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 ...
welcome to obama-bizzaro world
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.
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.
Social Security has effectively been insolvent ever since Congress decided to rob the trust fund money and replace it with government IOUs.
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.
Add in Section 8 housing and food stamps and we got one hell of a problem.
It’s okay - we’ll raise taxes and print more money. LOL!
I’d sure hate to be a young person. :)
Not Greece
Anyone under 53 would be a fool to consider Soc Sec as part of their retirement planning
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.
It's all lies. All of it.
” - - - 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.
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.”
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.
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.
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.
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.
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.
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.
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.
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