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Thread: CBO predicts Social Security cash deficits in 2010-11

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    Re: CBO predicts Social Security cash deficits in 2010-11

    You do understand there really is no trust fund just a bunch of IOUs?

    You do realize if the US were to default on these what you call "IOUs", Social Security benefits will be the least of your problems?

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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by dragondad View Post
    Please explain where this trust fund is located and how Congress will tap it. This should be amusing.

    Oh yes it's me who doesn't know what the trust fund is. Nor where to find out anything about it. Nor do I know what it would take to correct the long term deficit.

    You caught me! I thought the trust fund was just a very big bank acount where we stored the money! Ha!

    http://www.debatepolitics.com/breaki...post1058210402

    Only those who refer to SS as "broke" and just some "IOUs" or a "Ponzi Scheme" these are the serious people.....lol
    I have no clue what you're trying to say here, nor do I understand what you think that link is proving.

    Quote Originally Posted by dragondad View Post
    You do understand there really is no trust fund just a bunch of IOUs?

    You do realize if the US were to default on these what you call "IOUs", Social Security benefits will be the least of your problems?
    And you do realize that in order to cash in those IOUs, we will be paying out of general revenues, right? Which is sort of the whole point of the entire thread? Which you very clearly don't understand, given your reference to "dipping into the trust fund"?

    Quote Originally Posted by Kandahar View Post
    Honestly, if we're going to have social security at all (and I don't see any way to put that genie back in the bottle at this point), that's what it SHOULD be IMO. Wealthy people don't need a forced retirement; they're doing fine. It's just gratuitous spending that the government shouldn't be involved in.

    I completely support anti-poverty programs to help people with health care, education, food, and (in some cases) even housing. But those things are necessities, whereas comfortable retirement is a luxury. As long as we have SS, I'd rather it be an anti-poverty program. I don't see any other rationale for its existence that makes any sense.
    I would be fully behind a complete retrofit of SS to turn it into a safety net that would be much smaller than what we have now. I just don't think the country would be okay with that.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by dragondad View Post
    Only those who refer to SS as "broke" and just some "IOUs" or a "Ponzi Scheme" these are the serious people.....lol
    You're right, SS is no Ponzi scheme.

    Ponzi schemes don't take your money from you without your permission, and they generally try to hide the fact that you won't be getting your money back.

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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by RightinNYC View Post
    And you do realize that in order to cash in those IOUs, we will be paying out of general revenues, right? Which is sort of the whole point of the entire thread? Which you very clearly don't understand, given your reference to "dipping into the trust fund"?
    You obviously aren't familiar with the Monopoly™ theory of money.

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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by RightinNYC View Post
    I have no clue what you're trying to say here, nor do I understand what you think that link is proving.



    And you do realize that in order to cash in those IOUs, we will be paying out of general revenues, right? Which is sort of the whole point of the entire thread? Which you very clearly don't understand, given your reference to "dipping into the trust fund"?



    I would be fully behind a complete retrofit of SS to turn it into a safety net that would be much smaller than what we have now. I just don't think the country would be okay with that.
    No the point of the thread is to spread typical scary tale about how Social Security is a big "ponzi scheme" and how it's going "broke"

    You of course cannot make the case for this this using objective sources so you're left with taking exception to the phrase "dipping into the trust fund"....LOL

    It must be hard to take when a right wing myth gets deflated in front of your very eyes.
    Last edited by dragondad; 09-23-09 at 01:45 AM.

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    Re: CBO predicts Social Security cash deficits in 2010-11

    If any moderates want to educate themselves on the Social Security Issue.

    Go here.

    2009 OASDI Trustees Report--financial outlook for Social Security

    When you hear terms like "broke" "ponzi scheme" "you do realize this is coming out of the general fund? (as if that matters) " know that you are dealing with fearmongers.
    Last edited by dragondad; 09-23-09 at 01:55 AM.

