Posted on 01/26/2011 6:16:19 PM PST by markomalley
Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates.
The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016
This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors' benefits than it collects in payroll taxes, the nonpartisan Congressional Budget Office said. That figure nearly triples — to $130 billion — when the new one-year cut in payroll taxes is included.
(Excerpt) Read more at news.yahoo.com ...
Social Security fund now seen to be empty by 2007.
This title to the article is probably more likely. Unless you talk to Dingy Reid and he claims everything fine.
Barry and Michelle will be cooling their heals on some beach in Hawaii in 2037.
Reality is a much greater unfunded liability.
When you initiate a system that depends on the contributions of working people to fund retirement, and you combine that with a welfare system and an immigration policy that increases the numbers of those of working age who don’t work, it is inevitable that the system will collapse.
There is NO Social Security Fund ... which implies an account with money set aside earning interest...
The only Social Security ‘Fund’ is what is paid out each month to recipients from the General Tax Fund of the U.S Treasury brought in from various taxes upon the people of the U.S. - not just from ‘payroll taxes’ with includes a withholding from your wages... supposedly ‘earmarked’ for each worker ... A BIG LIE.
There is no money lying around in some Social Security lock box tagged to someone’s social security number ... Total Fantasy
Put all members of Congress on Social Security and watch them fix it immediately (and stop borrowing money from the SS trust fund!)
The only way to “fix it” it to raise taxes or cut benefits or both.
I’ll be 90 years old. Since I’ve already had cancer once, chances are I will expire first.
I’ll be 94 that year. What does it mean for me?
There are few larger Amens in this world. The pyramid scheme started flat busted and it has been ever since. If you imagine Socialist Security as an inverted pyramid then you can imagine that we will have bored a black hole, from which not even light can escape, clean through the planet by 2037.
China will meet us halfway as their "one child" population exponentially implodes with each female murdering generation.
and the fact that there are not an additional 53 million people paying into the system because they were aborted.
The Gov’t owns millions of acres and other property, why is there is no suggestion of selling some of this to approved bidders to raise money at this time???
The government has been using my money for the past 50+ years and now when I start collecting, they tax ME? I should have been taxing them!
It is an inverted pyramid; I doubt any projections are taking into account how many fewer children Americans will be having as we “become Europe”. Latinos made up for part of the deficit, but without jobs and the reduced freebies there’s less incentive for them to come here (in fact they’ll have a better chance working for an American company in their own country).
2037 Someone posted this earlier...
CBO: Social Security Now Officially Broke
http://www.nationalreview.com/exchequer/258075/cbo-social-security-now-officially-broke
http://www.freerepublic.com/focus/f-news/2663691/posts
Biggest legal Ponzi scheme ever!
2037? There’s no money NOW! It’s a bunch of IOUs!
Ah.
*AMMUNITION* (Yes, I used a politically incorrect word!) to use against the stupid leftist who was telling me that Social Security wasn’t a ponzi scheme yesterday.
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