Social Security outflows to exceed payroll taxes this year

[glenn1]

Well, pretty soon push is going to come to shove and the U.S. will need to begin making hard choices about spending. The budget deficit is already $1.6 trillion this year, and that's before any money that will need to be added to cover any SS funding shortfall. Add in a few million more baby boomers retiring and collecting SS, the new healthcare law, and rising interest payments when (inevitably) the Federal Reserve starts raising rates, and the U.S. is in for some real pain. And unfortunately for the progressives/liberals here, your stock answers of "cut defense spending!" and "tax the rich!" won't be enough to fill the gap. If Obama is lucky, he won't get re-elected and have to face the ironic indignity of being forced to begin cutting social programs due to lack of resources, or for that matter lack of foreign deficit funding from the Chinese etc.

http://www.nytimes.com/2010/03/25/business/economy/25social.html?hp

 

[Patranus]

obummer.

 

[Zebo]

I posted this weeks ago but it's worth posting again. 2018 my ass.

America is collapsing. Our private economy is in a huge Depression thus tax receipts to government have all but dissapeared and gov't is borrowing 2-3 trillion and spending 7 trillion between local and fed. Without that half the GDP is gone too. Wait until people no longer want to lend to deadbeats who make nothing.

I suggest a couple hours on youtube viewing LA riots to prepare.

 

[Mursilis]

Well, there's always means testing!

 

[Zebo]

Well, there's always means testing!

Tax receipts are evaporating.

Defaults keep increasing.

New home sales are the at the lowest point ever.

Cities are slashing services including schools, safety, and bus routes.

Business are shutting down across the nation and commercial vacancies are skyrocketing.

Pensions are at least 3 trillion in the hole.

Soon you will realize our whole economy was built on 50 trillion in borrowed money since 1980 and without wherewithal to keep on borrowing everyone is broke.

Caps, taxing all forms of income, whatever won't fix any of these issues.

 

[boomerang]

What's most important is to determine who to blame.

 

[Mursilis]

What's most important is to determine who to blame.

I'm going with FDR on that one.

 

[boomerang]

I'm going with FDR on that one.

Oh, I don't think that's going to fly.

Bush?

Wait...Reagan!

 

[soccerballtux]

I've written about this before in posts.
It's real.
edit: actually come to think of it I have a thread about it. Couple of naysayers but most people see the light (or...not light really, heh).

here it is: http://forums.anandtech.com/showthread.php?t=2052980&highlight=

 

[soccerballtux]

obummer.

lol
smoke more hopium.
Extend [mortgage durations] and pretend.

 

[soccerballtux]

I posted this weeks ago but it's worth posting again. 2018 my ass.

America is collapsing. Our private economy is in a huge Depression thus tax receipts to government have all but dissapeared and gov't is borrowing 2-3 trillion and spending 7 trillion between local and fed. Without that half the GDP is gone too. Wait until people no longer want to lend to deadbeats who make nothing.

I suggest a couple hours on youtube viewing LA riots to prepare.

you still haven't sent me your survival guide list of things to buy.
I have decided that you never wrote one. Which is depressing, because I was excite about it.
But that's ok, I still enjoy reading your posts

 

[Mursilis]

Oh, I don't think that's going to fly.

Bush?

Wait...Reagan!

Based on?

 

[DesiPower]

WOW, really!!!! I cant believe it... howz that possible...

 

[CycloWizard]

Cut spending? I haven't heard a politician mutter those words in... at least a decade. The only discussion is how we will try to pay for all of the entitlements that we have doled out. The people who don't pay any taxes won't vote you back into power if you cut spending. I think Jefferson mentioned something about this...

 

[Jhhnn]

Yeh, that's right- cut spending, depress the economy even further.

Or raise taxes to where they should have been all along, particularly for top filers... The only investment they're making in America is in govt bonds, so why pay interest? Why finance offshoring with the lowest tax rates on huge incomes in the first world?

 

[paperfist]

Tax receipts are evaporating.

Defaults keep increasing.

New home sales are the at the lowest point ever.

Cities are slashing services including schools, safety, and bus routes.

Business are shutting down across the nation and commercial vacancies are skyrocketing.

Pensions are at least 3 trillion in the hole.

