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Cato.com: Social Security in the Red (today)

Thiebear

By Thiebear
in The Tailgate

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Thiebear

Thiebear

Posted
Posted

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
, 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.

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endzone_dave

endzone_dave

Posted
Posted

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.

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Mickalino

Mickalino

Posted
Posted
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.

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ardowling

ardowling

Posted
Posted
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:(

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Mickalino

Mickalino

Posted
Posted
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" ?

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ardowling

ardowling

Posted
Posted
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?

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SnyderShrugged

SnyderShrugged

Posted
Posted

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.

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SkinsHokieFan

SkinsHokieFan

Posted
Posted
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

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twa

twa

Posted
Posted
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

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Mark The Homer

Mark The Homer

Posted
Posted
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.

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