About Obama and possibilty of losing SSI

[Moonglow]

republicans want all old people on SS to get a dam job so they can just kill it(SS and Medicare) off

 

[auditor0007]

The Dems will never touch SS or Medicare BENEFITS. Obama has spoken about saving money with technical improvements, or changing age requirements long in the future. Watch out for Pub doubletalk however. They already have made dupes think these programs are in trouble. They're not.

Social Security is in a bit of long term trouble, but there are fixes available. Medicare, on the other hand, is an albatross on all of us. The problem is that costs continue to increase above inflation rates, and the long term prognosis is not good. By 2050, Medicare all by itself will eat up approximately 17% of GDP. Over the last 60 years, the federal government spent approximately 18.5% of GDP on all expenditures.

SS has an estimated shortfall of between $4 and $5 trillion over the next 75 years. That's only $66 billion per year, so that is easily fixable. However, the shortfall for Medicare and Medicaid is over $32 trillion. That's about $425 billion per year. However, the shortfalls themselves are only the beginning of the problem. The even bigger problem is that if we don't actually pay for the shortfalls through higher taxation or a reduction in benefits, and instead borrow the money, it will balloon our debt to a point that the interest payments will become astronomical. At the end of the 75 year period, we would be paying about $1.5 trillion per year just on the debt, and that is in today's dollars.

So yes, Medicare is definitely a problem, and we need to begin addressing it now. Much of this could be resolved by increasing the Medicare tax, along with increasing the age at which people become eligible for Medicare. On the other side, we need to find ways to reduce the actual cost of healthcare or at least substantially curb the increases in its cost.

 

[editec]

The reason Medicade is in trouble like SSI is not is fairly obvious.

The cost of health care rises much faster than our incomes or inflation generally.

The the long term problem with social security is based on an aging population, a decreased number of workers and COLAs. We're informed SSSI is solvent till 2045 without any changes at all.

That's because social security has been taxing workers at a rate higher than it was spending (for about the last 30 years) so it has plenty of money for the near and longer term.

Medicade cannot overtax fast enough to get ahead (or even to keep up with) the rising cost of health care.

 

[8537]

In the case of Social Security, they have a trust fund of US Bonds. So even if the money they take in can't meet all the obligations, they can sell off those bonds. (The problem, of course, is that for decades, the government has been converting that money into bonds so they could buy bombers and bridges instead of putting it into an account.)

For what it's worth, the bonds in the social security trust fund are not marketable.

 

[CrusaderFrank]

In the case of Social Security, they have a trust fund of US Bonds. So even if the money they take in can't meet all the obligations, they can sell off those bonds. (The problem, of course, is that for decades, the government has been converting that money into bonds so they could buy bombers and bridges instead of putting it into an account.)

For what it's worth, the bonds in the social security trust fund are not marketable.

We noticed.

 

[8537]

In the case of Social Security, they have a trust fund of US Bonds. So even if the money they take in can't meet all the obligations, they can sell off those bonds. (The problem, of course, is that for decades, the government has been converting that money into bonds so they could buy bombers and bridges instead of putting it into an account.)

For what it's worth, the bonds in the social security trust fund are not marketable.

We noticed.

If you're just now noticing you haven't been paying attention. They've always been nonmarketable.

 

[Zander]

Fear is a powerful motivator, that is why politicians, advertisers, and the press all use it.

The antidote to fear is knowledge. Social Security is not in danger. The USA will not default on it's obligations to bond holders, The Military, Medicare, or Social Security recipients. Period. They will have to make cutbacks or even eliminate many non-essential services. That is a good thing. It shows the world we are serious about our debt problem.

 

[iamwhatiseem]

Everytime I wonder how in the hell do the same cronies get elected over and over - all I have to do is come to any political forum and read just how blindly partisan people are.
It is beyond stupid to believe that SS payments are going to fail over this particular debt vote. If payments were not made - you would have one person and one person alone to blame - the President. If one single person didn;t get their SS check so he can make a political statement - that would be the most insidious act of a U.S. President in American history....PERIOD.

Wake up. You will get your check regardless of how this vote goes - or what plan is passed.

 

[CrusaderFrank]

For what it's worth, the bonds in the social security trust fund are not marketable.

We noticed.

If you're just now noticing you haven't been paying attention. They've always been nonmarketable.

I think a lot of people just realized that the SocSec Trust Fund is backed by the Full Faith and Credit of Bernie Madoff.

 

[8537]

We noticed.

If you're just now noticing you haven't been paying attention. They've always been nonmarketable.

I think a lot of people just realized that the SocSec Trust Fund is backed by the Full Faith and Credit of Bernie Madoff.

That's what Ronald Reagan's Social Security tax increase will do to ya.

 

[Seawytch]

There is a much better fix for Medicare than raising the age limit...try LOWERING it.

Medicare for all...

 

[iamwhatiseem]

There is a much better fix for Medicare than raising the age limit...try LOWERING it.

Medicare for all...

Yeah great idea - let's take a system wherein there is $billions a year in fraud and waste...and expand it exponentially.
Great idea.

 

[AmericanFirst]

Robin, you are blaming the wrong person. The President is trying to prevent the destruction of the Social Security system. The GOP is doing there best to destroy it, as they have been since Roosevelt.

The President cannot take your SS at the drop of a hat. But the Congress can deny him the money with which to pay SS. And that is exactly what they want to do.

LIES!!! The idiot in charge (obamaturd) is the one who threatened that there would be no soc. sec. payments after aug. 2nd. Which he is using scare tactics to push his socialistic agenda. The republicans do not want to get rid of soc sec or medicare. Loser.

 

[AmericanFirst]

Social Security and Medicare have their own funds. So this Debt talk shouldn't have anything to do with them.

