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Social Security is upside down

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30A Skunkape said:
Not good, not good at all. What amazes me is how much more interested the broadcast media seems to be in bricks being thrown through congressmen's windows instead of this. This is a bombshell, and the nonchalant tone of 'we didn't think this was going to happen until way off in 2016' floors me.
Social Security Payout to Exceed Revenue This Year - NYTimes.com
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This isn't a surprise at all. The government has wanted to do away with the upper limit on SS for years. This will be the event that allows it to happen.
 
That episode was more dire because the fund could have fallen to zero in a matter of months. But partly because of steps taken in those years, and partly because of many years of robust economic growth, the latest projections show the program will not exhaust its funds until about 2037. ......quoted directly from the article
 
Bob said:
That episode was more dire because the fund could have fallen to zero in a matter of months. But partly because of steps taken in those years, and partly because of many years of robust economic growth, the latest projections show the program will not exhaust its funds until about 2037. ......quoted directly from the article
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Awesome, just in time for my 65th birthday! Leave some for me!!!:blink::shock::bang::drink::puke:
 
BeachSiO2 said:
I've given up and am trying to figure out a way to claim it as a charitable contribution on my taxes....:idontno:
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:floor: When you figure this out, please let me know. I already qualify for the max, but have several years before claiming. What a shame to be paying 15% all for nought.
 
Bob said:
That episode was more dire because the fund could have fallen to zero in a matter of months. But partly because of steps taken in those years, and partly because of many years of robust economic growth, the latest projections show the program will not exhaust its funds until about 2037. ......quoted directly from the article
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:lol:

Didn't you know those funds have already been spent? There are no SS excess funds anywhere. Every year, SS has contributed excess funds to the general account, it's now reaching a point where it will begin to siphon revenue off. That's huge. We also have a growing national debt that is doing the same through interest payments. Congress over the next decade will find it has less and less to spend while today we are adding new spending at an amazing pace.

I'm looking forward to the empending crisis myself, it going to force Congress and the american people into making some very tough decisions. Elliminating the cap is not an option, IMO.
 
More bad news reagrding Obama's budgets from the CBO today -

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.
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CBO report: Debt will rise to 90% of GDP - Washington Times

The CBO also estimated now that net interest payments on federal debt will total a half trillion dollars annually by 2015.
 
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