^ The prez can just print some more money or maybe do a Californian and print IOUs.:)
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^ The prez can just print some more money or maybe do a Californian and print IOUs.:)
The US gov has already done this, and many top international economists believe that the US cannot print much more money and two, cannot dump many more t-bills.Quote:
Originally Posted by Jet Gorgon
Answer: there is no way out.
^ Yep. Just waiting for the implosion as I buff my nails.
The implosion is going to be sooner than later. I cannot predict but the it's been moved closer. As the Canadian asset management company (that I posted somewhere) notes, and reinforcing this is many top economists domestic and foreign are agreeing and saying this. Also, India, China, and Russia reiterated the need to shift away from the US Dollar.Quote:
Originally Posted by Jet Gorgon
Yes Jet, I'm sitting and waiting, too.
^ Won't be long now, Milkie.
Life expectancy is so much higher than when this program was started. People live far longer than the original estimates way back in the day. I'd say it's time the age to draw be 70 for all. And people with incomes over 50K should not be allowed in the program no matter how much they've paid in.
What are you talking about you silly bastard.
Anybody with any energy can make over $50k a year, must be a lazy sumbitch if you don't.
You are as bad as Milky, are you from the Olympic Peninsula too?
Karl Marx would have been proud of you.Quote:
Originally Posted by Storekeeper
I agree with you on raising the age requirement.Quote:
Originally Posted by Storekeeper
As for the 50K however, that is only $25 USD per hour before taxes. Not a lot of money, IMO. However, as I've stated, SS is on the way to insolvency and the younger a person is, it seems better to not be in the SS system. The gov calls the shots. They take your money and make the rules, and they change the rules.
Dude, I don't even have to get out of the bed in the morning to collect $50K a year. :gwbush:Quote:
Originally Posted by blackgang
Milky ... it should be called an Old Age Pension just like it is in other countries. I don't think we can let people voluntarily opt out either. Most of them will just be on the government doorstep when they're too old to work. IRAs... mutual funds are bullshit.
Good points on the "Old Age" title. It's more appropriate.Quote:
Originally Posted by Storekeeper
And yes, IRAs and Mutual Funds are garbage.
Not only do most mutual funds perform poorly, they have hidden fees.
401K is the same, just with a different name.
You and Milky seem to be ill informed assholes.Quote:
Originally Posted by Storekeeper
It is not now nor ever has been an "OLD AGE PENSION" in it's entirety, it is also a disability pension and a supplemental income for some on reduced income because of an injury, it is a widows and Orphans pension for income if you're young and your provider had died or out of work because of disability.
But being what it is it is eventually used by old age folks too.
Please add idiots (whom are in my family and that I personaly know) that marry a 22 year old Asian pop out a kid and get and extra $900 USD per month, after they are already on Social Security and have grown kids already independent in the US.Quote:
Originally Posted by blackgang
Not old enought to not be working.Quote:
But being what it is it is eventually used by old age folks too.
And again, BG, I'm not talking about you.
Well, you pobly are and are correct too.Quote:
Originally Posted by Milkman
If it were not for my lungs being in the shape they are I would be working at least part time as I am old enough to not be charged any for making extra and would be able to get full pension and keep all the cash I could make extra and am physically able to work at my trade if not for my lung capacity being only 30% of normal.
Seriously, blackgang.Quote:
Originally Posted by blackgang
I am not talking about you.
I am referring to those born from 1946 to 1964. The 77 million Baby Boomers that hit the SS rolls starting on January 1, 2008.
Me mum ws born in 1946 and I was born in 1962. Hey BG ... what happened to your lungs ? Camel non-filters ?
Yea, those and Lucky Strikes, Chesterfields and Bull Durham and Golden Grain and anything I could stick in my mouth and set on fire for a period of about 60 years, But I really think it was the last 8 years smoking Thai Gold City.:)Quote:
Originally Posted by Storekeeper
Social Security could be in trouble in 2 years. Adjustments will have to be made. What adjustments, we don't know. But something will have to be done. This imbalance in revenue to pay out ratio is related to the health care bill, as the US cannot affordt the public option, IMO.
