Skip to comments.Social Security now running a deficit; insolvency set at 2034; Medicare Even Worse
Posted on 06/06/2018 6:29:23 AM PDT by SeekAndFind
Social Security will spend more than it collects this year, the programs trustees said Tuesday, marking the first time in more than 35 years that it will run an annual deficit as it slides toward insolvency by 2034.
Medicares main trust fund is in even worse shape, scheduled to hit insolvency in 2026 three years earlier than last years estimate, the trustees said.
The twin warnings add even more pressure to a budget already strained by last years tax cuts and this years deal to boost spending on defense and basic domestic needs, leaving few bright spots in the federal fiscal picture.
The news also produced the usual finger-pointing among Democrats and Republicans, but budget watchdogs said the news was so grim that it should cut through the bipartisan bickering.
It would be a nice change if this year Congress and the president actually took these warnings seriously enough to do something, said Robert L. Bixby, executive director of the Concord Coalition.
Social Security has been struggling for years and turned cash-negative this decade, meaning the government paid out more in benefits each year than it collected from the payroll tax.
(Excerpt) Read more at washingtontimes.com ...
It’s already insolvent. There is zilch to back up those [supposed] IOUs.
Socialism failing, as usual.
It’s ok, we can correct it with more socialism.
Breaking out the social security scare in time for the election.
Scaring old people will help get them to the polls.
Democrat policies are the ones that are a threat to social security in medicare. But the useless republicans haven’t figured out how to win that argument the last 40 years.
People weren’t suppose to live long enough to collect Social Security.
Proving there is no "trust fund" because if there was there would be literally hundreds of millions in "earnings" to supplement the cash flow from taxes. There never was a trust fund and this has always been a ponzi scheme. Our government is corrupt to the core. Next stop, public defined benefit plans bankrupting states, another corrupt Dem ponzi scheme.
Time to Purge the Systems of Fraud!
Don’t screw with old people’s money.
It’s not really news. I can remember the numbers people laying this out at the end of the Reagan era....’there would come a day’. Well....it’s approaching.
There’s five or six tricks that you can do to resolve this or prevent it....but I don’t see the freak show (GOP and Democrats) willing to really take action. You could raise the ‘cap’ and have the more wealthy put more into it, which would infuriate them because it’s a waste of money. You could raise the retirement age, but get lots of people mad. You could change the cost of living measure. You could have a ‘means test’ which is what Trump has talked about. You could even use the estate tax business to resolve this (really bad idea).
Stop giving Social Security “funds” to non citizens.
Remember all the times Republicans wanted to fix Social Security? remember when George W. Bush set out with a plan to fix Social Security?
Remember that each and every single time Democrats and their megaphone MSM screamed that Republicans wanted to kill seniors and make them eat dog food before they died? Remember they said seniors would be forced to make a choice between eating and getting their medication?
And I’m certain as sure as I am drawing breath that Democrats and their MSM partners will blame Republicans for the coming catastrophe.
I read somewhere that in order to return SS back to the original retirement age, we would have to set the SS start of benefits to something like 78 years old.
That’s what they get for setting up this ponzi scheme
Exactly, because the average life expectancy is 79!
Where is all that money I sent off to the government to invest for my retirement? *rhetorical*
RE: I read somewhere that in order to return SS back to the original retirement age, we would have to set the SS start of benefits to something like 78 years old.
What about Medicare? It’s insolvency is scheduled to be much earlier -— 8 years from now according to the article.
So, in order to return it back to its original retirement age, how old should someone be to qualify for Medicare?
How’s the welfare trust fund doing?
I also remember the jokes
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