New GAO report, Social security bankrupt in 2017

[Red Dawn]

Originally posted by: 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?

Hey I just want what I paid in. I don't care where it comes from. It's mine and it's owed to me.

 

[charrison]

Originally posted by: 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?

I would not count on it right now. Had their not been a recession or this little war, i think he would have.

 

[charrison]

Originally posted by: Red Dawn

Originally posted by: 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?

Hey I just want what I paid in. I don't care where it comes from. It's mine and it's owed to me.

The old and young are going to have share the pain here.

 

[XZeroII]

Originally posted by: Carbonyl

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?

Woohoo! Another uneducated idiot. Take an economics class and learn. You don't even know what the debt is. You NEVER PAY IT BACK!!! For crying out loud. I'm sick of ignorant people thinking they know how to fix the world when they don't even know what the problem is. Our gov't makes money from nothing. They don't ask other countries or other people for money, they just write checks. The thing is that there is no bank! They just write checks and money is made. Sure, they sell bonds and such, but our gov't just plain makes money from nothing. A gov't can never go bankrupt because they can just make more money. It's much more complicated than what I just said, but take an economics class if you want to make an informed oppinion.

 

[Zebo]

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.

Charrison I've been hearing this speel since reagan, have we ever reduced our debt? Each man woman and child owes somthing like 300K. And don't blame it all social spending either that's only 20%. The point is the bigger hole we dig the less we have to spend on things right now becuase we are crippled by the debt, it's 25%. The debt been increasing alarmingly since reagan and went from 1 Trillion under Carter to almost 7 Trillion today. Well wages hav'nt increased by 7X and niether has spending power. In fact spending power has decreased.

So what do we have today because of this debt, taxes are higher, wages are lower relative to CPI and now he wants to spend moreThis goverment is sick and hardy anyone relizes it. I know throw some complex matrix smokescreen of macroeconomics up to confuse everyone, it's worked before. But I manage my finances with reality and proper debt to income ratios which have been used by value investors since forever.

 

[Red Dawn]

Originally posted by: charrison

Originally posted by: Red Dawn

Originally posted by: 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?

Hey I just want what I paid in. I don't care where it comes from. It's mine and it's owed to me.

The old and young are going to have share the pain here.

I doubt it. My Generation votes in droves so I'm sure we are going to make sure we get our money.

 

[Zebo]

Originally posted by: XZeroII

Originally posted by: Carbonyl

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?

Woohoo! Another uneducated idiot. Take an economics class and learn. You don't even know what the debt is. You NEVER PAY IT BACK!!! For crying out loud. I'm sick of ignorant people thinking they know how to fix the world when they don't even know what the problem is. Our gov't makes money from nothing. They don't ask other countries or other people for money, they just write checks. The thing is that there is no bank! They just write checks and money is made. Sure, they sell bonds and such, but our gov't just plain makes money from nothing. A gov't can never go bankrupt because they can just make more money. It's much more complicated than what I just said, but take an economics class if you want to make an informed oppinion.

I gotta leave but would care to tell us why we are paying 25% of my and your hard earned tax money just to service it then if we never pay it back??? ? Who are we paying it to and where is it going?

 

[classy]

Originally posted by: 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.

Well when you take from Social Security to pay for other things it should be no surprise that it will go bankrupt. Not because its a bad system but because blood sucking republicans keep dipping into it.

 

[Dudd]

Originally posted by: Carbonyl

Charrison I've been hearing this speel since reagan, have we ever reduced our debt? Each man woman and child owes somthing like 300K. And don't blame it all social spending either that's only 20%. The point is the bigger hole we dig the less we have to spend on things right now becuase we are crippled by the debt, it's 25%. The debt been increasing alarmingly since reagan and went from 1 Trillion under Carter to almost 7 Trillion today. Well wages hav'nt increased by 7X and niether has spending power. In fact spending power has decreased.

So what do we have today because of this debt, taxes are higher, wages are lower relative to CPI and now he wants to spend moreThis goverment is sick and hardy anyone relizes it. I know throw some complex matrix smokescreen of macroeconomics up to confuse everyone, it's worked before. But I manage my finances with reality and proper debt to income ratios which have been used by value investors since forever.

Government finances!=personal finances.