Link: Bachus discusses Social Security, health care | TuscaloosaNews.com | The Tuscaloosa News | Tuscaloosa, ALQuote:
Bachus discusses Social Security, health care
https://teakdoor.com/images/imported/2009/08/442.jpg
Robert Sutton / Tuscaloosa News
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Congressman Spencer Bachus, who represents Alabama's 6th Congressional District, visited the Tuscaloosa News on Tuesday morning for an editorial board meeting. Bachus answered questions from associate editor Tommy Stevenson and executive editor Doug Ray.
By Tommy Stevenson Associate Editor
Published: Tuesday, August 18, 2009 at 1:58 p.m.
Last Modified: Tuesday, August 18, 2009 at 2:07 p.m.
TUSCALOOSA | “Social Security could face a deficit within two years,” U.S. Rep. Spencer Bachus predicted here Tuesday. “The situation is much worse than people realize, especially because of the problems brought on by the recession, near depression.
.art_main_pic { width:250px; float:left; clear:left; }https://teakdoor.com/images/imported/2009/08/443.jpg
Click to enlarge Congressman Spencer Bachus, who represents Alabama's 6th Congressional District, visited the Tuscaloosa News on Tuesday morning for an editorial board meeting. Bachus answered questions from associate editor Tommy Stevenson and executive editor Doug Ray
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Robert Sutton / Tuscaloosa News
“That’s not been on the board — people don’t seem to know that,” Bachus, the ranking member of the House Committee on Financial Services, said in a wide-ranging interview with the Tuscaloosa News Editorial Board. “What this recession has done to Social Security is pretty alarming.
“We’ve known for 15 years that we were going to have to make adjustment to Social Security, but we still through that was seven or eight years down the road,” he said. “But if things don’t improve very quickly, we’re going to be dealing with that problem before we know it.”
The solvency of Social Security, which provides pensions for people over 65, has not played a major role in the current debate over health care in Congress and Bachus, a Vestavia Hills Republican who represents part of Tuscaloosa County, said it will not likely be addressed in any health care bill the House eventually passes, although if a Social Security bail out is needed, it will invariably impact government health care programs.
In the debate over health care, Bachus said that he could support a bill that includes privately-administered health “co-ops,” along with the elimination of fraud and waste in existing government programs like Medicaid and Medicare.
The creation of health care “co-ops,” or non-profit health cooperatives run by members, is an idea that has gained momentum as Democrats and President Barack Obama seems to have moved away from the idea of a “government option,” which would be a government-run alternative to private health care now offered by for-profit insurance companies.
“I can not vote for a bill that has the government intruding into the private sector, subsidizing health care and eventually putting the insurance companies out of business,” he said.
As for the looming Social Security crisis, Bachus said options are just now beginning to be discussed.
“We could raise the retirement age, or in the worst case, cut back on some benefits,” he said. “But that is something we are just now beginning to get a handle on.”
Bachus visited The News the morning after a standing-room-only crowd of 2,000 people attended a health care public forum he hosted in Birmingham Monday night.
Unlike some town hall meetings that have turned chaotic across the county as members of Congress have returned to their districts during the August congressional recess, Bachus said there was “only a little friction” between opponents of various health care proposals advanced by the Democratic majority in Congress and those who support those proposals.
“I think everyone was for the most part civil and we had a lot of people just agree to disagree,” he said. “But you can tell that health care is an issue that has energized the country, because I have never had a town meeting with 2,000 people. And we even had to turn away a lot of people because of fire department regulations.”
If they think people are up in arms over health care reform, wait until the g'ment reneges on SS payments... Perhaps the reason why detention camps are being built and guards are being recruited... :mid:
What do you think the US gov will do, Maud?Quote:
Originally Posted by Muadib
I am guessing - guessing is all I can do - that the US gov will raise SS taxes are raise taxes somewhere to meet the SS shortfall, that is appearing very likely to happen soon.
Raise the age to be eligible? That's still a hot potato.
Reduce COLAS? They didn't pay a COLA this year.
T-bills sales have been done to death, correct?
77 million baby boomer born between 1946 and 1964. 77 million is a massive number. The first BB wave starting hitting the SS roles on January 1, 2008.
What ever they do, the Govt is going to have to buy back the bonds that have been sifted into the SSA accounts over the years what with all politicians raiding the SSA account with impunity.
Put the money back that has been transfered to the General Fund over the lifetime of the SSA and we will be OK, Well not OK, But as good as we can get with that crazy socialist nigger running things.
