SS in the red years before expected

[dogtowner]

ouch

We all knew it was coming but its reared its ugly little head eaarly.

Hurts not only because that means no free money for Congress to spend from the surplus but now its going to have to hock up billions.

Don't look now. But even as the bank bailout is winding down, another huge bailout is starting, this time for the Social Security system.
A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.

Instead of helping to finance the rest of the government, as it has done for decades, our nation's biggest social program needs help from the Treasury to keep benefit checks from bouncing -- in other words, a taxpayer bailout.

No one has officially announced that Social Security will be cash-negative this year. But you can figure it out for yourself, as I did, by comparing two numbers in the recent federal budget update that the nonpartisan CBO issued last week.

The first number is $120 billion, the interest that Social Security will earn on its trust fund in fiscal 2010 (see page 74 of the CBO report). The second is $92 billion, the overall Social Security surplus for fiscal 2010 (see page 116).

This means that without the interest income, Social Security will be $28 billion in the hole this fiscal year, which ends Sept. 30.

 

[whiplash]

The leading edge of the Babyboomers are now 64 years old. The **** is now only inches away from the fan.

I believe that eventually SS benefits will be means tested. That's the most reasonable solution. Even though retirees paid into the system I don't think Bill Gates should be getting a monthly SS check.

 

[always]

The leading edge of the Babyboomers are now 64 years old. The **** is now only inches away from the fan.

I believe that eventually SS benefits will be means tested. That's the most reasonable solution. Even though retirees paid into the system I don't think Bill Gates should be getting a monthly SS check.

I expect the Obama administrations answer to saving Social Security will be :Only the dead will be eligible for benefits . Not all the dead, just those listed on an active registered voters list in major democrat controlled states and/ or counties. It is expected those numbers will also be so large they will still strain the Social Security Fund!

 

[dogtowner]

The leading edge of the Babyboomers are now 64 years old. The **** is now only inches away from the fan.

I believe that eventually SS benefits will be means tested. That's the most reasonable solution. Even though retirees paid into the system I don't think Bill Gates should be getting a monthly SS check.

Should ?

That was the agreement struck, that was paid for and you want to stiff them for something they had no choice in ?

But that probably will happen also the ceiling on contributions will be removed (but the payouts capped).

 

[whiplash]

Should ?

That was the agreement struck, that was paid for and you want to stiff them for something they had no choice in ?

But that probably will happen also the ceiling on contributions will be removed (but the payouts capped).

I agree it's breaking the bargain. I just think means testing will end up beign the least bad of many bad options.

 

[dogtowner]

I agree it's breaking the bargain. I just think means testing will end up beign the least bad of many bad options.

not to mention the easyist to pass Congress. those 1 to 5% that are likely to be effected can't begin to stop it.

 

[citizenzen]

From dogtown's link...

This means that without the interest income, Social Security will be $28 billion in the hole this fiscal year, which ends Sept. 30.​

Or in other words, less than 5% of the U.S. Defense budget for 2010.

So, just reallocate 5% of defense spending.

And you thought it was going to be difficult.

 

[Little-Acorn]

Even though retirees paid into the system I don't think Bill Gates should be getting a monthly SS check.

Why not? Did he break some law, get arrested, get tried by a jury of his peers, get found guilty, and get fined the dollar amount he would have received thru SS?

If he didn't get found guilty of some crime, what justification does the Federal Govt have to take away his property (the SS benefits he was promised)?

 

[Little-Acorn]

That was the agreement struck, that was paid for and you want to stiff them for something they had no choice in ?

Such theft is the basis for most liberal agenda items.

But it's unusual to find them admitting it so baldly this way.

 

[citizenzen]

Bill Gates deserves every penny SS owes him.

 

[citizenzen]

Such theft is the basis for most liberal agenda items.

Whatever.

 

[Little-Acorn]

Such theft is the basis for most liberal agenda items.

But it's unusual to find them admitting it so baldly this way.

Whatever.

Translation: "I cannot rebut what you said, but I hate it anyway. This response is the best I can do. Hopefully it will make somebody think I'm still engaged in the debate, and not notice I've lost it already."

 

[citizenzen]

Translation: "I cannot rebut what you said, but I hate it anyway.

Actually, it's...

"If you want to wallow in partisan BS simply because the mud and ooze feels so good to you, then there's really nothing more to add than my displeasure at seeing you covered in muck."

More along those lines.