The main goal of the government is not to make money. The main goal is to keep the economy at full employment with minimal inflation. Right now, we are in a recession. There are only two ways for a Keynesian economist to get out of a recession: a combination of spending more and cutting taxes. In the process, the debt will rise, but it's better to have a rising debt than a large portion of the work force out of work. Of course, true Keynesian philosophy will say that in times of prosperity, use the resulting budget surpluses to pay of the debt, but of course that doesn't happen. Regardless, the time to raise taxes and cut spending is most definately not in the middle of a recession.

 

[charrison]

Originally posted by: Carbonyl

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.

Charrison I've been hearing this speel since reagan, have we ever reduced our debt? Each man woman and child owes somthing like 300K. And don't blame it all social spending either that's only 20%. The point is the bigger hole we dig the less we have to spend on things right now becuase we are crippled by the debt, it's 25%. The debt been increasing alarmingly since reagan and went from 1 Trillion under Carter to almost 7 Trillion today. Well wages hav'nt increased by 7X and niether has spending power. In fact spending power has decreased.

So what do we have today because of this debt, taxes are higher, wages are lower relative to CPI and now he wants to spend moreThis goverment is sick and hardy anyone relizes it. I know throw some complex matrix smokescreen of macroeconomics up to confuse everyone, it's worked before. But I manage my finances with reality and proper debt to income ratios which have been used by value investors since forever.

I agree with what you have to say, but you math is largely off.
7trillion divided by 300 million(every man woman child) is about $25k.

Also the debt as a related to the size of economy(tax base) has stayed fairly constant over the past 20 years.


I would much prefer it to shrink so we are not wasting so much on interest payments to ourselfs

 

[skibum827]

Originally posted by: 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.

Social security is set up as a pay as you go system. It was never meant to collect more in taxes than it pays out, we have just been living in the fat years now. Unfortunately, the government is spending all the social security surpluses now, so that when retirees really do need the money in deficit years, it is not there. However, I don't think Social Security is projected to actually go bankrupt until around 2040 or something.

The government is worse than a kid at the candy store. If they have money, they will spend it.

 

[Zebo]

Char...My spelling not my math you should know that by now i get fluxued with a keyboard yes 30K... 5 years if you just sevrice the debt with tax funds and pay nothing for anything else.

 

[charrison]

Originally posted by: Carbonyl
Char...My spelling not my math you should know that by now i get fluxued with a keyboard yes 30K... 5 years if you just sevrice the debt with tax funds and pay nothing for anything else.

Yes it looks bad, but it is still quite managable. But I will agree, the debt/gdp ratio needs to go down.

 

[Zebo]

Originally posted by: Dudd

Originally posted by: Carbonyl

Charrison I've been hearing this speel since reagan, have we ever reduced our debt? Each man woman and child owes somthing like 300K. And don't blame it all social spending either that's only 20%. The point is the bigger hole we dig the less we have to spend on things right now becuase we are crippled by the debt, it's 25%. The debt been increasing alarmingly since reagan and went from 1 Trillion under Carter to almost 7 Trillion today. Well wages hav'nt increased by 7X and niether has spending power. In fact spending power has decreased.

So what do we have today because of this debt, taxes are higher, wages are lower relative to CPI and now he wants to spend moreThis goverment is sick and hardy anyone relizes it. I know throw some complex matrix smokescreen of macroeconomics up to confuse everyone, it's worked before. But I manage my finances with reality and proper debt to income ratios which have been used by value investors since forever.

Government finances!=personal finances.

The main goal of the government is not to make money. The main goal is to keep the economy at full employment with minimal inflation. Right now, we are in a recession. There are only two ways for a Keynesian economist to get out of a recession: a combination of spending more and cutting taxes. In the process, the debt will rise, but it's better to have a rising debt than a large portion of the work force out of work. Of course, true Keynesian philosophy will say that in times of prosperity, use the resulting budget surpluses to pay of the debt, but of course that doesn't happen. Regardless, the time to raise taxes and cut spending is most definately not in the middle of a recession.

thanks Dudd ...I like this part the best :Of course, true Keynesian philosophy will say that in times of prosperity, use the resulting budget surpluses to pay of the debt, but of course that doesn't happen

Could this be why are are in a recession...The tax burden to service to debt amount has'nt changed however the "income" or revenues to the treasury has thus leaving less money to stimulate the economy as Keynesian describes? it seems a vicious cycle to me where eventually you go bankrupt with this rollorcoaster?

