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  1. #1

    CBO: Social Security Will Run Permanent Deficits

    CBO: Social Security Will Run Permanent Deficits

    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.

    The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016.

    This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors' benefits than it collects in payroll taxes, the nonpartisan Congressional Budget Office said. That figure nearly triples to $130 billion when the new one-year cut in payroll taxes is included.

    Congress has promised to replenish any lost revenue from the tax cut, but that's hardly good news, either, adding to the federal budget deficit. In another sobering estimate, the congressional office said government red ink this year will increase to $1.5 trillion, the most in U.S. history.

    "I swear by my life, and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine."

  2. #2
    Yet we (working class) keep pumping money into it. My .02 is that the time is coming where a class-action lawsuit will be brought against the government. Speaking for me personally, I pay quite a bit into the system and to think that it will not be there in 30 years when I may need it is disturbing.

    If an independent retirement company took people's money and gave them nothing back it would be against the law. I wonder what government employees will go to prison for the fraud that is Social Security?

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  3. #3
    Sure do not expect nothing when I become of age. Probably die long before. With people, especially young people not finding jobs, There is no way the system can handle the problem. Those who are working just have to till they die.

  4. #4
    Quote Originally Posted by duane1969 View Post
    Yet we (working class) keep pumping money into it. My .02 is that the time is coming where a class-action lawsuit will be brought against the government. Speaking for me personally, I pay quite a bit into the system and to think that it will not be there in 30 years when I may need it is disturbing.

    If an independent retirement company took people's money and gave them nothing back it would be against the law. I wonder what government employees will go to prison for the fraud that is Social Security?
    Yup. It's quite the mess.
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  5. #5
    is it true that they dip into the social security funds for money for other programsa dn leave IOUs?
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  6. #6
    Quote Originally Posted by Star_Cards View Post
    is it true that they dip into the social security funds for money for other programsa dn leave IOUs?
    I'm pretty sure they did in the past when social security ran a big surplus

  7. #7
    Now its 2037?
    A year or so ago it was 2048. At one time 2042.... Who really knows? I know I dont honestly expect any of that money when I'm of age.......

    In 2006 there was about 180 billion excess in Social Security taxes paid and there was no deficit went Clinton left office. In fact, we had a surplus.... Go figure...

    For over 60+ years they've been tapping into SS money. Its never been safe... Either we get some more credit from the Chinese or tap into SS money.... Sad....

  8. #8
    this is why I would welcome the privatization of the system. Ideally I think it would be great to have individual accounts for each person that pays into social security. Maybe each person gets a percentage of their soc sec tax into their own account and the rest goes into the community pool... no idea if that would be feasible or not but I like the idea of having ownership of some of my soc sec tax money.

    I'm not sure how any of this money was touched for other projects. Kind of sick that politicians could use it as a bank for their projects.
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  9. #9
    Quote Originally Posted by Star_Cards View Post
    is it true that they dip into the social security funds for money for other programsa dn leave IOUs?
    They continue doing it to this day, in a significant way.
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  10. #10
    Quote Originally Posted by Star_Cards View Post
    this is why I would welcome the privatization of the system. Ideally I think it would be great to have individual accounts for each person that pays into social security. Maybe each person gets a percentage of their soc sec tax into their own account and the rest goes into the community pool... no idea if that would be feasible or not but I like the idea of having ownership of some of my soc sec tax money.
    Why should there be a group pool? Why is it federally mandated that you must pay for everyone's retirement? The government has no right being in the retirement arena to begin with. A case can be made for welfare...I don't agree with it (at least in its current incarnation), but at least there is a logical argument for it. There is no logical argument as to why a person's retirement should be handled by the federal government. What right does anyone have to being paid once they reach a certain age? If you want to retire at some point, save your money until you can. If you can't or won't save your money, I'm sorry, but it's not the government's and especially not my or anyone else's responsibility to do it for you.

    Now, aside from the fact that fundamentally it should not exist, there is also the practical issue of letting the most ineffective and inefficient organization in the world run it. Our government is running a $1.5 trillion deficit this year alone...would you invest your money in a company with that kind of performance. I can definitively say no you wouldn't for one simple reason...it would cease to exist long before it could ever reach that kind of failure. Why pay into a system that performs terribly and will most likely not even be around when you need it instead of investing your money into something that not only will most likely at least give you your money back, but could also *GASP* provide a return on your investment?

    And that's not aimed at you...I just tend to go off on the subject pretty easily.

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