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Don't Wait For Social Security's Crisis — It's Here
IBD ^ | 06/10/2018

Posted on 06/11/2018 8:09:30 AM PDT by SeekAndFind

Social Security is like the classic children's tale, "The Boy Who Cried Wolf." So many warnings have been made, no one listens anymore. Well guess what? The wolf's now at the door. Are you listening now?

For the first time in 36 years, Social Security will take money out of its "trust fund" — an accounting fiction that would get you jailed for fraud in the private sector — to pay retirees. The truth is, Social Security is for all intents and purposes bankrupt.

Since 2010, Social Security has been spending more than it took in, making up the difference by tapping into the interest paid on a $2.9 trillion government bond fund. That "interest" is really your tax dollars. Congress, you see, spent the actual money that came in through your payroll taxes and left IOUs. Now, even the interest on those entitlement IOUs is no longer enough. So they're going to have to start selling off assets to pay what they owe. Last year, it was $41 billion. It will only grow.

By 2034, the entire pile of IOUs will disappear. Everything. It will require slashing benefits by at least 21%, or raising payroll taxes by 31%. That's for workers who are today 50 years of age. It is a devastating fiscal picture, one that has profound meaning for our society going forward.

As Cato Institute economist Michael D. Tanner estimated in 2015, Social Security faces a long-term funding shortfall of $25 trillion and Medicare of $48 trillion. Yes, that's trillion with a "t." No doubt, it's far bigger today. To do nothing is tantamount to an irresponsible declaration of national bankruptcy over entitlements.

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


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: insolvency; socialsecurity
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To: wbarmy

Understand but somewhere you have to draw the line. I paid in for me, the wife paid in for her but we didn’t pay in for folks that never did a damn thing to earn it.

Same with all the welfare crap.. you get one chance and “x” amount of time then you’re on your own.. it’s not a continuing generational entitlement.


101 posted on 06/11/2018 3:38:43 PM PDT by maddog55
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To: Empire_of_Liberty

SS TAKINGS CLAUSE

The U.S. Constitution has a “takings clause”. Any property taken must be reimbursed. The true working retirees have a legal claim. If takings is not honored, none of the Constitution needs to be and our dictator overlords can set up a nothing Government.

The rest of the people, have no SS claim, like disability, foreigners, and the non working.


102 posted on 06/11/2018 5:09:37 PM PDT by TheNext
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To: Empire_of_Liberty

The Takings Clause


103 posted on 06/11/2018 5:29:19 PM PDT by TheNext
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To: faucetman

The more money they print, the less SS receives, because SS has no COLA.

Try again.


104 posted on 06/11/2018 5:37:31 PM PDT by TheNext
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To: Brian Griffin

Good posts but we do not need you writing policy. Everybody wants to write policy. Everyone is an expert.

SS adjust paying benefits to what is available. Done.

It is Democrats that want full socialism and they want the world receiving unearned benefits to crash the system.


105 posted on 06/11/2018 5:42:51 PM PDT by TheNext
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To: wbarmy
1. Purge the rolls of non-citizens.

2. Demand medical re-qualification for all disability payments.

3. Re-confirm and validate anyone who receives their checks out of country.

4. Raise the SS retirement age to 75 or 80.

106 posted on 06/11/2018 8:26:21 PM PDT by zeugma (Power without accountability is fertilizer for tyranny.)
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To: Right Brother
My contributions to this pyramid scheme were not voluntary so, yeah, I want my money back.

It's not your money. It was just another tax that you paid. The supreme court has ruled on several occasions that you have no personal interest in the money. If you did, you would be able to will it to your heirs. There is no account with your name on it. Again, if there were, you could pass it on when you die.

It's just another tax that you pay. You've bought into the big lie about the entire program.

107 posted on 06/11/2018 8:39:01 PM PDT by zeugma (Power without accountability is fertilizer for tyranny.)
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