 

[XZeroII]

Originally posted by: Carbonyl

Originally posted by: XZeroII

Originally posted by: Carbonyl

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?

Woohoo! Another uneducated idiot. Take an economics class and learn. You don't even know what the debt is. You NEVER PAY IT BACK!!! For crying out loud. I'm sick of ignorant people thinking they know how to fix the world when they don't even know what the problem is. Our gov't makes money from nothing. They don't ask other countries or other people for money, they just write checks. The thing is that there is no bank! They just write checks and money is made. Sure, they sell bonds and such, but our gov't just plain makes money from nothing. A gov't can never go bankrupt because they can just make more money. It's much more complicated than what I just said, but take an economics class if you want to make an informed oppinion.

I gotta leave but would care to tell us why we are paying 25% of my and your hard earned tax money just to service it then if we never pay it back??? ? Who are we paying it to and where is it going?

I know a guy who could lecture you for hours on the subject. There are many reasons.

 

[charrison]

Originally posted by: Carbonyl

Originally posted by: XZeroII

Originally posted by: Carbonyl

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?

Woohoo! Another uneducated idiot. Take an economics class and learn. You don't even know what the debt is. You NEVER PAY IT BACK!!! For crying out loud. I'm sick of ignorant people thinking they know how to fix the world when they don't even know what the problem is. Our gov't makes money from nothing. They don't ask other countries or other people for money, they just write checks. The thing is that there is no bank! They just write checks and money is made. Sure, they sell bonds and such, but our gov't just plain makes money from nothing. A gov't can never go bankrupt because they can just make more money. It's much more complicated than what I just said, but take an economics class if you want to make an informed oppinion.

I gotta leave but would care to tell us why we are paying 25% of my and your hard earned tax money just to service it then if we never pay it back??? ? Who are we paying it to and where is it going?

We are mainly paying it back to ourselfs(goverment bonds).

 

[ViRGE]

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.

At this point, my generation is more worried about protecting it's Fair Use rights(which is valid, but somewhat short-sighted) than SS. We fully expect to get screwed here for the most part, as much as we'd like to deny it. Damn you, Ponzi.

Oh, and Red, you probably have more in it than I do, so if I were you, I'd worry about #1 first instead of what my generation is up to.

 

[Hamburgerpimp]

New GAO report, Social security bankrupt in 2017

Sh1t, this whole SOB won't bere here in 2017.

 

[sandorski]

Originally posted by: XZeroII

Originally posted by: Carbonyl

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?

Woohoo! Another uneducated idiot. Take an economics class and learn. You don't even know what the debt is. You NEVER PAY IT BACK!!! For crying out loud. I'm sick of ignorant people thinking they know how to fix the world when they don't even know what the problem is. Our gov't makes money from nothing. They don't ask other countries or other people for money, they just write checks. The thing is that there is no bank! They just write checks and money is made. Sure, they sell bonds and such, but our gov't just plain makes money from nothing. A gov't can never go bankrupt because they can just make more money. It's much more complicated than what I just said, but take an economics class if you want to make an informed oppinion.

Japanese investors own 30% of US Federal government debt, it is a big deal. If foreign investors(US government debt holders) decided to collect, the US would be fvckd. The only reason they don't collect is because the US economy is considered to be the most stable(safe) investment, that could change however. Politicians like to herald tax cuts as returning the "people's money", but they never herald the payback of the "people's debt", though it is.

 

[m2kewl]

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

 

[Queasy]

I hope nobody seriously expects that even if Social Security was not to fall flat on its a$$ in its current form that it would pay for everything in your retirment years. The interest the Social Security returns in payouts is 2% or less and not payable until your 70.

Social Security was screwed from the beginning as it is fundamentally flawed, but politicians (mainly democrats) turned Social Security into the "third rail" of politics for so long that no kind of reform could ever be done until it is too late.

Thankfully, I put 6% of my pre-tax income and 10% of my post-tax income into retirement savings.

 

[gotsmack]

when it goes bankrupt does that mean I don't have to pay in anymore?

I never expected thge money anyway. Thats why I set up my Roth IRA when I was 20.