Social Security Is Failing Even Faster Than We Thought

Daily Finance ^ | 2/14/2012 | Chuck Saletta

[detective]

In last year's Trustees Report, the Social Security Administration warned that the program's trust fund was likely to run out of money in 2036, leading to deep cuts in benefits. If that weren't bad enough for anyone expecting to be alive then, a more recent projection from the Congressional Budget Office paints a much worse picture.

This year's CBO report forecasts that by the end of this decade, the combined Social Security Old Age and Disability Trust Funds will be about $800 billion smaller than last year's SSA projections. That's a very substantial drop -- and a sign that this year's Trustees Report will likely bring another downward revision to the year it expects those Trust Funds to dry up and benefits to be cut

[detective]

The lies the politicians have been telling about Social Security are beginning to come into contact with reality as the crisis point grows nearer in time.

Obama's solution is to reduce the Social Security contributions and make the situation worse. It looks like the politicians are going along with it.

I hope you enjoys spending your golden years on a street corner begging for food.

[shankbear]

Ponzi schemes always fail....what a shocker.

[Colonial Warrior]

[Buddy Sorrell]

I hope you enjoys spending your golden years on a street corner begging for food.

When North Korean-style cannibalism hits the big cities, some of them will be food.

[Logical me]

What else is new for communists run America?

[DJ MacWoW]

We're also going to try to replace some of our older servers and failing equipment this year so we're going to add a little extra to our FReepathon goals. John is estimating ten to fifteen thousand to do this and I'd like to get it all in place and working before the election cycle is fully heated up, so we'll try to bring in a little more now if we can and the rest next quarter.
Jim Robinson

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[KoRn]

It’s going to be truly ugly when all of the young people of today get elderly. 99% of them don’t have the discipline to save a Nickel for a week, let alone for “retirement”. Socialist Security won’t be there for them. When they become unable to work, many will be in BAD shape. Not to mention most of them are terrified of getting married, and especially having children, so most of them won’t have children to care for them either.

[Terry Mross]

Man, I wouldn’t want to be just now entering the workforce. I’m grateful that I’ve seen my better days and am nearing the end. I plan on being in Paradise before SS is completely out of money.

[Menehune56]

Obama's solution is to reduce the Social Security contributions and make the situation worse.

And when the pubbies object to Obama defunding social security they are demagogued for wanting to reduce taxes on the rich while raising taxes on the poor. So of course the pub leadership capitulates and the boat continues to take on water...

[Menehune56]

Obama's solution is to reduce the Social Security contributions and make the situation worse.

And when the pubbies object to Obama defunding social security they are demagogued for wanting to reduce taxes on the rich while raising taxes on the poor. So of course the pub leadership capitulates and the boat continues to take on water...

[who_would_fardels_bear]

"When North Korean-style cannibalism hits the big cities, some of them will be food."

And when that "food supply" dries up we'll be heading out to the smaller cities and rural areas stocked up with gear we "acquired" from the DHS-supplied SWAT teams.

All your compounds belong to us!

[RC2]

The $2.5 Trillion that the government borrowed should be paid back with interest. This money would carry SS until something else could be worked out. That money belongs to the people not the government.

[achilles2000]

SS is and always has been out of money. THERE IS NO GENUINE TRUST FUND OR LOCKBOX. What the idiot journalist should have written is that SS is far more cashflow negative and a bigger fiscal drag than expected.

[nascarnation]

The author no doubt has been indoctrinated with the AARP dogma of the “trust fund” being an actual asset.

[achilles2000]

The author no doubt has been indoctrinated with the AARP dogma of the “trust fund” being an actual asset.”

Yes, and I am amazed still to find postings here that reflect belief in the same lie.

[Brilliant]

No problem. Just give it some more IOUs.

[JustTheTruth]

No problem, we can just have the Treasury print bonds and sell them to the Fed... like we already do in the Trillions of $ ...

Let the Ponzi continue!!!!! (but don’t hold paper money or unbacked paper assets when the musical chairs music stops!)

[nascarnation]

The libs sold that story HARD for decades. At least two generations of Americans were taught that as gospel.

[familyop]

"It’s going to be truly ugly when all of the young people of today get elderly. 99% of them don’t have the discipline to save a Nickel for a week, let alone for “retirement”."

You're talking about the children of the bipartisan, socialist political class. I know a few young folks who are far more austere than most of my Baby Boomer peers and can outwork any of us or Gen-X-ers. But they won't work for the plantation or give it a dime.

[DarkWaters]

There won't be any problem for them to be elderly, it will be survival out of necessity. Those who have the capacity to leave the dumb stupor that they are in will make it, those that don't well they won't survive long enough to get to that point. Also given how hard they will have to work in order to just get by, many will never make it to retirement age. Will see a drastic reduction in the average lifespan. It will be like it was 110+ years ago for a lot of people. They will be the ones who will have to rebuild that which as been robbed today. All of this of course assumes that we don't get a full fledged Stalinist dictatorship.