Page 6 of 23 FirstFirst ... 4567816 ... LastLast
Results 51 to 60 of 229

Thread: Social Security reserves forecast to run dry in 2022

  1. #51
    Sage

    Join Date
    Sep 2010
    Last Seen
    Yesterday @ 11:54 PM
    Lean
    Undisclosed
    Posts
    89,605

    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by muciti View Post
    LOL not going to happen. Our politicians have the people of this country far too divided. Democrats and Republicans are working together to keep the American people fighting with the bipartisan bs they spew.
    People are indeed divided over many political and social issues. That cannot be denied. However, we should all unite together behind the concept that we the people have honored our end of the bargain on Social Security and we will demand that the government honor their end of the bargain.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  2. #52
    Sage

    Join Date
    Sep 2010
    Last Seen
    Yesterday @ 11:54 PM
    Lean
    Undisclosed
    Posts
    89,605

    Re: Social Security reserves forecast to run dry in 2022

    from jmac

    I have my pocket Constitution in front of me, could you tell me where SS is in it? Thanks.
    That would be in the opening lines right after the words WE THE PEOPLE where it explains the purpose of creating a government.

    Paying our debts IS honoring our SS obligations in a way.
    And the debt to pay Social Security will be one of those to be honored and paid in full.

    regarding the investment of SS funds into treasury notes, jmac said this about their security

    Like what? Solyndra?
    Never heard of it. Whatever that is it is NOT safe and secure US Treasury bonds.

    There are three key questions for those who seem to oppose Social Security

    Either one believes in the full faith and credit of the United States or one does not. Which are you?
    Either one believes in honoring the promises made to the citizens of the nation who fulfill their end of the bargain or one does not. Which are you?
    Either one believes that money and revenues should first go to existing and long standing obligations before new ones are taken on or one does not. Which are you?

    Those need to be asked every single time this subject comes up.
    Last edited by haymarket; 02-18-12 at 07:15 AM.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  3. #53
    Global Moderator
    The Hammer of Chaos
    Goshin's Avatar
    Join Date
    Mar 2009
    Location
    Dixie
    Last Seen
    Today @ 12:09 AM
    Gender
    Lean
    Independent
    Posts
    44,157

    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by MrVicchio View Post
    Social Security reserves forecast to run dry in 2022 - Washington Times

    SS on the brink, we were told 2030 something, it's a long way off, plenty of time to get it right...

    No, it's a lot closer then you think. 2022is a mere 10 years off. It's time to end the fail, before it ends us.

    Darn it, they'd better not. I don't retire until '31....

    Fiddling While Rome Burns
    ISIS: Carthago Delenda Est
    "I used to roll the dice; see the fear in my enemies' eyes... listen as the crowd would sing, 'now the old king is dead, Long Live the King.'.."

  4. #54
    Sage
    cpwill's Avatar
    Join Date
    Dec 2009
    Location
    USofA
    Last Seen
    Today @ 12:20 AM
    Gender
    Lean
    Conservative
    Posts
    57,064

    Re: Social Security reserves forecast to run dry in 2022

    better give up on it. the CBO is also predicting that - on our current path of spending - the economy shuts down in 2027.

    Whatever that is it is NOT safe and secure US Treasury bonds
    yeah. you know what else isn't safe and secure US Treasury bonds? the promissory notes in the Social Security Trust Fund .

  5. #55
    Sage
    cpwill's Avatar
    Join Date
    Dec 2009
    Location
    USofA
    Last Seen
    Today @ 12:20 AM
    Gender
    Lean
    Conservative
    Posts
    57,064

    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by haymarket View Post
    And the debt to pay Social Security will be one of those to be honored and paid in full.
    doubtful. as the SCOTUS has already noted, you don't rate a single dime of Social Security, and it can be taken from you at any time.

    There are three key questions for those who seem to oppose Social Security

    Either one believes in the full faith and credit of the United States or one does not. Which are you?
    Either one believes in honoring the promises made to the citizens of the nation who fulfill their end of the bargain or one does not. Which are you?
    Either one believes that money and revenues should first go to existing and long standing obligations before new ones are taken on or one does not. Which are you?
    a good set of intentions, right there. unfortunately, reality seems to indicate that we will not be able to succeed at them as much as we'd hoped. so I guess I'll answer your question with a question:

    Either one believes we should put our "entitlement" programs on a path towards long-term stability and dramatically reduce outlays in order to avoid a fiscal collapse, or one believes in fully funding these programs until they destroy the economy. In the 2020's. At which point we become Greece, only much worse because no one can bail us out, and so we are throwing our elderly off the programs all of a sudden and rapidly, to include those who probably lack the means to support themselves without. Which are you?
    Last edited by cpwill; 02-18-12 at 09:48 AM.

  6. #56
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by cpwill View Post
    better give up on it. the CBO is also predicting that - on our current path of spending - the economy shuts down in 2027.
    Didn't they also predict that we'd be running trillion-dollar surplusses by 2010?

  7. #57
    Sage
    j-mac's Avatar
    Join Date
    Mar 2009
    Location
    South Carolina
    Last Seen
    12-08-17 @ 03:46 PM
    Gender
    Lean
    Conservative
    Posts
    30,272

    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by haymarket View Post
    That would be in the opening lines right after the words WE THE PEOPLE where it explains the purpose of creating a government.

    Well, I don't recall the words Social Security being anywhere in the pre-amble....Let's look...

    Quote Originally Posted by US Constitution
    We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

    THE UNITED STATES CONSTITUTION - We the People
    I still don't see it in there...Could you please show us where it is?

    And the debt to pay Social Security will be one of those to be honored and paid in full.

    Yeah, how you going to do that when there is nothing left?

