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The results are in on social security

donc said:
When did we have any excess money in the last ten years?
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Social Security expenditures exceeded the program’s non-interest income in 2010 for the first time since 1983. The $49 billion deficit last year (excluding interest income) and $46 billion projected deficit in 2011 are in large part due to the weakened economy and to downward income adjustments that correct for excess payroll tax revenue credited to the trust funds in earlier years. This deficit is expected to shrink to about $20 billion for years 2012-2014 as the economy strengthens. After 2014, cash deficits are expected to grow rapidly as the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers. Through 2022, the annual cash deficits will be made up by redeeming trust fund assets from the General Fund of the Treasury. Because these redemptions will be less than interest earnings, trust fund balances will continue to grow. After 2022, trust fund assets will be redeemed in amounts that exceed interest earnings until trust fund reserves are exhausted in 2036, one year earlier than was projected last year. Thereafter, tax income would be sufficient to pay only about three-quarters of scheduled benefits through 2085.
 
Catawba said:
It certainly does corroborate the 2009 military funding figures included on the site. You were intimating the budgeted amount for military was all we had to cut from. This has been disproved by the multiple sources I have cited.
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Not one of those quotes indicates in any way that the government is taking SS money to pay for the wars. Further, the money spent on the wars are funded through the annual budget and supplemental appropriation bills. All trackable using legitimate sources. Source that don't where tinfoil hats, I might add....
 
mac said:
Social Security expenditures exceeded the program’s non-interest income in 2010 for the first time since 1983. The $49 billion deficit last year (excluding interest income) and $46 billion projected deficit in 2011 are in large part due to the weakened economy and to downward income adjustments that correct for excess payroll tax revenue credited to the trust funds in earlier years. This deficit is expected to shrink to about $20 billion for years 2012-2014 as the economy strengthens. After 2014, cash deficits are expected to grow rapidly as the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers. Through 2022, the annual cash deficits will be made up by redeeming trust fund assets from the General Fund of the Treasury. Because these redemptions will be less than interest earnings, trust fund balances will continue to grow. After 2022, trust fund assets will be redeemed in amounts that exceed interest earnings until trust fund reserves are exhausted in 2036, one year earlier than was projected last year. Thereafter, tax income would be sufficient to pay only about three-quarters of scheduled benefits through 2085.
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If I wanted a peak at “A SUMMARY OF THE 2011 ANNUAL REPORTS
Social Security and Medicare Boards of Trustees” I would have goggled it myself instead of reading your cut and paste.

My question was…” When did we have any excess money in the last ten years? “:2wave:
 
mac said:
Forgot to post the link, my bad. To answer your question, in the last 10 years we had excess money from 2001-2010.
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In Post #346 you said this
“Excess money is given to the Treasury in return for securities.”
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That brings us up to your unattributed goggle post #351. which didn’t answer ****.

Now hop on your goggle horse and see if you can come up with an answer to my question.” When did we have any excess money in the last ten years? “


I’ll give you a clue, the last time we had excess money was during a Presidency that was stuck between two Presidents name George.:2wave:
 
donc said:
In Post #346 you said this

That brings us up to your unattributed goggle post #351. which didn’t answer ****.

Now hop on your goggle horse and see if you can come up with an answer to my question.” When did we have any excess money in the last ten years? “


I’ll give you a clue, the last time we had excess money was during a Presidency that was stuck between two Presidents name George.:2wave:
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You attributed my post for me, and the if you are talking about excess money in terms of the federal budget than you are talking about a different thing. I'm talking about SS. Social security is funded by FICA, and 2010 was the first time social security paid out more than it brought in since 1985.

Now hop on your horse and go get some manners...and a clue.
 
mac said:
You attributed my post for me, and the if you are talking about excess money in terms of the federal budget than you are talking about a different thing. I'm talking about SS. Social security is funded by FICA, and 2010 was the first time social security paid out more than it brought in since 1985.