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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by dragondad View Post
    No the point of the thread is to spread typical scary tale about how Social Security is a big "ponzi scheme" and how it's going "broke"

    You of course cannot make the case for this this using objective sources so you're left with taking exception to the phrase "dipping into the trust fund"....LOL

    It must be hard to take when a right wing myth gets deflated in front of your very eyes.
    What the **** are you talking about?

    Go here, read a trustee report or two, and then come back here when you have a rudimentary understanding of how Social Security works and the problems that it faces.

    edit: Nice. Now take your own advice and read what is in those reports.

    Why is Reform to Improve the Social Security and Medicare Financial Imbalances Needed? Concern about the long-range financial outlook for Medicare and Social Security often focuses on the exhaustion dates for the HI and OASDI Trust Funds—the time when projected finances under current law would be insufficient to pay the full amount of scheduled benefits. A more immediate issue is the growing burden that the programs will place on the Federal budget well before the trust funds are exhausted.

    The difference between the cost of scheduled benefits and tax income for the HI and OASDI Trust Funds is shown in Chart E, together with the Federal general fund revenues provided under current law for SMI. During 2009-17 for HI, general revenues (the red bars in the chart) must be used to cover the interest earnings and asset redemptions required to offset the shortfall of HI tax revenues. Similarly, general revenues cover these offsets for the OASDI deficits during 2016-37 (blue bars). In addition, general revenues pay for roughly 75 percent of all SMI costs under current law (green bars).

    In 2017 and later for HI, and in 2037 and later for OASDI, there is no provision in current law that would enable full payment of benefits, once the trust funds are exhausted. If asset exhaustion actually occurred, benefits could be paid only up to the amount of ongoing dedicated revenues. Further general fund transfers could not be made to finance the deficits.

    Here are the facts that you don't seem to understand:

    -Social Security, like Medicare, has an unfunded liability in the tens of trillions. While Medicare's is over $80T, Social Security's is a mere $17.5T.

    -Social Security, like Medicare has been taking in far more than it has been spending for years, thus accumulating a "trust fund"

    -Rather than actually saving that money, that money has been spent on other things, leaving the programs with IOUS.

    -Starting this year for Medicare and in 2016 for Social Security, the amount being taken in will fall below the amount being spent.

    -When that happens, the money for those programs will come out of the federal budget.

    -Those trust funds will eventually run out entirely, Medicare's in 8 years and SS in 28.

    -The practical result of this will be an immediate increase in spending out of the federal budget in the short term and significant cuts to both programs or increased taxes in the long term.
    Last edited by RightinNYC; 09-23-09 at 02:03 AM.
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    Re: CBO predicts Social Security cash deficits in 2010-11

    Yes using the term "dipping into the trust fund" is just crazy!

    [ame=http://www.google.com/search?hl=en&q=%22dipping+into+the+trust+fund%22+% 2B+social&btnG=Search&aq=f&oq=&aqi=]"dipping into the trust fund" + social - Google Search[/ame]

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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by dragondad View Post
    Yes using the term "dipping into the trust fund" is just crazy!

    "dipping into the trust fund" + social - Google Search
    [ame=http://www.google.com/search?hl=en&safe=off&client=firefox-a&rls=org.mozilla%3Aen-US%3Aofficial&hs=2SK&q=%22what+the+hell+do+you+thi nk+that+means%22&aq=f&oq=&aqi=]"what the hell do you think that means" - Google Search[/ame]

    The fact that other people use the same incorrect terms that you do doesn't make you any less wrong.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: CBO predicts Social Security cash deficits in 2010-11

    I cannot get the man to post his credentials as an expert in economics

    Nor can I get him to post objective experts opinion backing up his "own conclusions" about how perilous the SS situation is.

    That's because there is none.

    Other than from right wing organizations and think tanks that want to destroy Social Security along with most other social programs.

    Fearmongering is what they do.

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