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

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    CBO predicts Social Security cash deficits in 2010-11

    Hot Air has received a report from the Congressional Office Budget that has been sent to legislators, but not yet released to the public, showing that Social Security will go broke not in ten years, or 20 years, or 50 years, but next year. The report, which you can view here, shows Social Security running a deficit next year and then permanent deficits getting larger and larger starting in 2016.

    Now you may recall that in 2005 then President Bush tried to reform Social Security by allowing younger workers to invest 4% of the payroll tax they pay into private accounts so that we would actually get back some of the what we put into the system since our parents are going to blow it all. You may also recall that the Democrats had a hissey fit and then went running around the country scaring old people into believing Republicans were trying to take away their Social Security, which anyone with common sense knew was a lie. Being the horrible communicator that Bush was, he naturally failed to make the case as to why reform was necessary and the Democrats got away with scaring grandma and the Republicans ran away from the plan with their tail between their legs being the usual wimps that they are. Harry Reid, in particular, said that there was absolutely nothing wrong with Social Security and it was rock solid for another 50 years. The Republicans just wanted to get rid of it because they've always hated it.

    JIM LEHRER: Okay. Social Security: How does what Federal Reserve Chairman Greenspan said yesterday about personal savings accounts, how is that going to affect the debate in the Congress, particularly in the Senate?

    SEN. HARRY REID: Well, I think itís going to help what weíre saying. What weíre saying is there is no crisis. This is a manufactured crisis.

    Social Security, if we donít do anything, itís safe for approximately the next 50 years. When I mean safe, people will draw 100 percent of their benefits.

    And if we still decide to do nothing after that, people will still draw 80 percent of the benefits. We have to do something to take care of the out years, but itís a manufactured crisis.


    And the president, you know, all you have to do is see what some of the real right-wing groups have talked about over the years. They donít like Social Security. They want toe get rid of it.

    This is an effort to get rid of Social Security. What the president is talking about these private accounts ó I was interested to see in his press conference, I read before I got here what he said in his press conference. He talks about $2 trillion.

    Well, itís going to be money weíll save. The $2 trillion just makes Social Security worse. It doesnít help at all the solvency of Social Security. Privatization is a bad idea. Itís been proven in Chile; itís been proven in Great Britain.

    We also know that heís talking about benefit cuts ó benefit cuts, as much as 40 percent. Thatís very, very bad. Of course, we know that it would increase the debt significantly.

    We need ó there are a lot of problems we have in America today with pensions. We have airlines that are in effect going broke unless we give them some relief with their pension programs, but thatís separate and apart from what the presidentís talking about with Social Security.

    I believe that not only is it a program that is designed to do away with the most successful social program in the history of the country, but itís also, I think, an effort to divert attention from issues that are important, from Iraq, from health care, from this huge deficit we have.

    PBS
    I like at the end how Reid says Bushís plan was an effort to steer talk away from the huge national debt we have. My, how his attitude has changed on that one.

    So I wonder now what the excuse will be as this report becomes more public. Itís already been whipping through the Internet today.

    Social Security is going broke next year. Medicare is set to go broke in less than ten years and somehow we will magically come up with a trillion dollars to pay for health insurance for five percent of the American population.

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

    Quote Originally Posted by Don't Tase Me Bro View Post
    So I wonder now what the excuse will be as this report becomes more public. It’s already been whipping through the Internet today.
    Umm did you forget that we're in the middle of a big recession?

    Quote Originally Posted by Don't Tase Me Bro
    Social Security is going broke next year. Medicare is set to go broke in less than ten years
    Running a deficit is not the same as "going broke." In fact, social security could be made solvent for decades with a few minor tweaks: Make it means-tested, raise the retirement age, and eliminate the cap on taxation.

    Quote Originally Posted by Don't Tase Me Bro
    and somehow we will magically come up with a trillion dollars to pay for health insurance for five percent of the American population.
    An effective health care plan would help CONTROL Medicare costs.
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    Re: CBO predicts Social Security cash deficits in 2010-11

    What a mischaracterzation.....It has nothing to do with going "broke".

    It means they will start dipping into the trust fund earlier.

    That's what the trust fund was there in the first place for....to be used at a later date!

    Do you even know how SS works?

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

    SS right now is nothing more than a glorified ponzy scheme

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

    Quote Dragon Dad:
    What a mischaracterzation.....It has nothing to do with going "broke".

    It means they will start dipping into the trust fund earlier.

    That's what the trust fund was there in the first place for....to be used at a later date!

    Do you even know how SS works?





    You do understand there really is no trust fund just a bunch of IOUs?
    Last edited by Shadow Serious; 09-22-09 at 08:35 PM.

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

    Quote Originally Posted by Kandahar View Post
    Umm did you forget that we're in the middle of a big recession?
    Oh, no, we're in recovery. Where you been?
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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by apdst View Post
    Oh, no, we're in recovery. Where you been?
    Does being in a recovery magically and instantaneously replenish the government coffers?
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    Re: CBO predicts Social Security cash deficits in 2010-11

    Quote Originally Posted by Don't Tase Me Bro View Post
    Hot Air has received a report from the Congressional Office Budget that has been sent to legislators, but not yet released to the public, showing that Social Security will go broke not in ten years, or 20 years, or 50 years, but next year. The report, which you can view here, shows Social Security running a deficit next year and then permanent deficits getting larger and larger starting in 2016.
    The change isn't quite that dramatic. Previously, the SSA trustees predicted that income would start falling short of outlays in 2016. Now, they're saying that it will happen for a 2 year period, right itself for a few years, and then go back into the deficits in 2016

    Quote Originally Posted by dragondad View Post
    What a mischaracterzation.....It has nothing to do with going "broke".

    It means they will start dipping into the trust fund earlier.

    That's what the trust fund was there in the first place for....to be used at a later date!

    Do you even know how SS works?
    Please explain where this trust fund is located and how Congress will tap it. This should be amusing.

    Quote Originally Posted by Kandahar View Post
    Running a deficit is not the same as "going broke." In fact, social security could be made solvent for decades with a few minor tweaks: Make it means-tested, raise the retirement age, and eliminate the cap on taxation.
    To fix the $17.5T unfunded liability that Social Security faces will require those tweaks to be quite significant. Furthermore, making SS means tested and eliminating the cap on taxation will fundamentally change a core-principle of the SS program by changing it from a forced retirement fund for all to just another welfare program funded by the wealthy that benefits the poor.
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    Re: CBO predicts Social Security cash deficits in 2010-11

    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
    Last edited by dragondad; 09-23-09 at 12:45 AM.

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

    Quote Originally Posted by RightinNYC View Post
    To fix the $17.5T unfunded liability that Social Security faces will require those tweaks to be quite significant. Furthermore, making SS means tested and eliminating the cap on taxation will fundamentally change a core-principle of the SS program by changing it from a forced retirement fund for all to just another welfare program funded by the wealthy that benefits the poor.
    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.
    Last edited by Kandahar; 09-23-09 at 12:56 AM.
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