JQPublic1
Gold Member
- Aug 10, 2012
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You are just rambling. You have't backed up a thing you have said with verifiable sources, Anything you say is suspect because you tend to overlook key words in sentences and go off on a tangent the author never intended. Without reading your sources, i can't accept anything you say as fact.Where did you get the notion that Social Security is going broke? Did you bother to go to thatSSA website and seek the truth. Apparently you did not or you would have seen this: click the spoier to learn why!As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.1 At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits. Thus, the Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future. The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years.
Since the inception of the Social Security program in 1935, scheduled benefits have always been paid on a timely basis through a series of modifications in the law that will continue. Social Security provides a basic level of monthly income to workers and their families after the workers have reached old age, become disabled, or died. The program now provides benefits to over 50 million people and is financed with the payroll taxes from over 150 million workers and their employers. Further modifications of the program are a certainty as the Congress continues to evolve and shape this program, reflecting the desires of each new generation.
This article describes the financial status of the Social Security program, including an analysis of the concepts of solvency and sustainability and the relationship of Social Security to the overall federal unified budget. The future is uncertain in many respects, and based on new information, projections of the financial status of the Social Security program vary somewhat over time. What is virtually certain is that the benefits that almost all Americans become entitled to and most depend on will be continued into the future with modifications deemed appropriate by their elected representatives in the Congress.
First off, look back through the last dozen posts, where do you see Social Security even mentioned? When did I ever say "social security is going broke"?
Are we talking about Medicare or Social Security? Because up until this last post of yours, I said Medicare over and over.
Second, you posted information that directly contradicts your own claim.
You posted "SS is not going broke" and then the very next sentence... "until 2037, when the trust fund reserves are projected to become exhausted"
What do you think "reserves become exhausted" means?
I know public schools suck.... but you are telling me that you can't logically understand the concept that "reserves become exhausted" means it's running out of money, and running out of money, means it's "going broke"?
How can you come on this forum, and posted a statement, and then post as support of that very statement, information that directly contradicts the statement made?
And worse.... so other idiot 'thumbed up' that post?
This.... this right here.... this is why American will destroy itself. People this stupid, are determining the direction of the country. It's no wonder everything is getting worse year after year.
FICA is the Social security and Medicare taxes combined. And, indeed they are handled by two different Trust funds. But according to the information I posted under the spoiler tag, the use of the phrase"going broke" to describe the future of either program is not an accurate assessment. Again, in your haste you overlooked the word "reserves." That has meaning: the term is describing excess funds. That means in 2037 the SS fund will temporarily break even when the reserves are exhausted. IN other words the fund will be paying out as much as it is taking in. That doesn't mean it will be bankrupt since, as stated, enough funds will be available from payroll taxes to make 76% of its obligations. It would be incumbent upon Congress to either reduce the benefit by 13% or increase payroll taxes to make up the difference. If , OTOH, the GOP tries to privatize either SS or Medicare, there will be a civil uprising so severe they may never recover from it. Middle men would be perceived as thieves robbing beneficiaries to bolster profits.
The Medicare fund is no different, it isn't going broke either:
Claims by some policymakers that the Medicare program is nearing “bankruptcy” are highly misleading. Although Medicare faces financing challenges, the program is not on the verge of bankruptcy or ceasing to operate. Such charges represent misunderstanding (or misrepresentation) of Medicare’s finances.
Medicare’s financing challenges would be much greater without the health reform law (the Affordable Care Act, or ACA), which substantially improved the program’s financial outlook. Repealing the ACA, a course of action promoted by some who simultaneously claim that the program is approaching “bankruptcy,” would worsen Medicare’s financial situation.
The 2016 report of Medicare’s trustees finds that Medicare’s Hospital Insurance (HI) trust fund will remain solvent — that is, able to pay 100 percent of the costs of the hospital insurance coverage that Medicare provides — through 2028. Even in 2028, when the HI trust fund is projected for exhaustion, incoming payroll taxes and other revenue will still be sufficient to pay 87 percent of Medicare hospital insurance costs.[1] The share of costs covered by dedicated revenues will decline slowly to 79 percent in 2040 and then rise gradually to 86 percent in 2090. This shortfall will need to be closed through raising revenues, slowing the growth in costs, or most likely both. But the Medicare hospital insurance program will not run out of all financial resources and cease to operate after 2028, as the “bankruptcy” term may suggest.
The 2028 date does not apply to Medicare coverage for physician and outpatient costs or to the Medicare prescription drug benefit; these parts of Medicare do not face insolvency and cannot run short of funds. These parts of Medicare are financed through the program’s Supplementary Medical Insurance (SMI) trust fund, which consists of two separate accounts — one for Medicare Part B, which pays for physician and other outpatient health services, and one for Part D, which pays for outpatient prescription drugs. Premiums for Part B and Part D are set each year at levels that cover about 25 percent of costs; general revenues pay the remaining 75 percent of costs.[2] The trustees’ report does not project that these parts of Medicare will become insolvent at any point — because they can’t. The SMI trust fund always has sufficient financing to cover Part B and Part D costs, because the beneficiary premiums and general revenue contributions are specifically set at levels to assure this is the case. SMI cannot go “bankrupt.”
If you run out of excess reserves, that is "going broke".
Many people have gone through bankruptcy, while still having an income. No one ever said "well I still make money, so I'm not really.... broke broke.... I'm just out of reserves".
You are splitting hairs to avoid the fact you are just simply wrong. Just flat out... you are wrong.
What is even worse than that, is the fact that we would end up in a crisis long before the 'trust funds' ran out of 'reserves'. Why? Because all those trust funds have, is IOUs. They don't have stock, or land, or assets. They have IOUs. And from whom? The Federal government.
Are you stupid? Have you seen the current budget and debt of the Federal Government? We are borrowing $600 Billion, right now, and that's with the Federal government GETTING money from the trust funds. When they stop getting money, and the Trust funds need money back, where do you think that money is going to come from? We're going to start borrowing trillions again?
And here's the kicker... what happens when people stop lending money to the Federal government? The entire system implodes.
When you say that these funds will cover 87% of costs... that's on the basis that the economy is stable, at current revenue conditions. Did you miss what happened 2007? Tax revenue fell from $2.51 Trillion to $2.1 Trillion.
If you claim that we can fund 87% of social security from tax revenue on the basis of 2007 taxes... what happens in 2010, when revenue fell 20%? You are not paying out 87% of benefits anymore, are you? Nope. By the way, 87% of the average SS check of $1,300 a month, is $1,100. You think that won't hurt some people? That alone will harm the economy more.
You people.... Greece didn't teach the left-wing nothing. You guys are more ignorant than you ever were before the crash.
As if I care. Did I ever indicate that your opinion of what you think is fact or not matters?
If you think I'm lying, fine. Whatever. I got other things to do. I'll talk to other people on this thread.
I think people are fact checking both of us. Let them decide who is more credible based on what we have written. Having researched some of your outlandish premises, I am confident that objective readers will find my responses valid. YOURS? not so much!
