Social Security costs 47 billion more than it takes in

[JD Barleycorn]

Recently some nimrods were bragging that Social Security was solvent along with Medicare and Obama got the credit. In 2012 SS will pay out more than $47 billion than they took in. That is called a deficit. Reduced revenues from Obama's employees tax cut took their toll as well as the reduced number of employed people.

http://cnsnews.com/news/article/soci...ecord-december

http://www.ssa.gov/OACT/TRSUM/tr12summary.pdf

[gnadfly]

but...

...Annual outlays weren't supposed to exceed annual income until 2025 according to 2001 reports
..."The Lockbox"
..."Its Bush's fault"

This section of the report is especially worrisome:

The deficit of non-interest income relative to expenditures was about $49 billion in 2010 and $45 billion in 2011, and the Trustees project that it will average about $66 billion between 2012 and 2018 before rising steeply as the economy slows after the recovery is complete and the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers

"The economy slows after the recovery is complete? Huh?

Then this little nugget:

After 2020, Treasury will redeem trust fund assets in amounts that exceed interest earnings until exhaustion of trust fund reserves in 2033, three years earlier than projected last year.

Yes, the "Trust fund" is to be exhausted at least 20 years faster than earlier projections according to my memory.

I'd almost take WTF off ignore to see him spin this but it will only be another war-funding rant followed by homo insults.

[Guest123018-4]

The cutting of the FICA tax by the Obama administration did little to keep SS solvent.

Those damn baby boomers, finding and inventing ways to live longer.

[WTF]

Originally Posted by JD Barleycorn

Recently some nimrods were bragging that Social Security was solvent along with Medicare and Obama got the credit. In 2012 SS will pay out more than $47 billion than they took in. That is called a deficit. .pdf

SS is solvent you dumb SOB. If I had saved two million dollars over the years and then I quit working today. I'm still solvent until that two million is exhausted. Go suck Gnadfly's lilttle dick.

Originally Posted by JD Barleycorn

. Reduced revenues from Obama's employees tax cut took their toll as well as the reduced number of employed people.

.pdf

...See what happens when you buy a farm with Lovingkayla and you two breed. Your farm animals become smarter than the two of you combined.


Let me repost this for you


http://taxes.about.com/od/payroll/a/...g-For-2011.htm
What Happens to the "Missing" Social Security Funds?

To prevent Social Security from losing tax revenue, Congress mandated that revenues be transferred from the general fund to the Social Security trust funds to make up for the tax reduction. This is provided for in section 601 of the Tax Relief Act, which reads in part, "There are hereby appropriated to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act (42 U.S.C. 401) amounts equal to the reduction in revenues to the Treasury by reason of the application of subsection (a). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Fund had such amendments not been enacted

Originally Posted by JD Barleycorn

.Reduced revenues from Obama's employees tax cut took their toll as well as the reduced number of employed people.

.pdf

This is the only thing you posted that is true and it is a distortion. The main reason is that folks are retiring. One could argue that a retired person is not employed , which is true but that is not what you were trying to imply.

[WTF]

Originally Posted by The2Dogs

The cutting of the FICA tax by the Obama administration did little to keep SS solvent.

Those damn baby boomers, finding and inventing ways to live longer.

Don't you hate it when pesky lil facts get in the way of your misinformed 'beliefs'?

http://taxes.about.com/od/payroll/a/Reduced-Social-Security-Withholding-For-2011.htm
What Happens to the "Missing" Social Security Funds?

To prevent Social Security from losing tax revenue, Congress mandated that revenues be transferred from the general fund to the Social Security trust funds to make up for the tax reduction. This is provided for in section 601 of the Tax Relief Act, which reads in part, "There are hereby appropriated to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act (42 U.S.C. 401) amounts equal to the reduction in revenues to the Treasury by reason of the application of subsection (a). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Fund had such amendments not been enacted

[gnadfly]

You are just a dumb fuck, WCB.

[Laz]

The problem people ignore about the trust fund is that to redeem those funds the government has to go to the taxpayers to get more revenue. That is the same taxpayer that is already unwilling to pay enough to cover other government spending and the increase in taxes necessary would cripple economic growth. They could go internationally to borrow the money but there will be a point in time where that will become difficult or impossible.

[joe bloe]

It's nothing to worry about. Bernanke prints that much money every month. All we have to do is pick a few more dollars from the Federal Reserve's magic money tree and we're good to go.

http://www.forbes.com/sites/afonteve...ol-of-the-fed/

[WTF]

Originally Posted by gnadfly

You are just a dumb fuck, WCB.

I posts facts, you reply with name calling!

Good for you Goober. Ypu're learning how it works around here.

[joe bloe]

Originally Posted by WTF

I posts facts, you reply with name calling!

Good for you Goober. Ypu're learning how it works around here.

Fuck you asshole! Just thought I'd join in the fun!

[WTF]

Originally Posted by Laz

The problem people ignore about the trust fund is that to redeem those funds the government has to go to the taxpayers to get more revenue. That is the same taxpayer that is already unwilling to pay enough to cover other government spending and the increase in taxes necessary would cripple economic growth. They could go internationally to borrow the money but there will be a point in time where that will become difficult or impossible.

Maybe now , people will start to understand that SS and Medicare had a surplus. The military spent it. Maybe just maybe people will start to follow the money and see how it is actually spent.

Then when our resident Tea Nuts start crying about cutting spending, they might have a clue as to where most of the actual money is spent.

I'll give you a hint. Our greatest generation, did not plan on us living as long as we did. Ok that is not thier fault but once that started happening, they should of started to plan better. They want to pay a 120k into Medicare and take out 300k. Piss poor planning on their part. Next, they should have actually put SS and Medicare in a real lock box, not one that Department of Defense could raid. They should have asked the public if they in fact wanted to fund the current military with tax increases or with their retirement fund(SS & underfunded Medicare). So to me our greatest generation is in fact a bunch of muchers.

JD and his ilk are unwilling to cut benifits to things he cares about. Just ask him to give of some of his military retirement benifits...he will squeal like the auto worker that he has no trouble making fun of.

So threads like these are just hypocritical pieces of bullshit.

[WTF]

Originally Posted by joe bloe

Fuck you asshole! Just thought I'd join in the fun!

Good for you jb, glad to see you are in on the Christmas Cheer! The ignore feature is for pussies and I do not think you a pussy ( well except for right after the election when ya went and hid) , ignorant as fuc to facts is what my Tea Puke right wing nuts friends are!

[joe bloe]

Originally Posted by WTF

Good for you jb, glad to see you are in on the Christmas Cheer! The ignore feature is for pussies and I do not think you a pussy ( well except for right after the election when ya went and hid) , ignorant as fuc to facts is what my Tea Puke right wing nuts friends are!

Eat shit and die motherfucker!

[WTF]

Originally Posted by joe bloe

Eat shit and die motherfucker!

If I ate/believed all your right wing bullshit on here, I'd kill myself. But i went to school beyond the Henny Penny grade.

[CJ7]

facts ????? really??? you no good son of a bitch ..

snick