Social Security Likely To Go Into Red Next Year »
Posted By Tumultuous 2 months ago in Political NewsBig job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that's happened since the 1980s.
The deficits — $10 billion in 2010 and $9 billion in 2011 — won't affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion. But they will add to the overall federal deficit.
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Tumultuous
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truthiness2 months ago
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that would make sense if there was any connection between the way the two are funded, but since there isnt...
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when SS was created not only were there more workers than retirees, but only sligtly more than half of the population lived past 65. today that number is closer to 80%
http://www.ssa.gov/history/lifeexpect.html
there is also the fact the SS now covers more people than it was originally intended to.
since obamacare is designed to be paid for by the annual premiums... not a problem.
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corl642 months ago
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Interesting article. these surpluses are what Clinton used to "balance" his budget. He actually borrowed money from SS in the form of issueing bonds for the surpluses of SS payments. The SS admin can not legally hold any over payments made. So, if these monies are transfered into bonds to be used by the rest of the government, how will they get the money back to pay it's short term liabilities? Interesting.
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bushiesRbonkers2 months ago
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Fortunately, we have all those IOU's that Bush saw. Now we'll have to cash some in and retrieve the Social Security surplus from the moneyed class who received them in the Reagan-Bush programs of handouts for the rich. Admittedly, it will take some cajones for the Congress to turn on their owners.
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calitennflo2 months ago
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Government needs know the physics associated with using money. Look at them manage! Or should I say they are destined to mismanage.
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mismanaged- To manage an area of responsibility in a way which is inept, incompetent, or dishonest
en.wiktionary.org/wiki/mismanage
Which is it? inept, incompetent, or dishonest? I choose they are ill! -
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ettucatk2 months ago
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SS does have a trust fund, and while it will collect less than it takes in, as baby boomers retire, it will continue to be funded. Most likely, the short term response by "government" will probably be to up the retirement age, as they have been doing lately, in order to lessen the impact. Another plus for "government" will be the reduced care for seniors under the Obama DEATHCARE, having the outcome of ridding society of those who use the greatest portion of medical resources.
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