Social Security and Medicare finances worsen »
Posted By STONERS 7 months ago in Business & FinanceThe financial health of Social Security and Medicare, the government's two biggest benefit programs, have worsened because of the severe recession, and Medicare is now paying out more than it receives.
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STONERS7 months ago
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"Trustees of the programs said Tuesday that Social Security will start paying out more in benefits than it collects in taxes in 2016, one year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner."
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"Medicare is in even worse shape. The trustees said the program for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017, two years earlier than the date projected in last year's report." -
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jimdozeComment removed: Spam
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berkeley6 months, 4 weeks ago
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House Republican leader John Boehner said the trustees report "confirms what we already knew: Our nation cannot afford to continue this reckless borrowing and spending spree."
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hypocrisy knows no bounds. money for war is different from money for anything else, at least to the GOP and many dems. they have spent more by far on war than any other category for decades.-
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quackpot6 months, 4 weeks ago
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Well over half of our income tax dollars go to the war department, either directly t o the DOD budget and through supplemental appropriations, or indirectly by items such as VA affairs, interst on the debt incurred from past and present wars, and other little tricks such as launching military satellites on NASA's dime.
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jonmaverick6 months, 4 weeks ago
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'Treasury Secretary Timothy Geithner, the head of the trustees group, said the new reports were a reminder that "the longer we wait to address the long-term solvency of Medicare and Social Security, the sooner those challenges will be upon us and the harder the options will be."'
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But he was high at the time, so we're not sure if he intended the whole "longer/shorter" thing to mean we should act right away, or wait until the system nearly collapses. Either way Mr, Geithner believes that borrowing money from China and the Middle East and selling off American assets is the best way to solve this, and indeed ANY, financial crisis. -
Locky12Comment removed: Spammer, Abusive14 Replies
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truthiness6 months, 4 weeks ago
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there is no doubt SS is a badly designed system.
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you pay for your dad and your son pays for you.. sounds good right? but what happens when there are more dads then kids? (okay the metaphor falls apart there, but you know what I mean)
the republican plan for privatising SS was not good either, but it had the central point correct....
I should be saving money for me.
we should make SS into a national IRA. we can achieve the goal of guaranteeing money for the retired generation by continuing to tax everyone into it, which would give it greater strength as a fund with so many investors, and I can choose to add to my amount or not as time goes by.
and this way, politicians can't steal from without being accused of actual theft.-
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sonofreasonComment removed: Hard Banned
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DarkWizard6 months, 4 weeks ago
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I really don't think that many of us understand the ramifications or magnitude of this information.
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Time is running out on turning the economy around and making the right moves toward shoring up the financial sector, reforming health care, creating jobs, and bringing military spending under control. Even though there are other factors, these are the major players that need immediate attention.
I fear that the government will get bogged down in political debate at the expense of a total economic collapse. -
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Icantwait6 months, 4 weeks ago
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My Fellow Americans: Welcome to the Liberal Zoo. Presenting Junkies, Spade Callers, 41fsevs, fish, russetts, warriors? gsmiles. Soon we will be adding Goppys, Scotts, Antibrains, nowheremen, you name it. Step right up and view the traitors from around the World. They will be calling themselves Liberals, Damocrats, Radicals, and many other Anti-American names. Many of them have learned a little English and try to express themselves intelligently, unfortunately only negative diatribe leaves that cave they call a mouth. They were captured while following what they consider to be a fearless leader. However, instead of protecting them, he abandon them in the Communistic jungle of misleading information. Fear not, they can not hurt anyone now with their demented lies because they are tucked away safely on the Welfare pages of American History. Soon they will be fed to All The People Left Behind. Check out the Clowns, check out the Liars, check out the freaks on the flying out of control budget, and check out the ones struggling to get off the unemployment lines. We have it all at the big Damocratic Circus. Come one, come all, experience the worst economy the U.S.A. has ever known. Use your credit cards, use your debit cards, spend your money, (it's won't be good for long), get in here now. Don't miss the lack of action. Before it's the end of the world as we once knew it. Come on, have some fun, It's your life enjoy it while you still can. The Real American
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Klarissa6 months, 4 weeks ago
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If your are retired and earn more than -used to be $30,000, I'm not sure what it is now, then your social security is taxed, and you have to pay for medicare and drug prescription out of your social security payment- it is taken out before you get your check.
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flyonthewallzz6 months, 4 weeks ago
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http://www.whitehouse.gov/omb/budget/fy2009/sheets...
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"Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (?): 1789–2013"
SS was crashing a lot worse from 1976 to 1984 taxing benefits above what was considered the minimum needed was one of the things Reagan had to do to fix the system.
Unemployment is taxed from the first penny and folks pay into that too.
As a side note I have been paying attention to the dept numbers and Obama has been putting money back into the trust funds. So far the amount is $29 billion which may not seem like much but it is a welcome break from the Clinton/Bush raiders.
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getreal16 months, 3 weeks ago
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Medicare is a bad joke. My husband's social sec was cut off for almost eight months and his medicare too. He went to the doctor before they cut the money off and the doctor told him that he couldn't treat him cause he had no medicare coverage. I called them and they told me that he was covered but I have to pay $357.00 a month. That's when I told them to go ahead and cut him off of that too. What's the use of paying for something you can not use? They told me they couldn't cut him off. Any way seven months goes by and they cut his check back on they took the back pay for the medicare he couldn't use. His insulin was 103.00 dollars twice a month. We have a pay check to paycheck existence. Saving a dollar is becoming nonexistent. Credit is one of the most ridiculous things I think they ever invented. I would rather stay out of debt than owe money.
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