Now hop on your horse and go get some manners...and a clue.
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Nah,i like to see you dance.The last time we had someone with your steps his name was Stinger :mrgreen:
 
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mac said:
Not one of those quotes indicates in any way that the government is taking SS money to pay for the wars. Further, the money spent on the wars are funded through the annual budget and supplemental appropriation bills. All trackable using legitimate sources. Source that don't where tinfoil hats, I might add....
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Please tell me from what source the unbudgeted supplemental appropriations bills are funded?
 
Catawba said:
Oh you preferred the "sanity" of the guy who lied about the reasons for taking the country to war in Iraq, with the SS money we didn't lock.

Aren't you the clever one! :sun
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How did I know you were going to say that LOL. It's the standard bumper sticker DNC lib talking point thats why. Geeez you guys are so predictable.
 
Catawba said:
Please tell me from what source the unbudgeted supplemental appropriations bills are funded?
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I read a few and they don't specify where the funds come from, guess it's anyone's guess....like your warresitors.org guess.
 
OpportunityCost said:
Bad argument is bad. Almost every single change proposed to Social Security has been to means test it--and no one has complained and all seem to agree its a needed change.
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I like this idea. Once social security is just another welfare program in the minds of the American taxpayers the easier it will be to cut it to the bone, and eventually end it. This would make the perception finally match the reality. I think this is brilliant.
 
mac said:
I read a few and they don't specify where the funds come from, guess it's anyone's guess....like your warresitors.org guess.
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They come from the general fund, which includes the SS trust funds. When that is all used up it goes onto our national debt. Are you aware that without this drawdown of the trust funds, there would be a 2.7 trillion dollar surplus in SS?

So it is not accurate to say we have a SS crisis. What we have had since 1981 is a general fund crisis.
 
Catawba said:
They come from the general fund, which includes the SS trust funds. When that is all used up it goes onto our national debt. Are you aware that without this drawdown of the trust funds, there would be a 2.7 trillion dollar surplus in SS?

So it is not accurate to say we have a SS crisis. What we have had since 1981 is a general fund crisis.
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Can you point me at something that shows the SS trust funds are included in the general fund?
 
mac said:
Can you point me at something that shows the SS trust funds are included in the general fund?
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I already posted this a couple pages back: "Since the Greenspan Commission in the early 1980s, Social Security has cumulatively collected far more in payroll taxes dedicated to the program than it has paid out to recipients—nearly $2.4 trillion by 2008. This annual surplus is credited to Social Security trust funds that hold special non-marketable Treasury securities, and this surplus amount is commonly referred to as the "Social Security Trust Fund". The proceeds are paid into the U.S. Treasury where they may be used for other government purposes."
 
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mac said:
You attributed my post for me, and the if you are talking about excess money in terms of the federal budget than you are talking about a different thing. I'm talking about SS. Social security is funded by FICA, and 2010 was the first time social security paid out more than it brought in since 1985.

Now hop on your horse and go get some manners...and a clue.
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donc said:
Nah,i like to see you dance.The last time we had someone with your steps his name was Stinger :mrgreen:
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Moderator's Warning:
BOTH of you knock it off or you'll be dancing right out of this thread.
 
Catawba said:
I already posted this a couple pages back: "Since the Greenspan Commission in the early 1980s, Social Security has cumulatively collected far more in payroll taxes dedicated to the program than it has paid out to recipients—nearly $2.4 trillion by 2008. This annual surplus is credited to Social Security trust funds that hold special non-marketable Treasury securities, and this surplus amount is commonly referred to as the "Social Security Trust Fund". The proceeds are paid into the U.S. Treasury where they may be used for other government purposes."
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Well, technically, other government needs is not necessarily the wars. Regardless, this isn't exactly the same things as "robing ss to pay for them". IMO, of course.
 
mac said:
Well, technically, other government needs is not necessarily the wars. Regardless, this isn't exactly the same things as "robing ss to pay for them". IMO, of course.
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When Bush told the American people they were protected, and then used them to help fund the tax cuts and the wars, I don't know what you would call it other than robbing.

"In his first State of the Union address on February 3, 2001, Bush said, "To make sure the retirement savings of America's seniors are not diverted in any other program, my budget protects all $2.6 trillion of the Social Security surplus for Social Security, and for Social Security alone." Four days later, Bush said, "We're going to keep the promise of Social Security and keep the government from raiding the Social Security surplus."

Because of all the rhetoric and news coverage of the Social Security trust fund issue during the campaign, and in the early months of the George W. Bush presidency, the American people came to believe that the Social Security trust fund was no longer being raided. But nothing changed with the inauguration of George W. Bush. Despite his pledge to protect the Social Security money, Bush spent every dime of Social Security surplus revenue that came in during his presidency. He used it to fund his big tax cuts for the rich, and much of it was spent on wars.

The news media had given extensive coverage to the Social Security debate in the 2000 election campaign, and to President Bush's early promises to not raid the trust fund. However, Bush's failure to honor his promises, with regard to Social Security, just never seemed to get much news coverage, leaving most Americans to believe that the raiding of the trust fund ended after George W. Bush took office. On the contrary, Bush raided and spent a total of $1.37 trillion of Social Security surplus during his eight years as president. In his last year, he spent $192.2 billion, which averages out to more than $526 million per day.

During a speech on April 5, 2005 in Parkersburg, West Virginia, Bush openly admitted to the fact that all of the Social Security surplus revenue had been spent. He said, "There is no trust fund, just IOUs that I saw firsthand that future generations will pay—will pay for either in higher taxes, or reduced benefits, or cuts to other critical government programs."
News Articles: No Money in the Social Security Trust Fund
 
donc said:
kinda looks like President Clinton's ex secretary of labor has the social security problem figured out.:2wave:



< Back in 1983, the ceiling was set so the Social Security payroll tax would hit 90 percent of all wages covered by Social Security. That 90 percent figure was built into the Greenspan Commission’s fixes. The Commission assumed that, as the ceiling rose with inflation, the Social Security payroll tax would continue to hit 90 percent of total income.>


<Today, though, the Social Security payroll tax hits only about 84 percent of total income.>

<If we want to go back to 90 percent, the ceiling on income subject to the Social Security tax would need to be raised to $180,000.>


<Presto. Social Security’s long-term (beyond 26 years from now) problem would be solved.>

Robert Reich (The Only Social Security Reform Worth Considering: Raising the Ceiling on Income Subject to It)
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he is doing the same thing you have been doing - assuming that the US Government will be running enough of a surplus to cover the paper in the trust fund. we aren't.
 
mac said:
Not directly, or in the manner described by your extremely biased site. Social Security money is routinely used for a whole host of things.
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"things" that are not its intended purpose so we should cut those "things" BEFORE we stop sending out ss checks imo.
 
mac said:
Cat, this doesn't corroborate your war resister's post....and also from your same link:



This is including Homeland Security as part of defense. As I'm sure you know, Homeland Security includes Fire and emergency services, Customs, Coast Gaurd and most major law enforcement agencies, FEMA....etc.
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and yet we have 16 million illegals just walking across our borders. i guess we know how WELL that money is being spent.
 
mac said:
Not one of those quotes indicates in any way that the government is taking SS money to pay for the wars. Further, the money spent on the wars are funded through the annual budget and supplemental appropriation bills. All trackable using legitimate sources. Source that don't where tinfoil hats, I might add....
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so who was the first president to "dip his finger into the ss pot"? and why?
 
mac said:
I read a few and they don't specify where the funds come from, guess it's anyone's guess....like your warresitors.org guess.
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well i guess they need to be audited then!!!
 
majora$$hole said:
so who was the first president to "dip his finger into the ss pot"? and why?
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If the money is accessed via an appropriation bill, then Congress has a major role in that, no?
 
majora$$hole said:
and yet we have 16 million illegals just walking across our borders. i guess we know how WELL that money is being spent.
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How well it's spent isn't the issue, from what I understand.
 
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