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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on March 30, 2010, 07:43:49 AM
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Social Security Is Running Out of Money (In deficit for 2010, 9 yrs earlier than predicted)
Real Clear Markets ^ | 03/30/2010 | Investors Business Daily.
Posted on Tuesday, March 30, 2010 10:03:58 AM by SeekAndFind
Social Security's chief actuary reports that the social safety net will run a deficit for 2010, nine years earlier than predicted. Put down that big gavel, Madam Speaker, we're about to hit the iceberg.
No sooner had House Speaker Nancy Pelosi, carrying the gavel used when Medicare was enacted, taken a victory lap around the Capitol Building after passage of the health care bill than did the chief actuary of the Social Security Administration report that his part of the social safety net had a big hole in it and would run a deficit for all of 2010.
Stephen C. Goss said that payments rose "unexpectedly" during the economic downturn as jobs disappeared and people feeling no hope and seeing little change opted to apply for benefits sooner than planned. Revenues also shrank due to fewer paychecks to tax.
Failure of the stimulus to keep unemployment under 8%, as the administration promised, has taken its toll on the entitlement. According to Goss, the administration expected a quicker, stronger recovery from the financial crisis. Officials foresaw an average unemployment rate of 8.2% in 2009 and 8.8% this year, though unemployment is hovering near 10%.
The 2010 shortfall is expected to be $29 billion, but it's still early. It could get bigger as the economy collapses under the weight of increased debt and deficits spurred on by the new taxes and economic disincentives of newly passed ObamaCare. Then, looming ahead, is the angel of economic death known as cap-and-trade.
(Excerpt) Read more at realclearmarkets.com ...
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Lets talk about the tea baggers guys.
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Pelosi wants a VAT tax :(
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Another govt. program that is leading to the demise of this country.
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What a fucking disaster.
That's pretty much all you can say about it.
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What a fucking disaster.
That's pretty much all you can say about it.
The worst part is that we still have people like Straw, Benny, and others who act like everything is perfectly fine.
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Social Security Is Running Out of Money (In deficit for 2010, 9 yrs earlier than predicted)
Real Clear Markets ^ | 03/30/2010 | Investors Business Daily.
Posted on Tuesday, March 30, 2010 10:03:58 AM by SeekAndFind
Social Security's chief actuary reports that the social safety net will run a deficit for 2010, nine years earlier than predicted. Put down that big gavel, Madam Speaker, we're about to hit the iceberg.
No sooner had House Speaker Nancy Pelosi, carrying the gavel used when Medicare was enacted, taken a victory lap around the Capitol Building after passage of the health care bill than did the chief actuary of the Social Security Administration report that his part of the social safety net had a big hole in it and would run a deficit for all of 2010.
Stephen C. Goss said that payments rose "unexpectedly" during the economic downturn as jobs disappeared and people feeling no hope and seeing little change opted to apply for benefits sooner than planned. Revenues also shrank due to fewer paychecks to tax.
Failure of the stimulus to keep unemployment under 8%, as the administration promised, has taken its toll on the entitlement. According to Goss, the administration expected a quicker, stronger recovery from the financial crisis. Officials foresaw an average unemployment rate of 8.2% in 2009 and 8.8% this year, though unemployment is hovering near 10%.
The 2010 shortfall is expected to be $29 billion, but it's still early. It could get bigger as the economy collapses under the weight of increased debt and deficits spurred on by the new taxes and economic disincentives of newly passed ObamaCare. Then, looming ahead, is the angel of economic death known as cap-and-trade.
(Excerpt) Read more at realclearmarkets.com ...
________________________ ________________________ ________________________ __
Lets talk about the tea baggers guys.
After Social Security has been raided and the money wasted on nonsense... the scum that robbed it blind turns around and claims it has run out of funds and/or is paying out more than it takes in...YEAH RIGHT!!!...
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thank god i choose to allocate my retirement funds into a retirement account instead of contributing to social security. ;D
does anyone know the rate of return investors receive from investing in social security? anyone? 33367? ;D
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thank god i choose to allocate my retirement funds into a retirement account instead of contributing to social security. ;D
does anyone know the rate of return investors receive from investing in social security? anyone? 33367? ;D
If they die at 62 y/o the answer is a big fat ZERO!