Soon you will realize our whole economy was built on 50 trillion in borrowed money since 1980 and without wherewithal to keep on borrowing everyone is broke.

Caps, taxing all forms of income, whatever won't fix any of these issues.

Why aren't people who make sense like this politicians?

 

[CycloWizard]

Yeh, that's right- cut spending, depress the economy even further.

Or raise taxes to where they should have been all along, particularly for top filers... The only investment they're making in America is in govt bonds, so why pay interest? Why finance offshoring with the lowest tax rates on huge incomes in the first world?

Can you calculate the tax tables we would need to balance the budget at current spending levels? I could easily, but I leave it as an exercise for the guy who thinks this is the solution.

 

[soccerballtux]

Yeh, that's right- cut spending, depress the economy even further.

Or raise taxes to where they should have been all along, particularly for top filers... The only investment they're making in America is in govt bonds, so why pay interest? Why finance offshoring with the lowest tax rates on huge incomes in the first world?

Yeah I agree I think we need to start penalizing the wealthy people for being wealthy.

 

[Zebo]

nm

 

[heyheybooboo]

Pssssst.

Social Insurance taxes as a percentage of overall receipts
2000 - 32.23%
2005 - 36.87%
2009 - 42.3%
That would be an increase of 31.24%.

Individual income taxes as a percentage of overall receipts
2000 - 49.59%
2005 - 43.05%
2009 - 43.5%
That would be a decrease of 12.28%.​

Social Security receipts paid for your Tax Cuts and War.

Please remit the $4.5 trillion owed to the Trust Funds.

And when tens of millions of Americans are unemployed/under-employed, I know it is difficult for the thinking-impaired to imagine that total receipts of payroll taxes would actually be lower than normal.





--

 

[Genx87]

Well, there's always means testing!

I agree but good luck getting our politicians to address SS or any other entitlement program. I am still in awe Clinton and the Republicans managed welfare reform in the mid 90s.

 

[shiner]

I posted this weeks ago but it's worth posting again. 2018 my ass.

America is collapsing. Our private economy is in a huge Depression thus tax receipts to government have all but dissapeared and gov't is borrowing 2-3 trillion and spending 7 trillion between local and fed. Without that half the GDP is gone too. Wait until people no longer want to lend to deadbeats who make nothing.

I suggest a couple hours on youtube viewing LA riots to prepare.

I've got plenty of ammo and reloading supplies. If the worst comes to pass my family and I will meet you down in the Kiamichi Mountains. I spent a lot of time hunting on/around Mt. Boktukalo and in addition to the deer and wild turkeys and other game birds there are also some great fishing streams around that area.

 

[soccerballtux]

Pssssst.

Social Insurance taxes as a percentage of overall receipts
2000 - 32.23%
2005 - 36.87%
2009 - 42.3%
That would be an increase of 31.24%.

Individual income taxes as a percentage of overall receipts
2000 - 49.59%
2005 - 43.05%
2009 - 43.5%
That would be a decrease of 12.28%.​

Social Security receipts paid for your Tax Cuts and War.

Please remit the $4.5 trillion owed to the Trust Funds.

And when tens of millions of Americans are unemployed/under-employed, I know it is difficult for the thinking-impaired to imagine that total receipts of payroll taxes would actually be lower than normal.





--

costofwar.com, war only cost us $1T.

These baby boomers are going to cost us $1T per YEAR until they die.

 

[Fear No Evil]

costofwar.com, war only cost us $1T.

These baby boomers are going to cost us $1T per YEAR until they die.

But! But! Boooosh! War!!! Haliburton!

 

[CycloWizard]

Pssssst.

Social Insurance taxes as a percentage of overall receipts
2000 - 32.23%
2005 - 36.87%
2009 - 42.3%
That would be an increase of 31.24%.

Individual income taxes as a percentage of overall receipts
2000 - 49.59%
2005 - 43.05%
2009 - 43.5%
That would be a decrease of 12.28%.​

Social Security receipts paid for your Tax Cuts and War.

Please remit the $4.5 trillion owed to the Trust Funds.

And when tens of millions of Americans are unemployed/under-employed, I know it is difficult for the thinking-impaired to imagine that total receipts of payroll taxes would actually be lower than normal.

Math and/or reference fail. Let me guess - you endured the trials and tribulations of public education throughout?