^^ From the horse's mouth...
Trustees Report Summary
A SUMMARY OF THE 2009 ANNUAL REPORTS
Social Security and Medicare Boards of Trustees
A MESSAGE TO THE PUBLIC:
Each year the Trustees of the Social Security and Medicare trust funds report on the current and projected financial status of the two programs. This message summarizes our 2009 Annual Reports.
The financial condition of the Social Security and Medicare programs remains challenging. Projected long run program costs are not sustainable under current program parameters. Social Security's annual surpluses of tax income over expenditures are expected to fall sharply this year and to stay about constant in 2010 because of the economic recession, and to rise only briefly before declining and turning to cash flow deficits beginning in 2016 that grow as the baby boom generation retires. The deficits will be made up by redeeming trust fund assets until reserves are exhausted in 2037, at which point tax income would be sufficient to pay about three fourths of scheduled benefits through 2083.
Medicare's financial status is much worse. As was true in 2008, Medicare's Hospital Insurance (HI) Trust Fund is expected to pay out more in hospital benefits and other expenditures this year than it receives in taxes and other dedicated revenues. The difference will be made up by redeeming trust fund assets. Growing annual deficits are projected to exhaust HI reserves in 2017, after which the percentage of scheduled benefits payable from tax income would decline from 81 percent in 2017 to about 50 percent in 2035 and 30 percent in 2080. In addition, the Medicare Supplementary Medical Insurance (SMI) Trust Fund that pays for physician services and the prescription drug benefit will continue to require general revenue financing and charges on beneficiaries that grow substantially faster than the economy and beneficiary incomes over time.
The drawdown of Social Security and HI Trust Fund reserves and the general revenue transfers into SMI will result in mounting pressure on the Federal budget. In fact, pressure is already evident. For the third consecutive year, a "Medicare funding warning" is being triggered, signaling that non-dedicated sources of revenues—primarily general revenues—will soon account for more than 45 percent of Medicare's outlays. A Presidential proposal will be needed in response to the latest warning.
The financial challenges facing Social Security and especially Medicare need to be addressed soon. If action is taken sooner rather than later, more options will be available, with more time to phase in changes and for those affected to plan for changes.
--
This has always been a political hot potato which has been pushed off to future administrations... The time has come to address it, more so than health care reform imho...
The only way to fund SS & MEDI is to raise taxes and / or reduce benefits... Health taxes, sin taxes, income taxes for the top brackets, reduced tax loopholes... All this with a shrinking workforce, reduced tax base and increasing costs through social services... The US has been robbing Peter to pay Paul for decades... It's time to pay the piper... Am I happy about it, no, as I'm right in the middle of the BB generation... I'm not counting on receiving SS benefits when the time comes...
The GAO has been 'cooking the books' for a long time by reporting annual expenses on the cash basis of accounting without including accrued expenses... The estimated deficit on the cash basis is 9.5 trillion, while under the accrual basis is it estimated to be 65 trillion, including SS & MEDI...
Here's an interesting article on this topics...
RGE - Means of deficit reduction: Medicare and Social SecurityQuote:
On December 17th, The U.S. Treasury released the annual Financial Statements of the United States Government for fiscal year 2007 (year-ended September 30th), prepared using generally accepted accounting principles (GAAP), audited by the General Accountability Office (GAO) and signed off on by Treasury Secretary Paulson.
The statements still show that the federal government’s fiscal woes continue to careen wildly out of control. Based on my estimate of the 2007 GAAP-based deficit exceeding $4.0 trillion (see discussion below), the term "out of control" is not used loosely. If the government were to raise taxes so as to seize 100% of all wages, salaries and corporate profits, it still would be showing an annual deficit using GAAP accounting on a consistent basis.
Bumped to show info, stats, and articles and links for insolvency and SS in general.
Top Stocks Blog - MSN Money
Social Security will pay out more than it collects in taxes over the next two years -- the first time this has happened since the 1980s -- the Associated Press reports. Is this the beginning of the end for this program?
The economic meltdown has accelerated the problems that we knew were coming with Social Security. Seniors who were laid off in the downturn have opted for retirement, causing a spike in early retirement claims.
So Social Security will be in the red by around $10 billion next year and $9 billion in 2011. The good news is that this won't affect payments to retirees because the program has about $2.5 trillion in surplus from prior years.