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Social Security Fund to Be Empty by 2037

Whovian

Whovian

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FoxNews.com - Social Security Fund to Be Empty by 2037

Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates...

President Barack Obama said in his State of the Union address Tuesday night that he wanted "a bipartisan solution to strengthen Social Security for future generations."

The president however has not embraced recommendations from a debt commission he appointed last year, including one that would gradually increase the full retirement age, from 67 to 69, over the next 65 years...

Social Security has built up a $2.5 trillion surplus since the retirement program was last overhauled in the 1980s... The $2.5 trillion surplus, however, has been borrowed over the years by the federal government and spent on other programs. In return, the Treasury Department has issued bonds to Social Security, guaranteeing repayment, with interest.
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Essentially, the SS trust fund has a big IOU in it, and nothing else.

Yup. I feel safe and secure about SS. How about you?
 
It is empty now...the government already has nothing but IOUs in the SS "trust fund."
 
Like all Statist Subprime Social Programs to Nowhere....SS was bankrupt at inception......

.....and the biggest Ponzi Scheme in history comes crashing down......
.
.
..
 
SS bankrupt? There was plenty of revenue for SS until the government stole it to pay for things like wars and stuff.
It's funny how some parrot the "ponzi scheme" argument when the SS program does not fit the definition of ponzi scheme. It's a government program not a fraudulent con game. It was adaquately funded until the rest of the government robbed it and the numbers can be adjusted to make it solvent forever.
Then she should have made sure that the federal government didn’t put its dirty hands on the alleged “lock box” in which payroll taxes were supposed to be held to pay for future retirements. That money – roughly $2.5 trillion for the Social Security trust fund alone, and $4 trillion once we add the other “trust funds” — is long gone. It’s been used to pay for wars and education and Head Start and such. Granted, the cash has been replaced by IOUs from the federal government, but, in order for the federal government to pay back Social Security, it will have to borrow the money from the public, increasing the deficit and the national debt, or tax Americans once again. This seems like the biggest rip-off ever.
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Whovian said:
FoxNews.com - Social Security Fund to Be Empty by 2037

Essentially, the SS trust fund has a big IOU in it, and nothing else.

Yup. I feel safe and secure about SS. How about you?
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If one is already receiving Social Security one has absolutely nothing to worry about. If one is older than 55 (my WAG), other than possibly tweaking the retirement age for full benefits upwards, no need for concern. If one is younger (whatever that age might be), I think one can expect that the system won't be the same by the time they get there....including benefits being fully taxable, even higher retirement ages for full benefits...and other changes that bring benefits in line with what a regular annuity would buy in the marketplace.

In short, the creek won't rise too high. But don't count on the level staying the same.
 
It is time to start raising the retirement age. Medical technology may have hurt SS by increasing the average life expectancy, but it also means that older people are healthy enough to keep working longer. Especially in an age where most jobs don't require physical strength, raising limit to 70 is feasible.
 
MrVicchio said:
Social Security was our grandparents generation promising their children our money.

It's time to end the fail.
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Not likely. The people have spoken
Economic crisis fuels support for Social Security

Poll shows Americans willing to pay higher taxes to ensure Social Security benefits

On the eve of the 74th anniversary of Social Security, nearly nine in 10 (88 percent) Americans said Social Security is more important than ever as a result of today’s economic crisis, and three-quarters of Americans say it is critical to preserve Social Security even if it means that working Americans have to pay higher taxes to do so, according to a poll released today by the National Academy of Social Insurance (NASI) and the Rockefeller Foundation.

he poll of 1,488 Americans, conducted between July 7-14 by the Benenson Strategy Group, sends a strong message to policymakers about the value that Americans place on Social Security benefits for themselves and the country as a whole — with over 75 percent of Americans saying that Social Security is or will be an important part of their retirement and nearly half of recipients stating that they would be unable to afford food, clothing or housing without it.

