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Thread: 2014 Social Security Trustees Report

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    2014 Social Security Trustees Report

    The Trustees have released their report the summary is found here : News, the full report is found here : The 2014 OASDI Trustees Report

    The focus continues to be on the length of the fuse ("The projected point at which the combined trust fund reserves will become depleted, if Congress does not act before then, comes in 2033") rather than the size of the bomb which is found on .... page 192. The unfunded obligation grew to $24.9 trillion in present value. Or in Trustee speak : " If the assumptions, methods, and starting values had not changed, moving the valuation date forward by 1 year would have increased the unfunded obligation by about $0.9 trillion, to $24.0 trillion. The net effects of changes in assumptions, methods, law, and starting values increased the infinite horizon unfunded obligation by an additional $0.9 trillion, to $24.9 trillion in present value."

    The highlights : the system's shortfall grew by more than the system collected SOLELY because of the change in year.

    Today more than 50% of the public expects to retire after the Trust Fund is exhausted.

    Someone retiring today at normal retirement age has a longer life expectancy than Social Security expects to pay scheduled benefits.

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    Re: 2014 Social Security Trustees Report

    Quote Originally Posted by JoeTheEconomist View Post
    The Trustees have released their report the summary is found here : News, the full report is found here : The 2014 OASDI Trustees Report

    The focus continues to be on the length of the fuse ("The projected point at which the combined trust fund reserves will become depleted, if Congress does not act before then, comes in 2033") rather than the size of the bomb which is found on .... page 192. The unfunded obligation grew to $24.9 trillion in present value. Or in Trustee speak : " If the assumptions, methods, and starting values had not changed, moving the valuation date forward by 1 year would have increased the unfunded obligation by about $0.9 trillion, to $24.0 trillion. The net effects of changes in assumptions, methods, law, and starting values increased the infinite horizon unfunded obligation by an additional $0.9 trillion, to $24.9 trillion in present value."

    The highlights : the system's shortfall grew by more than the system collected SOLELY because of the change in year.

    Today more than 50% of the public expects to retire after the Trust Fund is exhausted.

    Someone retiring today at normal retirement age has a longer life expectancy than Social Security expects to pay scheduled benefits.
    Geezus. I won't even be able to look at my kids without guilt. Horrible.

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    Re: 2014 Social Security Trustees Report

    Hooray for me I'm ****ed!
    -----MOS 19D = cavalry scout = best damn MOS there is

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    Re: 2014 Social Security Trustees Report

    And no one in Washington has any interest in fixing it. SS is the third rail in US elections.
    I have CDO, it's like OCD but the letters are in alphabetical order like they should be.

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    Re: 2014 Social Security Trustees Report

    Quote Originally Posted by tres borrachos View Post
    Geezus. I won't even be able to look at my kids without guilt. Horrible.
    I hope that you will not look at your kids with anger if they tell you to take a hike.

    This is from USAToday : "These debt levels will be driven by the benefit programs that account for more than three-fifths of federal spending. The annual trustees' reports on Social Security and Medicare, released Monday, shows spending on those two programs continuing to soar as Baby Boomers retire."

    The fact is that Social Security will not change the debt level unless..... people come to the view that the Trust Fund assets are worthless IOUs which your generation put into the Trust Fund while running up the debt on our generation. So if someone cuts your benefits they will look at you without any guilt at all.

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    Re: 2014 Social Security Trustees Report

    Quote Originally Posted by azgreg View Post
    And no one in Washington has any interest in fixing it. SS is the third rail in US elections.
    I have an article on the demographics of the third rail coming out soon. They are disintegrating. 5 years ago, a near majority of voting aged Americans expected to die before the Trust Fund was exhausted. They could not care less about what happened to Social Security. Now nearly 60% of the public expects to retire after the Trust Fund is gone. The third rail is running out of track.

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    Re: 2014 Social Security Trustees Report

    Quote Originally Posted by JoeTheEconomist View Post
    I hope that you will not look at your kids with anger if they tell you to take a hike.

    This is from USAToday : "These debt levels will be driven by the benefit programs that account for more than three-fifths of federal spending. The annual trustees' reports on Social Security and Medicare, released Monday, shows spending on those two programs continuing to soar as Baby Boomers retire."

    The fact is that Social Security will not change the debt level unless..... people come to the view that the Trust Fund assets are worthless IOUs which your generation put into the Trust Fund while running up the debt on our generation. So if someone cuts your benefits they will look at you without any guilt at all.
    I would never tell my kids to take a hike, regardless of what they say to me.

    I don't care if someone cuts my benefits. As I posted here recently, I've already calculated my payments (assuming the numbers they send me periodically are right) and know that I will get back my entire investment in too quick a time. I've also been smart enough my entire adult life to save my own money and not pretend I will live on SS benefits when my husband & I are no longer working.

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    Re: 2014 Social Security Trustees Report

    Quote Originally Posted by JoeTheEconomist View Post
    I have an article on the demographics of the third rail coming out soon. They are disintegrating. 5 years ago, a near majority of voting aged Americans expected to die before the Trust Fund was exhausted. They could not care less about what happened to Social Security. Now nearly 60% of the public expects to retire after the Trust Fund is gone. The third rail is running out of track.
    I hope you're right, but at the moment I don't share your optimism.
    I have CDO, it's like OCD but the letters are in alphabetical order like they should be.

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    Re: 2014 Social Security Trustees Report

    Quote Originally Posted by JoeTheEconomist View Post
    The Trustees have released their report the summary is found here : News, the full report is found here : The 2014 OASDI Trustees Report

    The focus continues to be on the length of the fuse ("The projected point at which the combined trust fund reserves will become depleted, if Congress does not act before then, comes in 2033") rather than the size of the bomb which is found on .... page 192. The unfunded obligation grew to $24.9 trillion in present value. Or in Trustee speak : " If the assumptions, methods, and starting values had not changed, moving the valuation date forward by 1 year would have increased the unfunded obligation by about $0.9 trillion, to $24.0 trillion. The net effects of changes in assumptions, methods, law, and starting values increased the infinite horizon unfunded obligation by an additional $0.9 trillion, to $24.9 trillion in present value."

    The highlights : the system's shortfall grew by more than the system collected SOLELY because of the change in year.

    Today more than 50% of the public expects to retire after the Trust Fund is exhausted.

    Someone retiring today at normal retirement age has a longer life expectancy than Social Security expects to pay scheduled benefits.
    I can only repeat it every time I read this: We have known this was coming since the 1970's. It was made worse, when the reserves were used to fight the bubbles. In principal the thing is a Ponzi Scheme and will pop, when the number of employees falls as Baby-boomers retire. You don't need to be a nuclear physicist for this.

    Oh, I forgot. Every year we delay fixing the thing, the worse it will get. That is one reason bringing those kids at the boarder in and educating them would be a good idea.

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    Re: 2014 Social Security Trustees Report

    Quote Originally Posted by tres borrachos View Post
    Geezus. I won't even be able to look at my kids without guilt. Horrible.
    We paid for their education didn't we? Or you did, if you sent them to private schools.

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