Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Social Security is slipping closer to insolvency (Welcome to Greece)
LA Times ^ | 4/23/2012 | Noam N. Levey

Posted on 04/23/2012 7:52:01 PM PDT by tobyhill

The nation's Social Security and Medicare programs are sliding closer to insolvency, the federal government warned in a new report underscoring the fiscal challenges facing the two mammoth retirement programs as baby boomers begin to retire.

Medicare, which will provide health insurance to more than 50 million elderly and disabled Americans this year, is expected to start operating in the red in its largest fund in 2024, according to the annual assessment by the trustees charged with overseeing the programs. That's unchanged from last year.

And the Social Security trust fund, which will provide assistance to more than 45 million people in 2012, will be unable under current trends to fulfill its obligations in 2033, three years earlier than projected last year.

(Excerpt) Read more at latimes.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: socialsecurity
One thing the article fails to mention is Social Security fraud. There are millions of people receiving SS disability but they are not really disabled.
1 posted on 04/23/2012 7:52:07 PM PDT by tobyhill
[ Post Reply | Private Reply | View Replies]

To: tobyhill

welcome to obama-bizzaro world


2 posted on 04/23/2012 7:55:15 PM PDT by bestintxas (Somewhere in Kenya, a Village is missing its Idiot, thankfully.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Also don't forget when clintoon “slashed” welfare.

Actually, they just moved expenses to medicare and social security - the statistic you will NEVER see printed anywhere - the percentage of social security and medicare that is paid to people that have paid into the system versus the percentages paid to people that have NEVER paid into the system.

3 posted on 04/23/2012 7:56:04 PM PDT by I cannot think of a name (NE)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Ahh yes Obamonomics, the study of stupid decision to wreck the economy, strikes again.

Incidentally we don't get welcomed to Greece, we plunge through at an incredibly high speed. When we end up in the stage that Greece is in, there will be no Euro-zone to bail water for us.

4 posted on 04/23/2012 7:58:08 PM PDT by Idaho_Cowboy (Give me liberty, or give me death!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

Social Security has effectively been insolvent ever since Congress decided to rob the trust fund money and replace it with government IOUs.


5 posted on 04/23/2012 7:58:14 PM PDT by evad (STOP SPENDING, STOP SPENDING, STOP SPENDING. It's the SPENDING Stupid)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
There are millions of people receiving SS disability but they are not really disabled.

Not only to the scammers get Social Security for 30 to 60 years, they also get medicare... When the system's broken - and they will break it - and the money drys up, scammers will move on to the next victim - while those who really are disabled will die.

And folks too old to work - people who paid into the system their whole lives will die. And young people paying into the system weekly will lose the protection they're paying for - all so the usual eternal deadbeats can get a new free ride.

6 posted on 04/23/2012 8:01:00 PM PDT by GOPJ (Hoodies - because you can't kill a security camera for snitchin' - - freeper tacticalogic)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GOPJ

Add in Section 8 housing and food stamps and we got one hell of a problem.


7 posted on 04/23/2012 8:04:35 PM PDT by tobyhill (Fight Fire With Fire)
[ Post Reply | Private Reply | To 6 | View Replies]

To: tobyhill

It’s okay - we’ll raise taxes and print more money. LOL!

I’d sure hate to be a young person. :)


8 posted on 04/23/2012 8:10:23 PM PDT by Tzimisce (THIS SUCKS)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

Not Greece
Anyone under 53 would be a fool to consider Soc Sec as part of their retirement planning


9 posted on 04/23/2012 8:15:19 PM PDT by kidd
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

I believe in a ‘hand up’ - but not creating dependency that lasts a lifetime. These ‘programs’ don’t exist to help the downtrodden - they exist to keep white liberal elites in office by buying the votes of the weak...

Democrats turn these people into useless animals - but they do get their votes... Very sick.


10 posted on 04/23/2012 8:22:02 PM PDT by GOPJ (Hoodies - because you can't kill a security camera for snitchin' - - freeper tacticalogic)
[ Post Reply | Private Reply | To 7 | View Replies]

To: tobyhill
It appears that the "money" which is held in the social security "trust fund" is sort of "running low" and around about "2033" there just won't be "enough".

It's all lies. All of it.

11 posted on 04/23/2012 8:26:28 PM PDT by ClearCase_guy (Like Emmett Till, Trayvon Martin has become simply a stick with which to beat Whites.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GOPJ

” - - - Democrats turn these people into useless animals - but they do get their votes... Very sick.”

Well said.

We are paying, every April 15 th, the useless animals to vote for Democrats every 2 years.


12 posted on 04/23/2012 8:31:38 PM PDT by Graewoulf ((Dictator Baby-Doc Barack's obama"care" violates Sherman Anti-Trust Law, AND U.S. Constitution.))
[ Post Reply | Private Reply | To 10 | View Replies]

To: tobyhill

But, but the government PROMISED it would always be there! It is supposed to be self supporting! Here is what they said back in 1964!

http://www.ssa.gov/history/ssa/usa1964-2.html

Self-Supporting

“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.
Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”


13 posted on 04/23/2012 8:36:26 PM PDT by Ruy Dias de Bivar
[ Post Reply | Private Reply | To 1 | View Replies]

To: evad

That never happened. It has always been money in and money out. The system is insolvent now because the system is cash negative. The so-called trust fund is a fraud. All it is is a promise to tax borrow or print more money to keep SS and Medicare recipients happy. The trust fund has no real assets.


