Social Security faces unfunded liability of $8.6 trillion; debt equals $73,167.83 per US household

http://weaselzippers.us/2012/04/24/the-bad-news-social-security-faces-an-unfunded-liability-of-8-6-trillion-the-worse-news-this-debt-equals-73167-83-per-us-household/ ^

[dewawi]

(CNSNews.com) — Social Security faces an unfunded liability of $8.6 trillion, according to the 2012 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.

The unfunded liability is the amount that has been promised in benefits to people now alive that will not be funded by the tax revenue the system is expected to take in to pay for those benefits. . . .

The $8.6 trillion in unfunded benefits Social Security is expected to pay over the next 75 years equals $73,167.83 for each of the 117,538,000 households the Census Bureau said were in the United States in 2010.

However, the report also shows that when considering the unfunded obligations over an “infinite horizon” — the period extending into the indefinite future — the $8.6 trillion shortfall balloons to $20.5 trillion.

[dewawi]

Try to explain this to the kids...their eyes glaze over.

[FlyVet]

It won't be long before the pols have no choice but to demonize the old folks. They certainly can't blame themselves for this, even though most of $1.5 trillion annual deficit is going to boondoggles like Solyndra, and other money laundering. And, they've squandered the so-called Trust Fund to buy votes. Nothing left but IOUs.

Got'em coming with abortion, gotta get'em going with euthanasia. Here it comes.....Can ya feel it in your guts? I can.

[Sacajaweau]

Gee...It sounds like a pyramid...

This was created as a "kitty" to be robbed annually....the majority of people weren't living long enough to collect....

Then they started living longer....real longer...all those folks who ate meat, potatoes, bread, cheese, drank milk, ate cake....

My mother in law turned 97 Sunday...never worked a day in her life...still collecting !!! Of course the nursing home is taking it all...and it should

[Manic_Episode]

Common thieves.

[Sarajevo]

For Sale: $73,167.83 of debt saddled on me by the Federal Government. Health forces sale.

Will let go cheap $80,000 obo.

[Harley]

And Obama’s idea to stimulate the economy was to cut the payroll tax, in effect cutting funding to Social Security. What about all the money the Dems borrowed out of the SS fund, they’re going to pay it back right?

[A.A. Cunningham]

unfunded