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

  1. #21
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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by dragondad View Post
    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.
    At this point, I'm forced to conclude that you're just ****ing with me and can't actually believe what you're saying.

    See that quote in my post right before yours? The one pointing out "Why is Reform to Improve the Social Security and Medicare Financial Imbalances Needed?" Yea, that one is from the Trustees Report.
    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

    QUESTION 1: Can I count on Social Security to be there?

    You can. Despite what you may hear about the system going broke, the funds from workers' payroll taxes will cover all retirees' payments until 2016 even if no changes are made to the current program. After that the Social Security Administration can cover full benefits until 2037 by cashing in its Treasury bonds from the Social Security trust fund. And when the bonds run out, income from payroll taxes would be enough to cover about 75% of payments for decades.

    That said, the government is looking at ways to shore up the system. President Obama has talked about imposing Social Security payroll taxes on income over $200,000 (currently, earnings over $106,800 are exempt). Other possible fixes: upping payroll taxes, raising the retirement age, and scaling back payments in some way.

    The good news for anyone in or near retirement: "People 55 and over are likely to see no change or just a marginal change in benefits," says actuary Bruce Schobel, who worked on the commission headed by Alan Greenspan nearly 30 years ago that fixed the system (at least until now). But even younger workers can rest assured that drastic cuts are unlikely.
    what-you-need-to-know-about-social-security.html: Personal Finance News from Yahoo! Finance
    I think we are safe for now.

  3. #23
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    Re: CBO predicts Social Security cash deficits in 2010-11

    Don't he know SS payments come from the general fund? Ain't nothing but a bunch of IOU's!.....Money magazine...phssshaw!

    Dern liberul media!
    Last edited by dragondad; 09-23-09 at 09:44 AM.

  4. #24
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    Re: CBO predicts Social Security cash deficits in 2010-11

    I'm all waiting for Dragondad to drop the bomb on this thread. You know the post that will substantiate all his bloviating and totally shut down everyone else. And I'm just concerned sort of now. So much talk about how everyone else is wrong and fear mongering and how he is in the know...all this blustering but nothing in the way of substantiating posts.

    It's like he's sitting there laughing maniacally because he knows the secret...only I'm not sure he does.

    So I'm hoping he really has some goods to deliver because the setup is just too big. /popcorn
    *insert profound statement here*

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


  6. #26
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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by dragondad View Post
    So social security as a program is safe..it's just the amount of the benefit that's in jeopardy. Well that's reassuring, glad you got that cleared up.

    *insert profound statement here*

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

    Quote Originally Posted by RightinNYC View Post

    Please explain where this trust fund is located and how Congress will tap it. This should be amusing.

    It is held in T-bonds, and collects interest each year. Congress has tapped into it in the past for non-SS spending (Bush did so in each of his budgets, I believe). T-bonds are not believed to be mythical IOUs, nor are they believed to be in danger of default. Attempts to portray the SS Trust Fund as non-existent are fear-mongering.

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

    Quote Originally Posted by Lerxst View Post
    So social security as a program is safe..it's just the amount of the benefit that's in jeopardy. Well that's reassuring, glad you got that cleared up.


    It is reassuring. Yes, things will have to be adjusted, but life expectancies have changed since SS inception.

    Medicare's outlook is not reassuring at all. There are big, fat, scary problems to deal with. Social Security isn't one of them. It is not a big, fat, scary problem at all. It will have to be adjusted at the margins, but thinking that no changes are ever necessary to existing programs is not realistic.

  9. #29
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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by jackalope View Post
    It is held in T-bonds, and collects interest each year. Congress has tapped into it in the past for non-SS spending (Bush did so in each of his budgets, I believe). T-bonds are not believed to be mythical IOUs, nor are they believed to be in danger of default. Attempts to portray the SS Trust Fund as non-existent are fear-mongering.
    So the government owing itself money plus interest is somehow a safe investment?

    Lets see you owing yourself money plus interest as a viable investment product.

    The problem is that people who are going to reap the benefits of social security have already had their money used for their benefit and now me as a younger person will have to pay extra for their welfare payments and will have to be content with paying more and receiving less when it comes to my retirement.

    How is that morally, ethically or legally right in a republic where the majority is not supposed to abuse the minority?
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by Harry Guerrilla View Post
    So the government owing itself money plus interest is somehow a safe investment?

    Lets see you owing yourself money plus interest as a viable investment product.

    The problem is that people who are going to reap the benefits of social security have already had their money used for their benefit and now me as a younger person will have to pay extra for their welfare payments and will have to be content with paying more and receiving less when it comes to my retirement.

    How is that morally, ethically or legally right in a republic where the majority is not supposed to abuse the minority?

    Yes, US Treasury Bonds are the safest investment vehicle in the world. There is no credit agency that believes the US is in danger of defaulting on either T-bills or T-bonds.

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