Posted on 08/31/2021 1:20:01 PM PDT by ChicagoConservative27
The Social Security trust fund for retirement and survivors benefits is estimated to have its reserves depleted in 2033, one year earlier than previously projected, according to the trustees’ report released Tuesday.
At the time of depletion, income flowing to the trust fund would be enough to pay 76 percent of scheduled benefits, the report said.
Senior administration officials said on a call with reporters that the earlier projected depletion date was due to the coronavirus-related economic downturn, particularly a near-term decline in revenue.
(Excerpt) Read more at thehill.com ...
That explains the mad rush to eliminate recipients by any means necessary. CV-19 just advances the game plan. /sarcasm
Is this the lockb lockbox Gordon spoke of?
Uh, no, it's because you have squandered our money away. Every damn one of them should be hanging from lamp posts.
“Wow, shocking. I thought you could just print more money..... Sarc”
Funny, they never talk about running out of money for welfare, just for the fools who worked and who were forced to pay into the ponzi system.
Fun fact: By law the Social Security Administration is allowed to invest the funds to let them grow until the population ages and starts drawing the funds (i.e. growing until the baby boomers started retiring in droves). The problem is they're allowed to invest it into only one thing: U.S. Treasuries. Until the Fed Reserve started doing QE (or "not QE" when they're still doing QE but trying to say it's not), the #1 holder of U.S. debt was the SS fund. Now it's the Federal Reserve with the SS fund being #2.
Not China, though they are the largest foreign holder of U.S. debt. And by the way, they owe us about as much as we owe them (about $1 trillion) except the "us" they owe is a collection of U.S. citizens and their heirs, not a U.S. government entity.
There is no Social Security Trust Fund. It’s been folded into the General Fund for decades.
The bovine excrement about balanced budgets in the 90s included revenue from the SS surplus.
All a big lie....
and they tell us every immigrant is a tax-payer needed to fund this mess . lolo
So if the Social Security administration violates the law do they send them to jail in West Virginia across the street from the “lock box”?
This is high comedy...
There is no there there.
I dont think it necessarily needs a /sarc tag. After the last year and a half, I would not be surprised at any kind of evil from these people
There is no lockbox. I don’t have time to type it on my phone, but whether the government goes though the dog and pony show of lockbox accounting tricks or just says “screw it. We’re spending the surplus now and we’ll worry about paying the bills later” the result is the same. They have to borrow, raise taxes or reduce payments now. How much they have to make up depends entirely on what they are bringing in and what they are paying out, not on what the farcical lockbox has in it.
Perhaps we could have a yard sale, and sell some surplus military equipment, now that the war is over!/sarc
I'm just saying that the mechanics of the SS system were flawed from the beginning. Both to not be able to keep up with aging retirees in a culture where we were told to quit having so many babies because we're overpopulating the earth. And in the sense that it was set up from day 1 to be a buyer of U.S. debt to artificially lower treasury rates so that it'd be "cheaper" for us to go in further debt.
It's like a person going into a little debt to build up a credit score so they can get better rates when they later go into much more debt. The SSA was set up in part to help us go into debt in many other ways.
No difference between counterfeit money and what the government is printing. Take it and spend it on something tangible before its value evaporates.
The “lockbox” is great for teaching kids how government works.
You write a note on a piece of paper.
“I owe myself a million dollars.”
You put that note in a locked filing cabinet.
That is the lockbox!
“There is no fund, because Robert Byers, the actuarial head, appeared before a congressional committee and admitted that Social Security as of this moment is 298 billion dollars in the hole. But he said there should be no cause for worry because as long as they have the power to tax, they could always take away from the people whatever they needed to bail them out of trouble. And they’re doing just that.” Ronald Reagan (citizen) 1964
Did the IOUs congress has been putting in the lockbox since the ss tax inception turn out to be worthless ?
I’m eligible in 2031 LOL
You never hear of welfare trust funds being depleted ever do you.
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