Thursday, January 27, 2011

Social Security Fund to Be Empty by 2037. What Should We Do About It?

AP Graphic
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. 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. We all know that SSI wont be there for my generation even though we have paid into it. Is this social justice? We need to fix this problem soon. But I don't think the Democrats or Republicans want to face those senoirs with any kind of cuts. I don't think that We The People have the guts to do the right thing and start making changes in SSI before it's too late. I don't know about you, but I think that people will get more pissed if they are given nothing so that the generation before them didn't take cuts or retired later. The government that the left trust has screwed us all by stealing our money. Let them trust the government. I'd rather trust the market. The market is sometimes wrong but the government is always wrong. What do you think we should do about SSI going bankrupt and adding to our debt?


  1. More bullshit, Chris. Social Security has paid its benefits for almost 80 years and can pay its obligations for the next 27 years.

    After that, Social Security can pay out 80% of its benefits after that.

    This is the right spreading more misinformation and disinformation to try to get its hands on $2.6 trillion and have Wall Street make billions in commissions.

    The Republican party is bought and paid for by Wall Street.

  2. Hello,

    Thank you! I really appreciate your article, in fact I think you deserve a thumbs up.

  3. Bruce CBO projected the Results. How come when you Quote CBO its Gospel When Chris Quotes CBO its Bullshit? If Bullshit ever becomes a breathing thingy we shall name it BRUCE!

    Regarding Wall street. Has Regime done more for Wall Street or Main Street? Look at the numbers Stock Market UP around 12,000 Unemployment rate Still hanging around 9.5%.

    Regime hires CEO of GE to run the Council on Jobs and Competitivness. Now heres a Gentleman whom has probablly had more meetings in the WH with the Regime than Republicans. Odd thingy about CEOs products including the Government mandate new "Mercury light bulb" are made in CHINA along with MOST GM products. Wonder what his experiance is in Creating Jobs here. But you have to admit the CEO whos parent company owns NBC has a good relationship with Regime. Well it does seem Regime is close to Wall Street alot closer than Bruce you say!

    Demoncrats Hammered Cheny for Halliburton connection but Seem to have turned blind eye to a sitting CEO who has Connections to Regime and Wall Street. Does not tyhat seem odd?

  4. Al, thats an interesting question. Why when the CBO shows that the deficit will shrink under the healthcare law does the Right call bullshit, but then Chris holds it up as gospel on this subject?

    I wonder. Could it be that we all just use what fits our beliefs?

    The fact that Social security is going bankrupt is real and it is important to solve. I agree that the Dems and Repubs don't have the guts to do whats right and eliminate the cap on Fica. I also don't think they have the ability to set it aside and stop raiding the fund. We are going to have to make some cuts too.

    It will be a hard thing to overcome, but we will see if anyone has the guts to reform it, or will the right just use the impending crisis to enact rules that will not change the eventual outcome, but will please their sponsors.

  5. Joe why is it the left call bullshit now when they believed them with obamacare? The CBO was given numbers by the Democratic Party alone on obamacare. As the real numbers start coming out we are finding out that the Democrats didn't give the CBO all the veriables. When it come to having all the veriables for grading the solvency of SSI they have them. Unless you can think of something they have missed? SSI will never ever be fixed. We as a people don't have the guts to make the cuts and changes needed. It will all be put on the next generation to suffer just like our debt will be passed on to them to deal with. It is a shame what is being done to the next generation, subpar eduction,debt,SSI,Medicaid...Under Reagan SSI was saved. Ask yourself where is that money?

  6. Joe do you think the Baby Boomer generation will us SSI as their personal coffer or will they do the right thing and keep it solvent for the next couple generations that have paid into it?

  7. Well we will indeed see if the GUTs are there to do the right thing in Congress and I do have my Doubts.

    "A Crisis is a terrible thing to waste" will NOT work with the state of OUR economy. Cuts must be made in all Government Programs. It certainly by some wont be popular but if not made OUR economy is DOOMED!

    We must also start the Creation of Jobs and Government has never been good at that. Governemnt should get out of the way and let Private Sector ,Free Market set the tone for Job Creation. Libs for the most part dont like that therory but attempting to Create Jobs through Government actions have COST us Trillions with nothing to show for it. I look at Citizens who have been unemployed for years as example that Government is not the answer. Making Private Sector Job Creators unsteady with Reglulations is NOT the answer. Do I think Socialized Insurance has slowed down Job Creation Certainly. The Politicans had better "Man Up" to OUR Nations problems and address them in a manner that Moves Our Country forward and FAST. I beleive soon we may get to the Point of No return if were not there already.

    Politicans have caused the MESS were in but Citizens not holding them Accountable for there actions is just as BAD! Passing on to my Grand Children and Great Grand Children the MESS we have Created is FAILURE of the highest order and not my cup of TEA!

  8. Chris, i think the Reagan generation (the boomers) who helped bring along the current consumption model that fueled an economy driven by debt, will ask for theirs. After all the 80's was the "ME" decade.

    Amazing that our GDP grew so rapidly throughout the 80-90's and into the 2000's as our actual wages lost value and our families disintegrated into two parent working families striving for the next big thing. We got more money only by working more, not less.

    So when you ask me about a generation that started it all, that drove us off this cliff, yes i think they will want theirs.

  9. Politicans of ALL Parties at one time or another were DRIVING when we went over the CLIFF. Citizens let Politcans and Special Interest Groups vertually do what they wanted.

    Hell Most were working and BOTH parents were wroking for their TOYS not Needs as they are NOW! Dont remember much bitching from people when those BONUS checks were coming. I do beleive at one time were not only prices inflated but most likely pay was also inflated but that once again is looking BACKWARDs.

    Now Our economy is to the Point Both Parents must work just to keep their heads above water.

    As far as ME decade were still there. Redistribution of Wealth is The Me Generation taken to its full Monte. The mere fact you dont EARN it seems to not be a problem to some. That Car going over the Cliff has been caused by SPENDING without having FUNDS and all Politicans should be held accountable.

    If there is NO ability to Pay no matter what Generation you blame or praise its a moot point and thats the bottom line!


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