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Social Security Payouts Are Already Crippling The Government This Year

Cold Highway

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Cash flow has fallen from $63b to $7b from 2008 to 2010. One might take heart that the number for 2010 is still in the black. But that will not last long. The seasonality of the Fund produces big cash flow losses in the second half of a calendar year. For the full year 2009 the net cash flow was $3.4B. In other words the cash flow fell by $32 billion in the July-December in 2009. It is certain that cash will evaporate in 2010 as well. My number for the net cash flow drain in the second half of 2010 is $55b. This translates to a~$50b deficit for the full year.
It's not like we didnt know, I remember reading about the upcoming SS cluster**** in the beginning of Bush's second term. We can no longer kick the can down the road with this issue or perhaps it's probably too late.

Social Security Payouts Are Already Crippling The Government This Year
 

Renae

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justabubba

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easy solution
take the ceiling off. now set at $106,800
tax the income above that level and social security becomes immediately solvent
 

MikeVFF

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I know the answer, keep spending money we dont have! :roll:
 

Renae

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easy solution
take the ceiling off. now set at $106,800
tax the income above that level and social security becomes immediately solvent
No, it merely extends the life of a dead and dying program that should never have been created. Stealing from people isn't the answer.
 

rivrrat

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Yeah, I got a paper telling me how much SS I've paid in so far and how much I'd get monthly if I started drawing now, or in 10 years, etc, etc.

I had to LOL at the idea that I'd EVER ****ing see a dime of my money I've paid in.
 

NolaMan

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easy solution
take the ceiling off. now set at $106,800
tax the income above that level and social security becomes immediately solvent
Right, let the rich foot the bill right? :rool:
 

justabubba

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Right, let the rich foot the bill right? :rool:
if the person making minimum wage is taxed on every dollar of that meager income
why would you then exempt those who earn very high incomes from being taxed aboved $106,800?
 

MikeVFF

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Right, let the rich foot the bill right? :rool:
Yeah why not, the govt used all their money so now they should steal from the rich. Too bad if I follow by example i get SENT TO JAIL.
 

NolaMan

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if the person making minimum wage is taxed on every dollar of that meager income
why would you then exempt those who earn very high incomes from being taxed aboved $106,800?
How about I just agree to pay dollar for dollar what the person earning minimum wage is putting in?
 

justabubba

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How about I just agree to pay dollar for dollar what the person earning minimum wage is putting in?
how about you just pay the same percentage on all of your income just like the minimum wage earner
 

Renae

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how about you just pay the same percentage on all of your income just like the minimum wage earner
Why punish someone for working hard and rising above Minimum Wage. Why do you keep wanting to punish success and reward mediocrity?
 

Cold Highway

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Yeah, I got a paper telling me how much SS I've paid in so far and how much I'd get monthly if I started drawing now, or in 10 years, etc, etc.

I had to LOL at the idea that I'd EVER ****ing see a dime of my money I've paid in.
Im 25 and I realized that system is going to be long bankrupt by the time I reach that age, if I get that far that is.
 

NolaMan

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to assure social security is solvent for your kids and grandkids
Social Security already offers a negative return rate (once I factor in inflation), why on Earth would I want to give my kids and grandkids an investment that losses them money? I would much rather help them set up a retirement savings account that can at least earn a positive return for them.
 

MikeVFF

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Social Security already offers a negative return rate (once I factor in inflation), why on Earth would I want to give my kids and grandkids an investment that losses them money? I would much rather help them set up a retirement savings account that can at least earn a positive return for them.
Wont happen, it actually makes sense.
 

justabubba

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Social Security already offers a negative return rate (once I factor in inflation), why on Earth would I want to give my kids and grandkids an investment that losses them money? I would much rather help them set up a retirement savings account that can at least earn a positive return for them.
then you are opposed to having social security continue
you should posted that position and i would not bother to have responded
i thought this thread was initiated based on a concern about the solvency of the social security program
 

Renae

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then you are opposed to having social security continue
you should posted that position and i would not bother to have responded
i thought this thread was initiated based on a concern about the solvency of the social security program
It's NOT solvent, that's the point. Why waste more resources on this money pit? Cut losses and save the country.
 

justabubba

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It's NOT solvent, that's the point. Why waste more resources on this money pit? Cut losses and save the country.
but there is an easy, equitable way to make it solvent, by eliminating the cap
either you want a solvent social security program or you do not
pick your poison
 

NolaMan

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then you are opposed to having social security continue
you should posted that position and i would not bother to have responded
i thought this thread was initiated based on a concern about the solvency of the social security program
I am not opposed to it continuing. It just should not continue in its current format. Allowing for personal retirement accounts could go a long way.

As for the solvency issue, there will no doubt have to big cuts and/or tax increases somewhere along the line. In essence, one generation is going to have to get screwed. Perosnally, as I am a self-interested person, I would rather that the older generation be the ones that get screwed as opposed to me. I make no secret of that.
 

rivrrat

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but there is an easy, equitable way to make it solvent, by eliminating the cap
either you want a solvent social security program or you do not
pick your poison
Neither. I want it eliminated and I want my money back so I can invest it the way I want to.
 

justabubba

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Neither. I want it eliminated and I want my money back so I can invest it the way I want to.
sorry, the option of getting your money back does not exist

unless you live long enough to receive it in small increments
 

rivrrat

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sorry, the option of getting your money back does not exist

unless you live long enough to receive it in small increments
I will never live that long. They should not have stolen it to begin with, and the defunct, bankrupt program needs to be phased out asap.
 

NolaMan

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unless you live long enough to receive it in small increments
Most studies show you have to live past 90 years old to receive back what you paid in at current levels. This is not any actual gain, just getting back what you paid in. I could put that money in a CD earning even just 1% and I would be better off than under Social Security.
 
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