CBO: Social Security to run permanent deficits

cawacko

cawacko

Well-known member
With the CBO who knows how accurate this is but just came across it.


CBO: Social Security to run permanent deficits

New congressional projections show Social Security running permanent annual deficits unless lawmakers act to shore up the massive retirement and disability program.

The Congressional Budget Office said Wednesday that Social Security will pay out $45 billion more in benefits this year than it will collect in payroll taxes, further straining the nation's finances. The deficits will continue until the Social Security trust funds are eventually drained, in about 2037.

Previously, CBO said Social Security would start running permanent deficits in 2016. In the short term, Social Security is suffering from a weak economy that has payroll taxes lagging and applications for benefits rising. In the long term, Social Security will be strained by the growing number of baby boomers retiring and applying for benefits.


http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/01/26/national/w123022S60.DTL&tsp=1
 
I basically trust the CBO.

This is hardly surprising. Is it just me, or does it seem like no one in DC is even talking about SS anymore?
 
maybe if both sides stop raiding the trust, this would not be as disastrous an issue. that said, this is also an issue because people are living MUCH longer than expected and the COLA keeps going up, those that are now collecting paid into SS comparatively nothing compared to what they are receiving and to what the youngins are paying into SS with.....
 
Actually, just recently there was this speech, I think it is one that happens periodically, something about the state of something where somebody mentioned that raising the age of retirement by just one year would save a lot of money. It was this tall man with a good speaking voice, likely reading from a teleprompter.

So, I'm pretty sure somebody in DC is at least talking about this, and trying to ebb any more drastic approach to save money that might be proposed by that person's political opposition.
 
are you talking about this guy?

Damocles said:
Actually, just recently there was this speech, I think it is one that happens periodically, something about the state of something where somebody mentioned that raising the age of retirement by just one year would save a lot of money. It was this tall man with a good speaking voice, likely reading from a teleprompter.

So, I'm pretty sure somebody in DC is at least talking about this, and trying to ebb any more drastic approach to save money that might be proposed by that person's political opposition.
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:confused:
 
Onceler said:
I basically trust the CBO.

This is hardly surprising. Is it just me, or does it seem like no one in DC is even talking about SS anymore?
Click to expand...

Must talk about Palin
Must talk about Palin
Must talk about Palin

That is pretty much the line of thought from the left

Must talk about spending
Must talk about spending
Must talk about spending

and the above is the one track of the Reps.
 
The social security fix.... create the doughnut (and quit lowering the SS withholding rates morons)

Income up to 106,800 taxed as it was in 2010
Income over $350,000 taxed at 2010 rates for employees

Done.

While privatization is also a good idea... the left will never go for it.
 
It's broke, and when Republicans propose to fix it in any way, the Democrats scream and cry and claim that we're throwing old ladies on the street and feeding them dog food.
 
Superfreak said:
The social security fix.... create the doughnut (and quit lowering the SS withholding rates morons)

Income up to 106,800 taxed as it was in 2010
Income over $350,000 taxed at 2010 rates for employees

Done.

While privatization is also a good idea... the left will never go for it.
Click to expand...

i believe i have an understanding of what privatization means, but would appreciate if you could tell me what you think it means and why the left won't go for it
 
Yurt said:
i believe i have an understanding of what privatization means, but would appreciate if you could tell me what you think it means and why the left won't go for it
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It means giving the individual the freedom to do their own investing, and the Democrats hate freedom.
 
Raising the retirement age is fucking stupid. It's already schedule to bump up to 67. That's not too old if you job invovles sitting at a desk and typing on a computer, but if you job involves any physical labor at all 67 is pretty fucking old. It's not surprising that the people proposing raising the retirement age (politicians and pundits) have exactly the types of jobs you can do well past you ought to.

Personally, I think the retirement age should be lowered with a sliding benefit scale such that the earlier you retire, the lower your monthly benefits. It would help out a great deal with the unemployed close to retirement folks that have very limited prospects of ever working again.
 
NigelTufnel said:
Raising the retirement age is fucking stupid. It's already schedule to bump up to 67. That's not too old if you job invovles sitting at a desk and typing on a computer, but if you job involves any physical labor at all 67 is pretty fucking old. It's not surprising that the people proposing raising the retirement age (politicians and pundits) have exactly the types of jobs you can do well past you ought to.

Personally, I think the retirement age should be lowered with a sliding benefit scale such that the earlier you retire, the lower your monthly benefits. It would help out a great deal with the unemployed close to retirement folks that have very limited prospects of ever working again.
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What was the life expectancy relative to the retirement age when the system was created?
 
Yurt said:
maybe if both sides stop raiding the trust, this would not be as disastrous an issue. that said, this is also an issue because people are living MUCH longer than expected and the COLA keeps going up, those that are now collecting paid into SS comparatively nothing compared to what they are receiving and to what the youngins are paying into SS with.....
Click to expand...

cola has not gone up for two years

also, the better well of are living longer but the poor rarely make it to 65 or much beyond

however, the system is broken because it is the 3rd rail of politics and and ss and medicare taxes (or should i say insurance payments) have not been raised to compensate for the potential shortfall - not to mention that the 'trust fund' keeps getting raided

all of the deferrals or passing reforms to later and later generations has finally caught up to the politicians and they are shitting bricks

the major problem with ss was when lbj stole the ss money to help pay for the vietnam war and the system passed from funded to pay as you go

then bush added unfunded prescription coverage to medicare

additionally, the iraq and afghanistan wars are unfunded - both are major drains on the treasury

the banks precipitated this crisis but it was on the way

bummer
 
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