Thiebear Posted March 26, 2010 Share Posted March 26, 2010 Even the most basic of education said this was coming. How the CBO got that wrong is amazing. Today.. not 2017, not 2016.. that was quick. Arn't they going to take 52billion from Social Security for the Healthcare bill. http://www.cato-at-liberty.org/2010/03/25/social-security-in-the-red/ Posted by Doug Bandow Social Security is officially in the red. The New York Times reports that the system will pay out more than it takes in this year. Explains the Times: The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security. This year, the system will pay out more in benefits than it receives in payroll taxes , an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office. Stephen C. Goss, chief actuary of the Social Security Administration, said that while the Congressional projection would probably be borne out, the change would have no effect on benefits in 2010 and retirees would keep receiving their checks as usual. The problem, he said, is that payments have risen more than expected during the downturn, because jobs disappeared and people applied for benefits sooner than they had planned. At the same time, the program’s revenue has fallen sharply, because there are fewer paychecks to tax. Analysts have long tried to predict the year when Social Security would pay out more than it took in because they view it as a tipping point — the first step of a long, slow march to insolvency, unless Congress strengthens the program’s finances. The crisis is now, since the vaunted “trust fund” is filled with non-recourse government bonds–essentially worthless pieces of paper. There’s no there there when it comes to financing future benefits. Either payments have to come down or taxes have to go up, unless we adopt real reform centered around personal accounts. And the latter course seems ever more distant after Congress voted to expand federal control over every Americans’ health care. Link to comment Share on other sites More sharing options...
TheGoodBits Posted March 26, 2010 Share Posted March 26, 2010 Even with the recession, if folks in Washington had listened when people advocated a locked box for SS funds this wouldn't be a problem. We would be sitting on a nice reserve fund that wouldn't be in trouble for quite some time. Link to comment Share on other sites More sharing options...
88Comrade2000 Posted March 26, 2010 Share Posted March 26, 2010 Blame it on Bush. After all, wasn't AL advocating the LOCKBOX in the 2000 campaign? Link to comment Share on other sites More sharing options...
SnyderShrugged Posted March 26, 2010 Share Posted March 26, 2010 well knock me over with a feather. A massive federal program designed with the best of intentions, goes insolvent. huh. Link to comment Share on other sites More sharing options...
Thiebear Posted March 26, 2010 Author Share Posted March 26, 2010 Blame it on Bush. After all, wasn't AL advocating the LOCKBOX in the 2000 campaign? "Candidates" apparently SAY all kinds of things... Link to comment Share on other sites More sharing options...
twa Posted March 26, 2010 Share Posted March 26, 2010 Ya'll better plan on working some overtime Link to comment Share on other sites More sharing options...
Mickalino Posted March 26, 2010 Share Posted March 26, 2010 Ya'll better plan on working some overtime You mean like this guy ? http://newsblaze.com/story/20100303082005j112.nb/topstory.html Link to comment Share on other sites More sharing options...
Hubbs Posted March 26, 2010 Share Posted March 26, 2010 Time to hold another Treasury auction. Link to comment Share on other sites More sharing options...
Special K Posted March 26, 2010 Share Posted March 26, 2010 Yeah, no **** Sherlock. Good thing the CBO's final report on the cost of the national healthcare bill was so instrumental in getting the final votes to pass it. I mean, they always get everything right...right? Our country is so screwed. Link to comment Share on other sites More sharing options...
Prosperity Posted March 26, 2010 Share Posted March 26, 2010 god damnit.... Link to comment Share on other sites More sharing options...
endzone_dave Posted March 26, 2010 Share Posted March 26, 2010 Our country is going broke. The day is coming when a dollar bill won't be worth the money it's printed on. China and India will be buying cheap crap from us as we are all earning $2 per hour. Hopefully I'll be one of the lucky ones and will work at a help desk stepping a person from India through a wireless router configuration. Link to comment Share on other sites More sharing options...
Mickalino Posted March 26, 2010 Share Posted March 26, 2010 Our country is going broke. The day is coming when a dollar bill won't be worth the money it's printed on. China and India will be buying cheap crap from us as we are all earning $2 per hour. Hopefully I'll be one of the lucky ones and will work at a help desk stepping a person from India through a wireless router configuration. Not all of us will be broke. What will likely happen is our middle class will completely disappear, and there will only be the extremely poor and the extremely rich. But there will ALWAYS be plenty of wealthy people in the nation. Link to comment Share on other sites More sharing options...
ardowling Posted March 26, 2010 Share Posted March 26, 2010 Our country is going broke. The day is coming when a dollar bill won't be worth the money it's printed on. China and India will be buying cheap crap from us as we are all earning $2 per hour. Hopefully I'll be one of the lucky ones and will work at a help desk stepping a person from India through a wireless router configuration. And we have no one to blame but ourselves for continuing to elect people and I use that term lightly who put their own interests ahead of what is best for the country. So correct me if I'm wrong but our new healthcare law is not so deficit neutral now. We're fooked:( Link to comment Share on other sites More sharing options...