    Never heard of it. Whatever that is it is NOT safe and secure US Treasury bonds.
    Really? You've never heard of Solyndra? I find that hard to believe...

    Solyndra: Politics infused Obama energy programs - The Washington Post

    Either one believes in the full faith and credit of the United States or one does not. Which are you?
    With games like this one that has been going on since 2009 when Obama got in, you tell me....

    Sunday, August 2, 2009
    Executive Summary
    The Federal Reserve and the federal government are attempting to "plug the gap" caused by a slowdown of private credit/debt creation.
    Non-US demand for the dollar must remain high, or the dollar will fall.
    Demand for US assets is in negative territory for 2009
    The TIC report and Federal Reserve Custody Account are reviewed and compared
    The Federal Reserve has effectively been monetizing US government debt by cleverly enabling foreign central banks to swap their Agency debt for Treasury debt.
    The shell game that the Fed is currently playing obscures the fact that money is being printed out of thin air and used to buy US government debt.
    The Federal Reserve is monetizing US Treasury debt and is doing so openly, both through its $300 billion commitment to buy Treasuries and by engaging in a sleight of hand maneuver that would make a street hustler from Brooklyn blush.

    The Shell Game - How the Federal Reserve is Monetizing Debt - Blogs at Chris Martenson
    Either one believes in honoring the promises made to the citizens of the nation who fulfill their end of the bargain or one does not. Which are you?
    I am a man of my word, I don't know if Government is.

    Either one believes that money and revenues should first go to existing and long standing obligations before new ones are taken on or one does not. Which are you?
    With Obama putting forth a fourth consecutive year of Trillion dollar deficit, you are asking this question? give me a break.

    Those need to be asked every single time this subject comes up.

    Why? do you feel the need to have disingenuous answers to foolish questions? I prefer to follow actions, and determine for myself what their record is.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

  8. #58
    Disappointed Evolutionist
    Catawba's Avatar
    Join Date
    Jun 2009
    Last Seen
    05-28-13 @ 08:15 PM
    Gender
    Lean
    Liberal
    Posts
    27,254

    Re: Social Security reserves forecast to run dry in 2022

    For those like the author of this thread who are uninformed about the SS trust funds:

    SS Trust Fund FAQs:

    What are the SS Trust Funds?

    "The Social Security Trust Funds are the Old-Age and Survivors Insurance (OASI) and the Disability Insurance (DI) Trust Funds. These funds are accounts managed by the Department of the Treasury. They serve two purposes: (1) they provide an accounting mechanism for tracking all income to and disbursements from the trust funds, and (2) they hold the accumulated assets. These accumulated assets provide automatic spending authority to pay benefits. The Social Security Act limits trust fund expenditures to benefits and administrative costs.

    Benefits to retired workers and their families, and to families of deceased workers, are paid from the OASI Trust Fund. Benefits to disabled workers and their families are paid from the DI Trust Fund. More than 98 percent of total disbursements in 2010 were for benefit payments."

    How are the trust funds invested?

    "By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government. All securities held by the trust funds are "special issues" of the United States Treasury. Such securities are available only to the trust funds.

    In the past, the trust funds have held marketable Treasury securities, which are available to the general public. Unlike marketable securities, special issues can be redeemed at any time at face value. Marketable securities are subject to the forces of the open market and may suffer a loss, or enjoy a gain, if sold before maturity. Investment in special issues gives the trust funds the same flexibility as holding cash."

    If all the income is invested, how do benefits get paid each month?

    "Money to cover expenditures (mainly benefit payments) from the trust funds comes from the redemption or sale of securities held by the trust funds. When "special-issue" securities are redeemed, interest is paid. In fact, the principal amount of special issues redeemed, plus the corresponding interest, is just enough to cover an expenditure."

    Why do some people describe the "special issue" securities held by the trust funds as worthless IOUs?

    "What is SSA's reaction to this criticism? As stated above, money flowing into the trust funds is invested in U. S. Government securities. Because the government spends this borrowed cash, some people see the trust fund assets as an accumulation of securities that the government will be unable to make good on in the future. Without legislation to restore long-range solvency of the trust funds, redemption of long-term securities prior to maturity would be necessary.

    Far from being "worthless IOUs," the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government."

    Can the Social Security Trust Funds remain solvent without making changes to the program?

    "In the annual Trustees Report, projections are made under three alternative sets of economic and demographic assumptions. Under one of these sets (labeled "Low Cost") the trust funds remain solvent for the next 75 years. Under the other two sets (the "Intermediate" and "High Cost"), the trust funds become depleted within the next 25 years. The intermediate assumptions reflect the Trustees' best estimate of future experience."


    Trust Fund FAQs
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  9. #59
    Sage
    Renae's Avatar
    Join Date
    Aug 2007
    Location
    San Antonio Texas
    Last Seen
    10-23-17 @ 10:14 PM
    Gender
    Lean
    Undisclosed
    Posts
    38,972
    Blog Entries
    15

    Re: Social Security reserves forecast to run dry in 2022

    Thank you for that Catawaba, and now how does this show that SS isn't about to go dry by 2022 would be interesting.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



  10. #60
    Guru
    JP Hochbaum's Avatar
    Join Date
    Feb 2012
    Last Seen
    01-11-17 @ 10:17 AM
    Gender
    Lean
    Independent
    Posts
    4,392
    Blog Entries
    1

    Re: Social Security reserves forecast to run dry in 2022

    Social Security will never ever go bankrupt. People need to understand that the government could make payments for this without even collecting revenue to pay for it.
    My blog, where I talk latest news on economics and some other issues.

    http://hereticaldruthers.wordpress.com/

Page 6 of 23 FirstFirst ... 4567816 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •