Social Security to start cashing Uncle Sam's IOUs

Discussion in 'Politics' started by carpro, Mar 15, 2010.

  1. carpro

    carpro
    Expand Collapse
    Well-Known Member

    Joined:
    Oct 14, 2004
    Messages:
    20,897
    Likes Received:
    294

    Great time to start a new entitlement program.
     
  2. Crabtownboy

    Crabtownboy
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 12, 2008
    Messages:
    16,620
    Likes Received:
    158
    Absolutely nothing new in your article. Read up on your history.
     
  3. targus

    targus
    Expand Collapse
    New Member

    Joined:
    Feb 10, 2008
    Messages:
    8,459
    Likes Received:
    0
    What's new is that the day of reckoning is here.

    It's not a looming future problem.

    It's a problem now.

    BTW - This is what they were saying just last May:

    "Doomsday for Social Security and Medicare has come a little closer, thanks to the deep recession. The costs of administering Social Security are now expected to exceed tax revenues in 2016, a year earlier than expected, and the trust funds for the program are now projected to run out in 2037, four years earlier than envisioned a year ago. The $468 billion Medicare program is in worse shape, with the Hospital Insurance trust fund now projected to be exhausted in 2017, two years earlier than a year ago."

    http://www.businessweek.com/bwdaily...chan=top+news_top+news+index+-+temp_top+story

    It's not 2016 yet is it?

    But the cash flow has already reversed on the Social Security System.
     
    #3 targus, Mar 15, 2010
    Last edited by a moderator: Mar 15, 2010
  4. saturneptune

    saturneptune
    Expand Collapse
    Banned

    Joined:
    Jan 16, 2006
    Messages:
    13,977
    Likes Received:
    0
    There are many people drawing many multiples of what they paid in to Social Security, in addition to the government borrowing from the fund. When social security was founded, it was made clear that it was not meant to be a sole source of income, but a supplement. People did not heed that, did not plan, did not save. Then, they turn 65, and find out, gee, there is not enough to live. Social security should be no more than one third of your resources in retirement to live as you did when working.
     
  5. carpro

    carpro
    Expand Collapse
    Well-Known Member

    Joined:
    Oct 14, 2004
    Messages:
    20,897
    Likes Received:
    294

    Is it possible he really doesn't understand the day of reckoning is here?

    Multiple tax increases are on the way. We'll be taxed again to replenish the fund that we have already been taxed on to create.

    A wildly spending Congress spent the money and can't pay it back unless they tax us again to do it.

    I repeat. Great time for a new entitlement.
     
    #5 carpro, Mar 15, 2010
    Last edited by a moderator: Mar 15, 2010
  6. billwald

    billwald
    Expand Collapse
    Banned

    Joined:
    Jun 28, 2000
    Messages:
    11,414
    Likes Received:
    0
    SS is a drop in the bucket compared to the 3 trillion the govt made disappear in the last two years. Worrying about SS funds is plain silly as long as there is no plan to pay off the 3 trillion.
     
  7. carpro

    carpro
    Expand Collapse
    Well-Known Member

    Joined:
    Oct 14, 2004
    Messages:
    20,897
    Likes Received:
    294
    Wrong.

    They can pay the interest on the loans from China and make no repayment at all on the money they printed.

    Principle has to be paid into the SS trust fund along with any interest due.
     
  8. billwald

    billwald
    Expand Collapse
    Banned

    Joined:
    Jun 28, 2000
    Messages:
    11,414
    Likes Received:
    0
    why do you think the 3 trillion was in the form of bonds bought by China? Last I heard China held 1 trillion in Treasury paper.
     

Share This Page

Loading...