Social Security - Were You Born After 1960? Better Familiarize Yourself With Latest Trustees" Report
The Trustees of the Social Security Administration released their latest report on April 23, 2007.
The first thing future retirees should be clear on, is what happens in the year 2017.
2017 is the first year in which there will be no surplus funds which derive from the FICA taxes you pay.
For many years, those amounts withheld from your paycheck have far exceeded the amount social security was obligated to pay.
Instead of putting that money in a true fund, congress has spent it every year.
In its place it has placed a form of IOU'S.
Excess revenues which were often $150 billion a year and up, are now down to $90 billion when ignoring phony paper transactions.
From 2017 on, there will be no excess to steal and because 2008 is the first year of early retirement for baby boomers, the obligations to retirees will be soaring.
The deficit in that fund is on track to be as high as $67 billion by 2020, the third year of the shortfall and 266.
5 billion by the year 2030 and soaring.
You will hear reference to a ridiculous phrase, which says the so-called "Trust Fund" will be exhausted by the year 2041, as if the funds needed to pay retirees will be sitting there till then.
In reality, the shortfall then, will be $6 trillion.
Where will that payback come from? The usual source.
Increased taxes!!! In deciding what you want for the future of social security, be wary when you hear those two words "Trust Fund.
" All of the above data is based on obligations now in place.
In this discussion, we are not including the tens of trillions of debt now projected for Medicare and Medicaid in the not too distant future.
Our economy has the capacity to solve this but not by listening to the spin ofadvocates of big government who will suggest over and over that the "Trust Fund" is solvent till 2041.
Ironically, the usual fear mongers now doing the glo-bull warming dance and the poverty boo hooing and other victimology serenades are mostly the same ones in denial about a real problem.
We must get serious-soon.
The first thing future retirees should be clear on, is what happens in the year 2017.
2017 is the first year in which there will be no surplus funds which derive from the FICA taxes you pay.
For many years, those amounts withheld from your paycheck have far exceeded the amount social security was obligated to pay.
Instead of putting that money in a true fund, congress has spent it every year.
In its place it has placed a form of IOU'S.
Excess revenues which were often $150 billion a year and up, are now down to $90 billion when ignoring phony paper transactions.
From 2017 on, there will be no excess to steal and because 2008 is the first year of early retirement for baby boomers, the obligations to retirees will be soaring.
The deficit in that fund is on track to be as high as $67 billion by 2020, the third year of the shortfall and 266.
5 billion by the year 2030 and soaring.
You will hear reference to a ridiculous phrase, which says the so-called "Trust Fund" will be exhausted by the year 2041, as if the funds needed to pay retirees will be sitting there till then.
In reality, the shortfall then, will be $6 trillion.
Where will that payback come from? The usual source.
Increased taxes!!! In deciding what you want for the future of social security, be wary when you hear those two words "Trust Fund.
" All of the above data is based on obligations now in place.
In this discussion, we are not including the tens of trillions of debt now projected for Medicare and Medicaid in the not too distant future.
Our economy has the capacity to solve this but not by listening to the spin ofadvocates of big government who will suggest over and over that the "Trust Fund" is solvent till 2041.
Ironically, the usual fear mongers now doing the glo-bull warming dance and the poverty boo hooing and other victimology serenades are mostly the same ones in denial about a real problem.
We must get serious-soon.
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