14 posted on 04/23/2012 8:48:33 PM PDT by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
[ Post Reply | Private Reply | To 5 | View Replies]

To: evad

That never happened. It has always been money in and money out. The system is insolvent now because the system is cash negative. The so-called trust fund is a fraud. All it is is a promise to tax borrow or print more money to keep SS and Medicare recipients happy. The trust fund has no real assets.


15 posted on 04/23/2012 8:49:57 PM PDT by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
[ Post Reply | Private Reply | To 5 | View Replies]

To: tobyhill

They have loaded up millions in social security disability since Obammy has been in office. They also cut the withholdings for social security and medicare taxes on a lot of workers.

Being the racist he is, do you think Obammy is targeting the elderly people (boomers) in this country because they are in a large majority and white? I think he is. I think the progressives want to kill off the boomer generation as fast as possible. They don’t vote and think politically correctly.


16 posted on 04/23/2012 9:21:51 PM PDT by SaraJohnson
[ Post Reply | Private Reply | To 1 | View Replies]

To: I cannot think of a name
Also don't forget when clintoon “slashed” welfare.

Actually, they just moved expenses to medicare and social security - the statistic you will NEVER see printed anywhere - the percentage of social security and medicare that is paid to people that have paid into the system versus the percentages paid to people that have NEVER paid into the system.

Don't forget Newt. He takes credit for successfully slashing welfare. After he and Clinton fixed Welfare, I began to read about SSI and SSDI in the news. They began writing crazy checks to welfare bums whose kids were considered damaged goods and to aliens. Then we had Bush II run on a campaign promise that he would fix SS (along the lines of Chile's fix), another big fat Republican lie.

17 posted on 04/23/2012 9:39:53 PM PDT by LoneRangerMassachusetts (The meek shall not inherit the Earth)
[ Post Reply | Private Reply | To 3 | View Replies]

To: tobyhill

I need to start doing the math. I can start collecting in four years. I would hold off until I’m 66, but I’m not sure there will be anything left by 2020, since projections tend to be overly optimistic.


18 posted on 04/23/2012 9:50:20 PM PDT by AlaskaErik (I served and protected my country for 31 years. Progressives spent that time trying to destroy it.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

I know someone who is truly diabled. This person made six figures when working and would love to get back out there and make that much money again but is not able. You wouldn’t believe what this person is going through trying to get disability. Not all people applying are frauds.


19 posted on 04/23/2012 10:21:35 PM PDT by Terry Mross ("It happened. And we let it happen." Peter Griffin - FAMILY GUY)
[ Post Reply | Private Reply | To 1 | View Replies]

To: I cannot think of a name
Actually, they just moved expenses to medicare and social security - the statistic you will NEVER see printed anywhere - the percentage of social security and medicare that is paid to people that have paid into the system versus the percentages paid to people that have NEVER paid into the system

I am aware of this but have never seen the actual numbers. If you can, please direct me to a source on the statistical breakdown.

20 posted on 04/23/2012 10:41:07 PM PDT by cpdiii (Deckhand, Roughneck, Mud Man, Geologist, Pilot, Pharmacist. THE CONSTITUTION IS WORTH DYING FOR!)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Terry Mross

I never said all are committing fraud but I have seen the fraud and knows it’s in the millions.


21 posted on 04/24/2012 3:25:06 AM PDT by tobyhill (Fight Fire With Fire)
[ Post Reply | Private Reply | To 19 | View Replies]

To: cpdiii; LoneRangerMassachusetts

“I am aware of this but have never seen the actual numbers”

That’s because no one wants you to see the actual numbers. Welfare “reform” is a mess that both parties deserve some blame for. This link takes you to what I believe is the report that comes closest to pointing out the scam. If you don’t want to read it all, just scroll through the graphs. I love the one that has the notation, “ends welfare” and the line just keeps going. In this report they tried to find every bit of spending that is actually welfare, no matter what it is called.

http://www.heritage.org/research/reports/2010/06/confronting-the-unsustainable-growth-of-welfare-entitlements-principles-of-reform-and-the-next-steps


22 posted on 04/24/2012 5:22:10 AM PDT by I cannot think of a name (NE)
[ Post Reply | Private Reply | To 20 | View Replies]

To: achilles2000

I agree with what you said but I do have one question; before Congress decided to include the payroll taxes as part of the “General Fund”, where did those receipts go?


23 posted on 04/24/2012 5:54:02 AM PDT by evad (STOP SPENDING, STOP SPENDING, STOP SPENDING. It's the SPENDING Stupid)
[ Post Reply | Private Reply | To 14 | View Replies]

To: evad

Treating SS, etc. receipts as a part of the general fund was an accounting trick designed to hide the real deficit numbers because in those years the FICA taxes brought in more than went out in payments to retirees and others. The excess funds were simply spent like any other tax receipts, both before the accounting change and after.


24 posted on 04/24/2012 6:32:59 AM PDT by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
[ Post Reply | Private Reply | To 23 | View Replies]

To: GOPJ

Buffet rule to the rescue! /sarc


25 posted on 04/24/2012 8:15:21 AM PDT by corlorde (NH)
[ Post Reply | Private Reply | To 6 | View Replies]

To: achilles2000

excellent..smoke and mirrors 101


26 posted on 04/24/2012 12:40:11 PM PDT by evad (STOP SPENDING, STOP SPENDING, STOP SPENDING. It's the SPENDING Stupid)
[ Post Reply | Private Reply | To 24 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson