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Thread: The results are in on social security

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    The results are in on social security

    Kinda looks like all the doom and gloom was for naught as for as Social Security was concerned.

    THE RESULTS ARE IN ON SOCIAL SECURITY

    Do you ever worry that Social Security might not be there for you when you need it? On May 13, the Trustees of the Social Security Trust Fund released their annual report that affirmatively answers that question: yes, Social Security is alive and well. Below you will find some highlights from the Trustee’s report and important facts about Social Security:

    Amount of annual surplus in 2011: $69 billion

    Projected Trust Fund Balance for 2011: $2.7 trillion

    Number of years Social Security is projected to be able to pay full benefits, without any shortfall: 25 years

    Cost of administering Social Security as percentage of total expenditures: 0.9%

    Average monthly Social Security benefit received by retired Americans: $1,164

    Drop in value of private retirement accounts during the Great Recession: $2.8 trillion

    Drop in value of Social Security benefits during the Great Recession: $0

    Number of recessions Social Security has weathered without failing to pay benefits: 13

    Number of times Social Security has failed to pay an earned benefit: 0

    In response to the Trustee’s report Rep. Becerra, the highest ranking Democrat on the Ways and Means Subcommittee on Social Security, said: “Today’s report confirms what we already know: Social Security will weather the storm once again. You simply can’t buy the kind of retirement, disability and life-insurance protection on the private market that Social Security provides.”

    The Becerra Bulletin, May 2011
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: The results are in on social security



    no, you can buy much better plans. as I have consistently demonstrated. as for this report?

    Amount of annual surplus in 2011: $69 billion
    2011 is not over. given that SS ran deficits last year and the CBO estimates those deficits will only continue to grow every year from here on out, I wouldn't be dancing over this.

    Projected Trust Fund Balance for 2011: $2.7 trillion
    yeah, and so long as the General Budget produces a surplus of $2.7 Trillion, they'll get it, too. because I don't know about you, but if there is one thing I see happening any day now, it's us not only balancing the budget, but producing a $2.7 Trillion surplus.

    Number of years Social Security is projected to be able to pay full benefits, without any shortfall: 25 years
    assuming of course that that $2.7 Trillion surplus comes through, which will necessitate there being no such thing as Medicare. If we are running a deficit, however, and if there is such a thing as Medicare.... well then not so much.

    Cost of administering Social Security as percentage of total expenditures: 0.9%

    Average monthly Social Security benefit received by retired Americans: $1,164

    Drop in value of private retirement accounts during the Great Recession: $2.8 trillion
    and (again) as I have demonstrated now ad nauseum, those private accounts still outperform Social Security even in a worst case scenario by more than double.

    Drop in value of Social Security benefits during the Great Recession: $0
    so long as you don't keep it in real dollars. because food, medicine, and energy aren't things that old people buy.

    Number of recessions Social Security has weathered without failing to pay benefits: 13

    Number of times Social Security has failed to pay an earned benefit: 0
    true, thanks to the law Social Security running a deficit (as she has and will continue to do) simply draws from the General Fund.

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    Re: The results are in on social security

    Quote Originally Posted by donc View Post
    Kinda looks like all the doom and gloom was for naught as for as Social Security was concerned.

    THE RESULTS ARE IN ON SOCIAL SECURITY

    Do you ever worry that Social Security might not be there for you when you need it? On May 13, the Trustees of the Social Security Trust Fund released their annual report that affirmatively answers that question: yes, Social Security is alive and well. Below you will find some highlights from the Trustee’s report and important facts about Social Security:

    Amount of annual surplus in 2011: $69 billion

    Projected Trust Fund Balance for 2011: $2.7 trillion

    Number of years Social Security is projected to be able to pay full benefits, without any shortfall: 25 years

    Cost of administering Social Security as percentage of total expenditures: 0.9%

    Average monthly Social Security benefit received by retired Americans: $1,164

    Drop in value of private retirement accounts during the Great Recession: $2.8 trillion

    Drop in value of Social Security benefits during the Great Recession: $0

    Number of recessions Social Security has weathered without failing to pay benefits: 13

    Number of times Social Security has failed to pay an earned benefit: 0

    In response to the Trustee’s report Rep. Becerra, the highest ranking Democrat on the Ways and Means Subcommittee on Social Security, said: “Today’s report confirms what we already know: Social Security will weather the storm once again. You simply can’t buy the kind of retirement, disability and life-insurance protection on the private market that Social Security provides.”

    The Becerra Bulletin, May 2011
    So cpwill will be supporting me in my old age after all. That's rather comforting.
    Quote Originally Posted by Northern Light View Post
    The systems that ensure freedom and liberty are breaking down and fundamentalism is growing. Nobody is righteous anymore.


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    Re: The results are in on social security

    Quote Originally Posted by Mickey Shane View Post
    So cpwill will be supporting me in my old age after all. That's rather comforting.
    I think the jarhead(any lurking mods…jarhead, in this case is used as a term of endearment) on the rock,Is hoping that the repubs in congress DON’T raise the debt ceiling and the country goes into default. Viola!!! We skate out from under the countries obligation we made to our seniors.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: The results are in on social security

    Quote Originally Posted by donc View Post
    Kinda looks like all the doom and gloom was for naught as for as Social Security was concerned.

