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Social Security reserves forecast to run dry in 2022

Renae

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Social Security’s bank account will go bust in 2022 — the first time the program’s combined trust funds will run a deficit, according to PresidentObama’s budget released Monday.One of Medicare’s trust funds also will be in the red for much of the next decade, according to the numbers in the briefing book that the White House provided to Congress along with the budget, which lays out Mr. Obama’s tax and spending plans for fiscal year 2013 and beyond.Social Security has taken in less in taxes than it has paid out in benefits since 2010, but the shortfall has beenmade up as the government has dipped into IOUs left in the trust funds from previous years.Monday’s numbers, though, show the combined trust fund itself will run a deficit of $2.6 billion in 2022.
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.
 
two initial words for you and the article - so what?

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?
 
It's no big deal...we can just print more money with no concern over consequences.

Or, so I've been told in another thread.
 
two initial words for you and the article - so what?

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?

I'm the one that believes reality trumps ideology.

Full faith and credit is a two way street, that's something you cannot contemplate. Promises made on but not kept over decades, come back to bite us all in the end.

I say **** the system, before it ****s us.
 
Its nuts. The politicians refuse to address it. It was the albatross around our neck, now it is going to be the cause of our death. Look what is going on in Greece and tell me we are going to be ok spending and borrowing. It can't happen. Hoping it goes away is not an option. Sorry for all of you under 35...Social security was BS...it reality it was a tax. 35 and over...good luck...we will see what we can do. I hope we can give you a check at 65, but I guarantee you get one at 90. Sound good?
 
It's no big deal...we can just print more money with no concern over consequences.

Or, so I've been told in another thread.

Or raise the cap beyond $90K.
 
two initial words for you and the article - so what?

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?

People can believe whatever they want but it 's what you know that counts.

I wouldn't have my family or myself depend on politicians for our future and anyone who does is being completely and devastatingly irresponsible.
 
Yet more proof that FDR and his New Deal will ultimately be the death knell of this country.

I don't even expect to see a check, and I've planned accordingly. Me suspects many a Democrat has not.
 
Yet more proof that FDR and his New Deal will ultimately be the death knell of this country.

I don't even expect to see a check, and I've planned accordingly. Me suspects many a Democrat has not.

Democrat, Republican or any other political affiliation is not relevant. People today don't save. People don't look forward. Sometimes because they can't and other times because they are too short sighted. But it is not just Democrats. Millions of people are going to be dependent on that money.
 
Democrat, Republican or any other political affiliation is not relevant. People today don't save. People don't look forward. Sometimes because they can't and other times because they are too short sighted. But it is not just Democrats. Millions of people are going to be dependent on that money.

Yep, and it ain't gonna be there, so say hello to socialism full bore, 50 percent tax rates, and uncapped social security limits, and an increase in social securty rates overall. We're all going to be working for the state soon.
 
I'm the one that believes reality trumps ideology.

Full faith and credit is a two way street, that's something you cannot contemplate. Promises made on but not kept over decades, come back to bite us all in the end.

I say **** the system, before it ****s us.

You did not answer the questions. Please, one more time now


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?

Or is this simply right wing opportunism to attempt to destroy a program you neve supported in the first place?
 
Its nuts. The politicians refuse to address it. It was the albatross around our neck, now it is going to be the cause of our death. Look what is going on in Greece and tell me we are going to be ok spending and borrowing. It can't happen. Hoping it goes away is not an option. Sorry for all of you under 35...Social security was BS...it reality it was a tax. 35 and over...good luck...we will see what we can do. I hope we can give you a check at 65, but I guarantee you get one at 90. Sound good?


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?
 
Yep, and it ain't gonna be there, so say hello to socialism full bore, 50 percent tax rates, and uncapped social security limits, and an increase in social securty rates overall. We're all going to be working for the state soon.


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?
 
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?

I don't.
We aren't.
They should.
 
Democrat, Republican or any other political affiliation is not relevant. People today don't save. People don't look forward. Sometimes because they can't and other times because they are too short sighted. But it is not just Democrats. Millions of people are going to be dependent on that money.

