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Thread: Social Security To Go Bust By 2030: CBO

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Visbek View Post

    You also missed the bit about how it's updated annually.
    And the reason that the results are two years out of date? It is designed to give people a false sense of security.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Lord of Planar View Post
    If it included the interest, that doesn't matter. It is still in surplus as of 2013. Past predictions that I recall has it needed to cash in some of those bonds starting in 2017.
    Let's remember what we were discussing. Without the Trust Fund, ie without the interest, Social Security's revenue would have been insufficient to cover scheduled benefits.

    At the time you were arguing that the Trust Fund doesn't exist, and now you are saying that the interest on the non-existent Trust Fund means Social Security is in surplus. Is that about right?

    Quote Originally Posted by Lord of Planar View Post

    Did you look at the link I provided?

    Where is your official site to show I'm wrong?

    If I use OMB table 2-1 compared to table 4-1, 2013 shows even more of a surplus.

    Link please.
    Social Security History

    Summary-

    So, to sum up:

    1- Social Security was off-budget from 1935-1968;
    2- On-budget from 1969-1985;
    3- Off-budget from 1986-1990, for all purposes except computing the deficit;
    4- Off-budget for all purposes since 1990.

  3. #153
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    Let's remember what we were discussing. Without the Trust Fund, ie without the interest, Social Security's revenue would have been insufficient to cover scheduled benefits.

    At the time you were arguing that the Trust Fund doesn't exist, and now you are saying that the interest on the non-existent Trust Fund means Social Security is in surplus. Is that about right?



    Social Security History

    Summary-

    So, to sum up:

    1- Social Security was off-budget from 1935-1968;
    2- On-budget from 1969-1985;
    3- Off-budget from 1986-1990, for all purposes except computing the deficit;
    4- Off-budget for all purposes since 1990.
    Did you by chance notice the article speaks of Disability insurance (DI) when it speaks of the shortfalls?

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by mtm1963 View Post
    i understand congress spent the SS surpluses. i understand congress has NOT paid back those borrowed SS monies. i understand this contributes to the national debt.

    these points seem to go over your understanding.
    The facts aren't above his head. It is the point you are trying to make.

    Congress spent the money that it borrowed from China. Congress hasn't paid back those monies borrowed from China. Money borrowed from China is part of the national debt. You want to make the money borrowed from Social Security somehow unique in the discussion.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Lord of Planar View Post
    Did you by chance notice the article speaks of Disability insurance (DI) when it speaks of the shortfalls?
    I do not follow disability. It is a much more complicated issue, but it is my understanding that the shortfall encompasses both DI and OAS.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by mtm1963 View Post
    i understand congress spent the SS surpluses. i understand congress has NOT paid back those borrowed SS monies. i understand this contributes to the national debt.

    these points seem to go over your understanding.
    No, I understand what you are saying. It just so happens you are wrong on this and you're posts indicate a type of pouting because I'm pointing out that you are wrong. I've explained it time and time again. I'm sorry if you don't understand, but you are wrong. Your entire line of thinking is incredibly flawed and is indicative of the type of simplistic ignorance I admonished the thread starter for propagating. You clearly DON'T understand what happened, nor do you understand what it all means. The sad part is you just keep ranting the same things over and over, despite me explaining what's REALLY happening. It's such a shame you don't care about the truth, just shouting ignorance at the rain.
    Last edited by Slyfox696; 07-17-14 at 10:47 PM.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Slyfox696 View Post
    The inability of people to understand anything but the most literal definitions saddens me sometimes.

    The Trust Fund is full of "IOUs", but that doesn't mean there isn't money there. It's no different from when you put your money in the bank and the bank then loans it out to people wanting to start a business. This isn't even basics of accounting, it's just basics.
    That is not directly analogous. The bank loans that money to other people, and often some collateral is involved (a car, a house, the persons' goods) if the debt goes bad. The US Government loaned that money to itself and then spent it.

    So a better example would be you taking money out of savings, putting it into checking, spending it, promising to pay it back next month, but then never doing so.

    Now the big expense you've been saving for is here, and it's no good saying "oh, don't worry, my checking account owes my savings all this money".

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Slyfox696 View Post
    No, I understand what you are saying. It just so happens you are wrong on this and you're posts indicate a type of pouting because I'm pointing out that you are wrong. I've explained it time and time again. I'm sorry if you don't understand, but you are wrong. Your entire line of thinking is incredibly flawed and is indicative of the type of simplistic ignorance I admonished the thread starter for propagating. You clearly DON'T understand what happened, nor do you understand what it all means. The sad part is you just keep ranting the same things over and over, despite me explaining what's REALLY happening. It's such a shame you don't care about the truth, just shouting ignorance at the rain.

    Even the Left-Leaning Politifact rates this branch of logic Mostly False

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Lord of Planar View Post
    Did you by chance notice the article speaks of Disability insurance (DI) when it speaks of the shortfalls?
    Last I checked SSDI was scheduled to go bust in 2016.

    Meh, I'm sure it'll all work out. 2016 is so far away, and when it get's here we'll just tax the rich or something, and in the meantime let's just kick that ole can.....

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    I do not follow disability. It is a much more complicated issue, but it is my understanding that the shortfall encompasses both DI and OAS.
    You should look at the OMB numbers instead of the CBO.

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