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Thread: Social Security Fund to Be Empty by 2037

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    Social Security Fund to Be Empty by 2037

    FoxNews.com - Social Security Fund to Be Empty by 2037

    Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates...

    President Barack Obama said in his State of the Union address Tuesday night that he wanted "a bipartisan solution to strengthen Social Security for future generations."

    The president however has not embraced recommendations from a debt commission he appointed last year, including one that would gradually increase the full retirement age, from 67 to 69, over the next 65 years...

    Social Security has built up a $2.5 trillion surplus since the retirement program was last overhauled in the 1980s... The $2.5 trillion surplus, however, has been borrowed over the years by the federal government and spent on other programs. In return, the Treasury Department has issued bonds to Social Security, guaranteeing repayment, with interest.
    Essentially, the SS trust fund has a big IOU in it, and nothing else.

    Yup. I feel safe and secure about SS. How about you?

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    Re: Social Security Fund to Be Empty by 2037

    It is empty now...the government already has nothing but IOUs in the SS "trust fund."
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    Re: Social Security Fund to Be Empty by 2037

    Like all Statist Subprime Social Programs to Nowhere....SS was bankrupt at inception......

    .....and the biggest Ponzi Scheme in history comes crashing down......
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    Re: Social Security Fund to Be Empty by 2037

    SS bankrupt? There was plenty of revenue for SS until the government stole it to pay for things like wars and stuff.
    It's funny how some parrot the "ponzi scheme" argument when the SS program does not fit the definition of ponzi scheme. It's a government program not a fraudulent con game. It was adaquately funded until the rest of the government robbed it and the numbers can be adjusted to make it solvent forever.
    Then she should have made sure that the federal government didn’t put its dirty hands on the alleged “lock box” in which payroll taxes were supposed to be held to pay for future retirements. That money – roughly $2.5 trillion for the Social Security trust fund alone, and $4 trillion once we add the other “trust funds” — is long gone. It’s been used to pay for wars and education and Head Start and such. Granted, the cash has been replaced by IOUs from the federal government, but, in order for the federal government to pay back Social Security, it will have to borrow the money from the public, increasing the deficit and the national debt, or tax Americans once again. This seems like the biggest rip-off ever.
    Last edited by Dirty Harry; 01-27-11 at 11:39 AM.

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    Re: Social Security Fund to Be Empty by 2037

    Quote Originally Posted by ksu_aviator View Post
    It is empty now...the government already has nothing but IOUs in the SS "trust fund."
    i think I just said that

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    Re: Social Security Fund to Be Empty by 2037

    Quote Originally Posted by Whovian View Post
    FoxNews.com - Social Security Fund to Be Empty by 2037

    Essentially, the SS trust fund has a big IOU in it, and nothing else.

    Yup. I feel safe and secure about SS. How about you?
    If one is already receiving Social Security one has absolutely nothing to worry about. If one is older than 55 (my WAG), other than possibly tweaking the retirement age for full benefits upwards, no need for concern. If one is younger (whatever that age might be), I think one can expect that the system won't be the same by the time they get there....including benefits being fully taxable, even higher retirement ages for full benefits...and other changes that bring benefits in line with what a regular annuity would buy in the marketplace.

    In short, the creek won't rise too high. But don't count on the level staying the same.
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    Re: Social Security Fund to Be Empty by 2037

    Quote Originally Posted by ksu_aviator View Post
    It is empty now...the government already has nothing but IOUs in the SS "trust fund."
    Well, technically they have IOU's for the excess they've been skimming off the top all these years.

    Social Security IOUs stashed away - Washington Times
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    Re: Social Security Fund to Be Empty by 2037

    It is time to start raising the retirement age. Medical technology may have hurt SS by increasing the average life expectancy, but it also means that older people are healthy enough to keep working longer. Especially in an age where most jobs don't require physical strength, raising limit to 70 is feasible.

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    Re: Social Security Fund to Be Empty by 2037

    Quote Originally Posted by Whovian View Post
    FoxNews.com - Social Security Fund to Be Empty by 2037



    Essentially, the SS trust fund has a big IOU in it, and nothing else.

    Yup. I feel safe and secure about SS. How about you?
    Social Security was our grandparents generation promising their children our money.

    It's time to end the fail.
    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.



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    Re: Social Security Fund to Be Empty by 2037

    Quote Originally Posted by MrVicchio View Post
    Social Security was our grandparents generation promising their children our money.

    It's time to end the fail.
    Not likely. The people have spoken
    Economic crisis fuels support for Social Security

    Poll shows Americans willing to pay higher taxes to ensure Social Security benefits

    On the eve of the 74th anniversary of Social Security, nearly nine in 10 (88 percent) Americans said Social Security is more important than ever as a result of today’s economic crisis, and three-quarters of Americans say it is critical to preserve Social Security even if it means that working Americans have to pay higher taxes to do so, according to a poll released today by the National Academy of Social Insurance (NASI) and the Rockefeller Foundation.

    he poll of 1,488 Americans, conducted between July 7-14 by the Benenson Strategy Group, sends a strong message to policymakers about the value that Americans place on Social Security benefits for themselves and the country as a whole — with over 75 percent of Americans saying that Social Security is or will be an important part of their retirement and nearly half of recipients stating that they would be unable to afford food, clothing or housing without it.

    With the vast importance that Social Security has in the lives of so many Americans, an overwhelming number—90 percent — want Congress to act within the next two years to preserve Social Security. Americans are willing to pay for Social Security because they value it for themselves (72 percent), for their families (75 percent), and for the security and stability it provides to millions of retired Americans, disabled individuals, and children and widowed spouses of deceased workers (87 percent).
    Last edited by Dirty Harry; 01-27-11 at 03:41 PM.

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