it. The money was taken from the people, against their wishes.
Is that QE 26?
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