Mickalino Posted March 26, 2010 Share Posted March 26, 2010 And we have no one to blame but ourselves for continuing to elect people and I use that term lightly who put their own interests ahead of what is best for the country. Honestly, do we believe that the politician who opposed the person we voted for, would give us much different circumstances ? Don't virtually all politicians put their own interests first - and not always the "other guy" ? Link to comment Share on other sites More sharing options...
GibbsFactor Posted March 26, 2010 Share Posted March 26, 2010 well knock me over with a feather. A massive federal program designed with the best of intentions, goes insolvent. huh. It's a bit shocking at the speed but hardly unexpected. Link to comment Share on other sites More sharing options...
ardowling Posted March 26, 2010 Share Posted March 26, 2010 Honestly, do we believe that the politician who opposed the person we voted for, would give us much different circumstances ?Don't virtually all politicians put their own interests first - and not always the "other guy" ? Ah but this is why you hold them accountable, stay on their ass, and don't reelect them if they fail to follow the will of the people not the party who they are affilated(sp) with. Oh and if we put into law the rules for our "elected officials" that think that their better than us that was posted in another thread I bet most of the Bull**** would stop. Oh yea where the hell is the 52 Billion coming from now? Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted March 26, 2010 Share Posted March 26, 2010 Hold on to your butts Link to comment Share on other sites More sharing options...
SnyderShrugged Posted March 26, 2010 Share Posted March 26, 2010 Ron Paul would have let all the younger folks out of the program thus allowing the current people who were dependent upon it to still get something and those that left it to have time to come up with alternatives without paying into something they wont benefit from. but he was a kook. Link to comment Share on other sites More sharing options...
Burgold Posted March 26, 2010 Share Posted March 26, 2010 It's like global warming. Everyone knew it was coming and everyone was in denial or figured it was far enough down the road that they could afford to ignore it. So much work to do. Link to comment Share on other sites More sharing options...
SnyderShrugged Posted March 26, 2010 Share Posted March 26, 2010 It's like global warming. Everyone knew it was coming and everyone was in denial or figured it was far enough down the road that they could afford to ignore it.So much work to do. certainly not "everyone" my friend. Link to comment Share on other sites More sharing options...
Veretax Posted March 26, 2010 Share Posted March 26, 2010 Wow, you guys didn't actually buy the load of crap that the healthcare bill was actually deficit neutral did you? ROFL Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted March 26, 2010 Share Posted March 26, 2010 Ron Paul would have let all the younger folks out of the program thus allowing the current people who were dependent upon it to still get something and those that left it to have time to come up with alternatives without paying into something they wont benefit from.but he was a kook. Ding. Its basically the only solution left. Anyone 35 or younger HAS TO BE ALLOWED the OPTION to get out of SSI, or else we are pissing away 6.7 percent of our incomes the rest of our lives Link to comment Share on other sites More sharing options...
twa Posted March 26, 2010 Share Posted March 26, 2010 Ding.Its basically the only solution left. Anyone 35 or younger HAS TO BE ALLOWED the OPTION to get out of SSI, or else we are pissing away 6.7 percent of our incomes the rest of our lives Nonsense,we will simply bump the rate a percentage or two and cut reimbursements for those that are rich;). gotta keep the pyramid scheme going you youngsters ain't getting off that easy Link to comment Share on other sites More sharing options...
Mark The Homer Posted March 26, 2010 Share Posted March 26, 2010 Ding.Its basically the only solution left. Anyone 35 or younger HAS TO BE ALLOWED the OPTION to get out of SSI, or else we are pissing away 6.7 percent of our incomes the rest of our lives Haha. Good luck with that. When I was 23, I desperately wanted out. That was thirty years ago.And btw, it's 6.2 percent, or 7.65 percent including the medicaid portion. Unless you're self employed. Then, it's 15.3%. Fact is, in thirty more years, I think the problems will be a lot bigger than social security default. Link to comment Share on other sites More sharing options...
Ax Posted March 26, 2010 Share Posted March 26, 2010 Well, the next logical step is amnesty for all illegal aliens. Link to comment Share on other sites More sharing options...
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