With the vast importance that Social Security has in the lives of so many Americans, an overwhelming number—90 percent — want Congress to act within the next two years to preserve Social Security. Americans are willing to pay for Social Security because they value it for themselves (72 percent), for their families (75 percent), and for the security and stability it provides to millions of retired Americans, disabled individuals, and children and widowed spouses of deceased workers (87 percent).
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SS should be privatized and everyone who has paid into the system should be refunded while those on the system should keep benefits. I'm going to pay into a system my whole life and never receive the promised benefits. I heard in my history class that under the New Deal, the nation was going broke and in order to receive more money in revenue (in order to increase the US credit rating so they could borrow more money) FDR created SS. SS could have been intended to raise the US credit rating and be a form of double taxation, not a program for people. SS should be privatized, as of now the government is stealing from my paycheck as I will not likely see any benefit from SS when I get older.
 
Dirty Harry said:
Not likely. The people have spoken
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Trained monkeys is what that shows. People so reliant on Gov't to care for them, and now Got'v is going broke.

Cast off the gently laid yoke of slavery people, WAKE UP! We're better then this.
 
MrVicchio said:
Trained monkeys is what that shows. People so reliant on Gov't to care for them, and now Got'v is going broke.

Cast off the gently laid yoke of slavery people, WAKE UP! We're better then this.
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The majority of Americans are trained monkeys?
The truth is most people want SS and Medicare and would sacrifice other government programs and even raise taxes to keep them. SS and Medicare are not going anywhere. SS didn't bankrupt this country. SS goes right back into the economy. The wars and waste did.
 
MaggieD said:
If one is already receiving Social Security one has absolutely nothing to worry about. If one is older than 55 (my WAG), other than possibly tweaking the retirement age for full benefits upwards, no need for concern. If one is younger (whatever that age might be), I think one can expect that the system won't be the same by the time they get there....including benefits being fully taxable, even higher retirement ages for full benefits...and other changes that bring benefits in line with what a regular annuity would buy in the marketplace.

In short, the creek won't rise too high. But don't count on the level staying the same.
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I agree with this but there's one important thing you're omitting:

The Baby boomers.

There's a lot of them retiring at the same time.
 
Middleground said:
I agree with this but there's one important thing you're omitting:

The Baby boomers.

There's a lot of them retiring at the same time.
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I'm sure the baby boomers are figured in the prediction that SS will be exhausted by 2037. Still a lotta' smokers in that age group, so perhaps there's hope. ;-)
 
pbrauer said:
The article says. there is a $2.5 trillion surplus. This is not IOU's, they are invested in U.S. securities which are backed by the government.
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The problem is the government is broke and can't pay.
 
Middleground said:
I agree with this but there's one important thing you're omitting:

The Baby boomers.

There's a lot of them retiring at the same time.
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Boomers are retiring over a twenty year period.
 
Dirty Harry said:
The majority of Americans are trained monkeys?
The truth is most people want SS and Medicare and would sacrifice other government programs and even raise taxes to keep them. SS and Medicare are not going anywhere. SS didn't bankrupt this country. SS goes right back into the economy. The wars and waste did.
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They want it because they've been trained to believe they aren't good enough to handle their own lives, aren't smart enough, have too many hurdles in the way.

I'm saying we as a people are far better then a failed entitlement program, wake up.
 
Middleground said:
We shall see. :)

News Headlines
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As Boomers begin to retire, the huge group of people putting money into the system will begin taking it out of the system, which then will be funded by a generation of workers—the so-called Gen X—whose numbers are some 15 million fewer.
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One can't deny this fact. And, as usual, we will count on Congress to fix a system that they themselves ****ed up.
 
Dirty Harry said:
Not likely. The people have spoken
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the people have spoken, and they're definitely supportive of the benefits of SS. not so much on the cost though. as the baby boomers retire 3 workers will be paying for 1 retiree, what would the poll say if you asked people if they could take a third of their before tax salary to pay for someone's retirement?
 
MrVicchio said:
Trained monkeys is what that shows. People so reliant on Gov't to care for them, and now Got'v is going broke.

Cast off the gently laid yoke of slavery people, WAKE UP! We're better then this.
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It's when you post stuff like this that I know you and other Palin supporters are just full of **** when they talk about the 'Greatness of Americans'.
 
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our pusillanimous prez in his destitute sotu:

To put us on solid ground, we should also find a bipartisan solution to strengthen Social Security for future generations. We must do it without putting at risk current retirees, the most vulnerable, or people with disabilities; without slashing benefits for future generations; and without subjecting Americans’ guaranteed retirement income to the whims of the stock market.
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Obama State Of The Union Speech 2011: FULL TEXT & VIDEO

leadership only the lame can believe in
 
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