And that money is not going to be there.

This is what happens when a population becomes dependent on a government. Watch the riots when these dependents realize the cupboard is bare. It will be worse than Greece.
 
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.

Then, my dear, where is the hue and cry about the latest Congressional gut of the program?? They've cut the employee contribution to SS by 33%. And nobody gives a **** 'cause it's money in their pockets. Hypocrites.
 
Yep, and it ain't gonna be there, so say hello to socialism full bore, 50 percent tax rates, and uncapped social security limits, and an increase in social securty rates overall. We're all going to be working for the state soon.
i believe we should remove the cap, and increase the individual contribution.....i'm ok with paying for something i believe to be worthwhile.
 
I don't.
We aren't.
They should.

So you do not believe in enforcing the Constitution regarding full fath and credit of the government of the United States of America.

You say "we aren't" in reply to my second question 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?


What do you mean that we aren't? Who is not? I have dutifully paid into SS as instructed and mandated for the last five decades.
 
i believe we should remove the cap, and increase the individual contribution.....i'm ok with paying for something i believe to be worthwhile.

I say remove the obligation, let people maintain their own retirement accounts. Leave a government option for people who want it.
 
So you do not believe in enforcing the Constitution regarding full fath and credit of the government of the United States of America.

You say "we aren't" in reply to my second question 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?


What do you mean that we aren't? Who is not? I have dutifully paid into SS as instructed and mandated for the last five decades.

I am sorry that you have paid for 5 decdes. You will probably see SS. For me, the chances are I won't, as mentioned in the article.

Your first question was, "Either one believes in the full faith and credit of the United States or one does not. Which are you?" Not do I believe in enforcing the constitution. You are twisting my words. I don't believe that our credit will be maintained if we continue to dilute our finances. We have been downgraded in our debt. We have come very close in the last 2 years to not meeting our obligations. We are very thin. I don't believe we can maintain our current position and maintain our credit. Good for you that you are retired or retiring soon, but this will not be here for me.

Your second question is, "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?" We aren't. I am not going to see the same social security benefits as my parents or you. So the promise is not honored. There won't be money there. As I mentioned, you paid in, and that is great. I am paying as well, and the government will not keep their promise. I know they are in over their heads with this program. I have said for a long time, take what we have left, figure out how many generations it can support. Make the cut off there. For the rest of us, Social Security is a just another tax.

Question 3, "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?" They should...but do they? Our government is still expanding and they know that this program doesn't have the financial support to maintain.

The SS program needs a major overhaul, people are going to have to sacrafice. C'est la gare.
 
They will make adjustments to shore up Social Security. Medicare is the one to worry about.
 
They will make adjustments to shore up Social Security. Medicare is the one to worry about.

With many trillions of dollars in debt, and growing by the day, all social programs are in jeopardy. It is foolhardy in the extreme to think they can continue because no will will lend the money anymore. It is whistling in the dark.
 
Blue State

thank you for your answers and the detailed explaination of each. Allow me to say that much of what you wrote sounds a great deal like you are operating under a cloud of pessimism. You seem to believe that the system cannot be sustained, will not be repaired and will thus not be able to meet its obligations to you or your generation. I hope that is not a distortion of your views but an accurate summary of them.

I beleive the worst thing we as a people can do is engage in this sort of pessimism which will then become a self fulfilling prophecy of sorts. I believe the federal government knows and knows well the wrath that would come down upon them if they dare not honor their obligations regarding social security. But, if they can move along the belief, especially among younger Americans, that things are as you portray them, it will make it easier for them to someday take those sort of actions ending the program. The feeling in the citizenry or in the atmoshpere that "it just won't be there for us" only serves the interests of those who want to kill the program and betray the terms of the deal.

I would urge you to reject such pessimism and not fall victim to the self fulfilling prophecy. Instead, work as people have several times in the past to get the system supported so that it can be a solid one and can honor the governments committments to the American worker.
 
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