Reply With Quote
No need to worry. If we ignore the problem long enough it will just disappear on it's own. Now back to the en lement giveaways!
Doesn't get the same fan fare as Obamacare though.Social Security Payouts to Exceed Revenues
For the first time, payouts made under the U.S. Social Security system will exceed the federal government's revenues, according to a Thursday report in the New York Times.
If the Congressional Budget Office's prediction bears out, it will represent a major tipping point for the Social Security system which analysts didn't expect to see until 2016, according to the Times report.
Stephen C. Goss, chief actuary of the Social Security Administration, told the Times that the CBO's estimate was likely accurate, but that the tip in finances would not effect recipients in 2010, and America's retired workers can expect to continue receiving their payments.
Goss said the recession was to blame for the shift in revenues, and payouts. He told the Times that increasing numbers of Americans applied for Social Security benefits during the last year, as they lost their jobs amid nationwide layoffs.
As demand increased, funding decreased thanks to fewer people in gainful employment paying income taxes into the system.
According to the report, Social Security coffers will dry up by 2037 if the system's financial balance remains the same.
Alan Greenspan, who crafted a plan to bail out the cash-starved retirement infrastructure during an earlier crisis in the 1980s, tells the Times, "very much the same issue exists today."
"Because of the size of the contraction in economic activity, unless we get an immediate and sharp recovery, the revenues of the trust fund will be tracking lower for a number of years," Greenspan told the paper.
http://www.cbsnews.com/8301-503983_1...35-503983.html
No need to worry. If we ignore the problem long enough it will just disappear on it's own. Now back to the en lement giveaways!
this would explain why I'm getting $2 IRS refund check even though i only made 11K
Isn't Obama taking more money from Social Security to help pay for Obamacare?
From medicare, not SS.
I hate when people start talking like we still got years because there's a few trillion in the SS trust. It's not like there's any real money in the SS coffers anyway. It's all in treasury bonds and will have to be converted out of the general fund to cover the shortfall.
That does not compute...
I will assume you are single and have no deductions and had no federal income taxes taken out.
$11,000 - $5,700 standard deduction - $3,650 exemption = $1,650 taxable for a tax of $165.
Making Work Pay credit of $400 - $165 means you should get back $235!
This is why for the first time, Social Security is losing money I think. Making work pay gives you a 6.2% credit on your income up to $400, eliminating Social Security Insurance payments on the first $6,450 of income.
Isn't it 0% Treasury bonds at that? At least near zero...
I forget, but isn't it now several trillion owed to Social Security?
Surplus in the Clinton Years my ass...
Yes surplus in the Clinton years... You know, that thing that we could have used to start buying back the treasury bonds. We could have started to pay back Japan, and our own selves, not started to borrow money from china, etc. Oh what a beautiful thing that would have been. I was genuinely excited about this since I have been worried about the debt since 1994 (I was 14). It sucks. It was in our hands, and we let it slip away. Now for the past 10 years we have been absolutely destroying all that progress that was made.
No, the surplus was only there by not counting intergovernmental debt.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