In the case of Social Security, they have a trust fund of US Bonds. So even if the money they take in can't meet all the obligations, they can sell off those bonds. (The problem, of course, is that for decades, the government has been converting that money into bonds so they could buy bombers and bridges instead of putting it into an account.)

Social Security has always been a Ponzi Scheme. While I can feel for a person like Robin, the fact is, with the conditions she describes, she is probably taking a lot more out of SS and Medicare than she ever paid in. What we have to stop doing with SSI is pretending it was ever a "retirement program". It isn't. It's charity. It's welfare. It's wealth redistribution. Call it what it is.

It makes no sense for Bill Gates to receive Social Security when he hits 65, but he will. So will a lot of other wealthy people, because they need to maintain the mythology that it's a "retirement program". Once we get past the smoke and mirrors, we can make evaluations about what we should and shouldn't pay for, nad what is the most effective way to do it.

The problem, JoeB is this....

If the US reneges on its dubt obligations then the MARKET VALUE of all US debt insturments falls.

Since the SSA owns DEBT INSTRUMENTS ISSUED BY THE FEDERAL GOVERNMENT, even if they CAN sell them (I'm informed they cannot) their value will have dropped significantly due to the government RENEGING on them.

What part of " the Government has enough tax revenues coming in each month to pay the debt " don't you understand?

Obama has ILLEGALLY threatened to stop SS payments. He can not legally do so, he nor Congress can divert SS money UNTIL all SS obligations are paid for that month. Same with Medicare.

There are SPECIFIC monthly taxes for those programs and the Government can not divert those funds legally without an act of Congress being passed and the President signing it into law. And then due to the 14th Amendment and the rest of the Constitution on taxation people can sue the Government.

Obamaturd should be charged!!

 

[CrusaderFrank]

If you're just now noticing you haven't been paying attention. They've always been nonmarketable.

I think a lot of people just realized that the SocSec Trust Fund is backed by the Full Faith and Credit of Bernie Madoff.

That's what Ronald Reagan's Social Security tax increase will do to ya.

It never ends well for the guys running the Ponzi Scheme. You know that, right?

If Bush or any Republican said the checks might not go out, there'd be blood in the streets and I'm not exaggerating. The Dems would have pushed the button and sent their legions of mindless zombies out in panic.

 

[AmericanFirst]

Well, the Teabaggers would support that, for sure.

When I started putting money into SS, one could buy a nice house for $6500. A new pickup for $1800. So the money I put in then was worth a lot more than the numbers of that time indicate. However, should I live a normal lifespan for either side of my family, I will definately draw out more than I put in by any accounting. And I intend to do just that.

Typical socialist dimwit attitude. And you have the nerve to blame republicans for the dimwits problems. IDIOT!!!

 

[ba1614]

I think a lot of people just realized that the SocSec Trust Fund is backed by the Full Faith and Credit of Bernie Madoff.

That's what Ronald Reagan's Social Security tax increase will do to ya.

It never ends well for the guys running the Ponzi Scheme. You know that, right?

If Bush or any Republican said the checks might not go out, there'd be blood in the streets and I'm not exaggerating. The Dems would have pushed the button and sent their legions of mindless zombies out in panic.

The hypocrisy we are witnessing in this administration is truly astounding.

 

[CrusaderFrank]

In the case of Social Security, they have a trust fund of US Bonds. So even if the money they take in can't meet all the obligations, they can sell off those bonds. (The problem, of course, is that for decades, the government has been converting that money into bonds so they could buy bombers and bridges instead of putting it into an account.)

For what it's worth, the bonds in the social security trust fund are not marketable.

Not exactly accurate, either

Trust Fund FAQs

If all the income is invested, how do benefits get paid each month? Money to cover expenditures (mainly benefit payments) from the trust funds comes from the redemption or sale of securities held by the trust funds. When "special-issue" securities are redeemed, interest is paid. In fact, the principal amount of special issues redeemed, plus the corresponding interest, is just enough to cover an expenditure.

 

[8537]

In the case of Social Security, they have a trust fund of US Bonds. So even if the money they take in can't meet all the obligations, they can sell off those bonds. (The problem, of course, is that for decades, the government has been converting that money into bonds so they could buy bombers and bridges instead of putting it into an account.)

For what it's worth, the bonds in the social security trust fund are not marketable.

Not exactly accurate, either

Trust Fund FAQs

If all the income is invested, how do benefits get paid each month? Money to cover expenditures (mainly benefit payments) from the trust funds comes from the redemption or sale of securities held by the trust funds. When "special-issue" securities are redeemed, interest is paid. In fact, the principal amount of special issues redeemed, plus the corresponding interest, is just enough to cover an expenditure.

sale of securities...hmm...

Who buys those securities, Frank? (hint: It ain't anyone in the market)
Is it a marketable security if the security can't be sold in the market?

 

[CrusaderFrank]

For what it's worth, the bonds in the social security trust fund are not marketable.

Not exactly accurate, either

Trust Fund FAQs

If all the income is invested, how do benefits get paid each month? Money to cover expenditures (mainly benefit payments) from the trust funds comes from the redemption or sale of securities held by the trust funds. When "special-issue" securities are redeemed, interest is paid. In fact, the principal amount of special issues redeemed, plus the corresponding interest, is just enough to cover an expenditure.

sale of securities...hmm...

Who buys those securities, Frank? (hint: It ain't anyone in the market)
Is it a marketable security if the security can't be sold in the market?

No, it's not. That makes it wampum and not an asset at all.

Is the SSA familiar with 10b-5?

Rule 10b-5 -- Employment of Manipulative and Deceptive Devices

It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange,

To employ any device, scheme, or artifice to defraud,

To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or

To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security.

Rule 10b-5 -- Employment of Manipulative and Deceptive Devices