Posted on 07/14/2017 5:15:22 AM PDT by george76
Social Security's unfunded liabilities total $12.5 trillion in present-dollar terms over a 75-year timeframe, the administration's trustees reported Thursday, an increase of $1.2 trillion from last year's estimate.
The trustees report showed that Social Security's combined trust fund can only pay scheduled benefits through 2034, a projected date that is unchanged from a year ago. Medicare's trust fund, though, is in better shape than previously estimated and will run out a year later than previously anticipated, in 2029.
At those dates, beneficiaries would face the prospect of an immediate cut in benefits unless policy were changed in some way to avoid that outcome. Social Security beneficiaries would see a cut of about a quarter in their checks, which average about $1,360 a month at the end of 2016 for retirees.
...
Social Security's retirement trust fund is funded through 2035, the same projection as last year. The exhaustion date for disability benefits, however, has been moved back by five years, reflecting lower claims, a senior administration official said. Labor Secretary Alexander Acosta said that it was "dangerous to speculate" about why fewer people are seeking disability, but suggested nevertheless that it might have to do with the recent improvement in labor markets.
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In the 1960s, there were four workers for each Social Security benefit. Today, that ratio is under three, and it is projected to fall to two during the 75-year timeframe.
(Excerpt) Read more at washingtonexaminer.com ...
One of the biggest scams ever foisted upon the American people. A time bomb. There never was a “lock box” that was raided, that’s a lie. It’s been a ponzi scheme since day one.
All of Social Security is unfunded since LBJ and “The Rat Pack” moved it into the general fisc.
The first thing I bring up whenever some jerkoff leftie tries to guilt me by using the term “sustainability”.
You want to see open revolt? The baby boomers are well armed.
“One of the biggest scams ever foisted upon the American people. A time bomb. There never was a “lock box” that was raided, that’s a lie. It’s been a ponzi scheme since day one.”
I don’t really have an argument with your statement, but I did write several (negative) papers on SS while in school. At the time it was put in place and despite being 100% political pandering, it was initially set up to operate properly into the future but it assumed the conditions of the time would continue. At the time people, on average, died within months of their 65th birthday. They also had three to five children each couple. There was, initially, a separate fund. But by the late sixties the fund was huge and politicians, notably, LBJ, wanted access to that money. They (I think the word is “conformed”) the budget to take into account that huge pile of money. They replaced the money with promissory notes. (Not quite the right word, but that’s the idea.)
Now my mother, who was born in 1917, is cranking along just fine at 100. The huge amount of children born per couple in 1933 has dropped to about 1.4 among people who work and pay into the system but is still about 6 for people who, historically, are just sucking on the system.
In essence, politicians can’t be trusted if there is money anywhere about and that, aside from the questionable morality and the unconstitutionality of the system, is the problem.
How can crooked politicians and their crooked supporters like Zuckerberg talk about a basic income for everybody when SS is running out of money?
What’s the total unfunded liabilities for the government’s numerous anti-poverty programs over the next 75 years? They cost a trillion plus per year now.
Don’t worry, I’m sure the Chinese will keep funding both programs!
Medicare/Medicaid will collapse the govt long before Social Security.
I’m not disagreeing with your assessment of disabled however I see my wife out there doing stuff and she’s on SSDI. It’s 5 straight years non-stop chemotherapy, many bouts of radiation. She couldn’t do her job (teach) under this cancer care because of all the hospital appointments during the teaching day. She likes to do something in the yard to feel valuable but the difference is she sleeps. So work in the morning before oppressive Cent. Fla heat kicks in, eat lunch and sleep.
This is survival mode, not coast city. Of course had she signed up for LT Disability we’d be doing a little better but she didn’t.
Excellent, my thoughts as well. Although I’m only 53, I’ve been working since 14, paying into a system, never thought about it much, just did as I was told. As I aged, I basically believed that I may never see this money, but forced to pay none the less. Now, only 9 years removed from my “payday”, and fully aware of all the LOSERS who never have paid a dime, and collect collect collect, I WANT MINE. Of course I will be “means tested” out of the system because I’ve actually saved for retirement. You want a revolution??? Deny me, deny us, the money we rightfully are deserved because the government can’t get it’s shit together, and the suckers keep sucking.
I know several people in the 55-60 range who have each had a couple orthopedic surgeries long ago. They are all on permanent disability. Now granted, they could not be out digging ditches or working construction, but this country has moved to making disability an “award” to be sought after, the younger the better.
One of them was becoming unemployable as a nurse due to substance abuse, and coincidentally had an unwitnessed back injury and got permanent disability.
SS can be saved simply by slowly pushing out the age of retirement (which they should do, and I say that as someone 30+ years before collecting, as life expectancy is higher) and making a couple of tweaks around the edges. Medicare and Medicaid though are time bombs and the boomers didn’t even remotely close to pay in the cost of their medicare. The money isn’t there and reforms are going to have to be made.
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