New GAO report, Social security bankrupt in 2017

[charrison]

linkage

Social Security, a pay-as-you-go system, is expected to start paying out more in benefits than it collects in taxes by 2017. That is because the large baby boom generation starts retiring and the work force keeping the system afloat through payroll tax declines.

Private retirement accounts keep sounding better and better.

 

[HappyPuppy]

At least I'll get mine.

 

[Zugzwang152]

<------ screwed.

 

[pyonir]

that late? wow, i expected all the money i'm putting in to be gone by 2010 at the latest.

 

[charrison]

Originally posted by: HappyPuppy
At least I'll get mine.

I hope you are willing to give part of it up.

 

[SoylentGreen]

Looks like we'll be pulling a logans run society.

 

[brtspears2]

Originally posted by: Zugzwang152
<------ screwed.

 

[Tominator]

This is not news! The Clinton administration suggested a 75% tax rate would be needed to support this failed program in less that 25 years.

 

[woodie1]

The date seems to change with the weather. Glad I never planned on having it when I was working.

 

[Zebo]

And Bush likes deficiets... I Expect 350 billion this year coupled with a 7 trilliojn dollar debt...and expect 75% tax rate just to service the debt of this continues...I'll move to New Zealand when that happens. Until then lets can them all who vote for spending over what they collect.

 

[Coolone]

Originally posted by: Zugzwang152
<------ screwed.

 

[FoBoT]

shocking news

i will be 51 years old that year

i am so glad i get to pay FICA

 

[Tominator]

Originally posted by: Carbonyl
And Bush likes deficiets... I Expect 350 billion this year coupled with a 7 trilliojn dollar debt...and expect 75% tax rate just to service the debt of this continues...I'll move to New Zealand when that happens. Until then lets can them all who vote for spending over what they collect.

Most ecomomists say that deficit spending is to be encouraged in this economy. NOT spending money could make the economy much much worse.

 

[SCSIfreek]

Originally posted by: Coolone

Originally posted by: Zugzwang152
<------ screwed.

ditto.

 

[everman]

Originally posted by: Zugzwang152
<------ screwed.

 

[XZeroII]

Originally posted by: Tominator

Originally posted by: Carbonyl
And Bush likes deficiets... I Expect 350 billion this year coupled with a 7 trilliojn dollar debt...and expect 75% tax rate just to service the debt of this continues...I'll move to New Zealand when that happens. Until then lets can them all who vote for spending over what they collect.

Most ecomomists say that deficit spending is to be encouraged in this economy. NOT spending money could make the economy much much worse.

Very true. They are just ignorant and think they know everything.

My $12 that I put into SS so far will be gone. *sigh*

 

[Zebo]

Originally posted by: Tominator

Originally posted by: Carbonyl
And Bush likes deficiets... I Expect 350 billion this year coupled with a 7 trilliojn dollar debt...and expect 75% tax rate just to service the debt of this continues...I'll move to New Zealand when that happens. Until then lets can them all who vote for spending over what they collect.

Most ecomomists say that deficit spending is to be encouraged in this economy. NOT spending money could make the economy much much worse.

Ya ya. Some also say NAFTA is good for the working class. It's voodoo bull. Economics is simple, you make things and sell them you do well, you keep expensis less than outlays you do well. Everything else is pure speculation with a thousand differnent viewpoints.


I do agree increasing defict spend does spark things for a very short time period though. Problem is you have to pay it back and you can't borrow forever. What will happen when that time comes? This govenment is selling my kids future away and guess who has to take care of us when we get old? Do You think they'll be happy about what we did to them?

 

[ElFenix]

social securty was destined from its inception to go bankrupt. its the nature of the way it was set up.

 

[SuperTool]

Couldn't they stretch it past 2045, so I can get some of it?

 

[charrison]

Originally posted by: Carbonyl
And Bush likes deficiets... I Expect 350 billion this year coupled with a 7 trilliojn dollar debt...and expect 75% tax rate just to service the debt of this continues...I'll move to New Zealand when that happens. Until then lets can them all who vote for spending over what they collect.

You know, congress could turn in a budget that was balanced( and yes, republicans will have little excuse for a balanced budget this year. And democrats are screaming that bush is trying to hold spending down right now.). This is far more than bush's fault. When the economy picks back up, these shortfalls will shrink and disappear again.

 

[ViRGE]

And you wonder why the younger generations are so pessimistic.

 

[charrison]

Originally posted by: ViRGE
And you wonder why the younger generations are so pessimistic.

It is time for you to become politically active. I am hoping social security reform comes in the next couple of years.

 

[Red Dawn]

Originally posted by: ViRGE
And you wonder why the younger generations are so pessimistic.

You mean Generation "Whine"?

 

[SuperTool]

Originally posted by: charrison

Originally posted by: Carbonyl
And Bush likes deficiets... I Expect 350 billion this year coupled with a 7 trilliojn dollar debt...and expect 75% tax rate just to service the debt of this continues...I'll move to New Zealand when that happens. Until then lets can them all who vote for spending over what they collect.

You know, congress could turn in a budget that was balanced( and yes, republicans will have little excuse for a balanced budget this year. And democrats are screaming that bush is trying to hold spending down right now.). This is far more than bush's fault. When the economy picks back up, these shortfalls will shrink and disappear again.

Is Bush going to veto an unbalanced budget?

 

[SuperTool]

Originally posted by: charrison

Originally posted by: ViRGE
And you wonder why the younger generations are so pessimistic.

It is time for you to become politically active. I am hoping social security reform comes in the next couple of years.

When SS goes bankrupt, do us youngins still have to pay for the old people?