    THE RESULTS ARE IN ON SOCIAL SECURITY

    Do you ever worry that Social Security might not be there for you when you need it? On May 13, the Trustees of the Social Security Trust Fund released their annual report that affirmatively answers that question: yes, Social Security is alive and well. Below you will find some highlights from the Trustee’s report and important facts about Social Security:

    Amount of annual surplus in 2011: $69 billion

    Projected Trust Fund Balance for 2011: $2.7 trillion

    Number of years Social Security is projected to be able to pay full benefits, without any shortfall: 25 years

    Cost of administering Social Security as percentage of total expenditures: 0.9%

    Average monthly Social Security benefit received by retired Americans: $1,164

    Drop in value of private retirement accounts during the Great Recession: $2.8 trillion

    Drop in value of Social Security benefits during the Great Recession: $0

    Number of recessions Social Security has weathered without failing to pay benefits: 13

    Number of times Social Security has failed to pay an earned benefit: 0

    In response to the Trustee’s report Rep. Becerra, the highest ranking Democrat on the Ways and Means Subcommittee on Social Security, said: “Today’s report confirms what we already know: Social Security will weather the storm once again. You simply can’t buy the kind of retirement, disability and life-insurance protection on the private market that Social Security provides.”

    The Becerra Bulletin, May 2011
    69 billion surplus in 2011? Really?

    Status of the Social Security and Medicare Programs: A SUMMARY OF THE 2011 ANNUAL REPORTS
    Projected long-run program costs for both Medicare and Social Security are not sustainable under currently scheduled financing, and will require legislative modifications if disruptive consequences for beneficiaries and taxpayers are to be avoided.

    The long-run financial challenges facing Social Security and Medicare should be addressed soon. If action is taken sooner rather than later, more options and more time will be available to phase in changes so that those affected have adequate time to prepare. Earlier action will also afford elected officials with a greater opportunity to minimize adverse impacts on vulnerable populations, including lower-income workers and those who are already substantially dependent on program benefits.

    The $49 billion deficit last year (excluding interest income) and $46 billion projected deficit in 2011 are in large part due to the weakened economy and to downward income adjustments that correct for excess payroll tax revenue credited to the trust funds in earlier years.
    hmmmmmmmmmmmmmmm.....

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    Re: The results are in on social security

    Trustees Report Summary

    Conclusion

    Projected long-run program costs for both Medicare and Social Security are not sustainable under currently scheduled financing, and will require legislative corrections if disruptive consequences for beneficiaries and taxpayers are to be avoided.

    The financial challenges facing Social Security and Medicare should be addressed soon. If action is taken sooner rather than later, more options and more time will be available to phase in changes so that those affected can adequately prepare.
    What is the Outlook for Short-Term Trust Fund Adequacy? The reports measure the short-range adequacy of the OASI, DI, and HI Trust Funds by comparing fund assets to projected costs for the ensuing year (the "trust fund ratio"). A trust fund ratio of 100 percent or more -- that is, assets at least equal to projected costs for a year -- is a good indicator of a fund’s short-range adequacy. That level of projected assets for any year means that even if cost exceeds income, the trust fund reserves, combined with annual tax revenues, would be sufficient to pay full benefits for several years.

    By this measure, the OASI Trust Fund is financially adequate throughout the 2011-20 period, but the DI Trust Fund fails the short-range test because its projected trust fund ratio falls to 90 percent by the beginning of 2013, followed by exhaustion of assets in 2018. Furthermore, despite the increasing nominal value of the OASI and combined OASDI trust funds throughout the short-range period, both the OASI and DI trust fund ratios -- indicators of the duration of continuing benefit payments that the trust funds could finance out of current assets -- will continue to decline from 2011 forward.

    The HI Trust Fund also does not meet the short-range test of financial adequacy; its projected trust fund ratio falls to 86 percent by the beginning of 2012. Projected HI Trust Fund assets are fully depleted in 2024.
    and the kicker...
    The projected actuarial deficit in each of these programs is large enough that continued solvency under current-law financing is extremely unlikely. A supplementary analysis that allows plausible random variations from the intermediate assumptions employed in the report indicates that OASDI trust fund exhaustion is highly probable by mid-century.

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    Re: The results are in on social security

    thanks for that report donc. great news indeed.

    I cannot help but some here and elsewhere on the right have simply always hated the idea of any type of government social security program and are doing their best to pretend they are Chicken Little and telling the world that the sky is falling.

    I can think of no other single way to undermine the average persons faith in government as an important American institution that to destroy social security. Perhaps for the anti-government crowd and even some of the small government crowd that is their goal.
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    Re: The results are in on social security

    so, since it'll be 25 years before it fails utterly... let's just wait until then to do anything about it.

    Right Dems/Libs???

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    Re: The results are in on social security

    Quote Originally Posted by haymarket View Post
    thanks for that report donc. great news indeed.

    I cannot help but some here and elsewhere on the right have simply always hated the idea of any type of government social security program and are doing their best to pretend they are Chicken Little and telling the world that the sky is falling.

    I can think of no other single way to undermine the average persons faith in government as an important American institution that to destroy social security. Perhaps for the anti-government crowd and even some of the small government crowd that is their goal.
    yeah... great news that Dems/Libs want to sity on their collective asses for the next 25 years until SSI fails utterly.

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    Re: The results are in on social security

    Quote Originally Posted by Whovian View Post
    yeah... great news that Dems/Libs want to sity on their collective asses for the next 25 years until SSI fails utterly.
    Most progressives that I have talked to want some significant done about this to prevent a 25 year problem. At the top of the list is to pop the cap on the $106K limit for FICA taxes while freezing benefits to todays levels plus a modest inflation allowance increase. Your characterization is not accurate.
    __________________________________________________ _
    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

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