Social Security Expected to Dip Into Its Reserves This Year

[Hoodat]

Social Security Expected to Dip Into Its Reserves This Year
Trustees say Social Security costs expected to exceed total income in 2018

David Harrison     |     Updated June 5, 2018 3:02 p.m. ET

The Social Security program’s cost will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.

By 2034, those reserves will be depleted and Social Security will no longer be able to send it its full scheduled benefits, according to the latest annual report by the trustees of Social Security and Medicare released Tuesday.

https://www.wsj.com/articles/social-security-expected-to-dip-into-its-reserves-this-year-1528223245


What trust fund?

[IsailedawayfromFR]

How do you dip into something which does not exist?

[Free Vulcan]

So it begins.

[WingNot]

It was just like yesterday...  I remember algore speak of a "lockbox"

[INVAR]

How do you dip into something which does not exist?

Exactly.

There IS NO TRUST FUND, there is NO RESERVES.

Congress pilfered and spent all of that decades and decades ago.  SoSec now, comes out of the General Fund.

Now, pay attention to what is happening in states like IL where the pension funds for teachers and government workers are BROKE - and extrapolate those things on a national scale.

I think I recall it once said that to keep bennies at 1990 levels, that the taxation on existing workers JUST for SoSec would be 80% of their gross income JUST to keep bennies at 1990 levels for the boomers when they began retiring en masse.

So it begins indeed.

Cities burn to the ground when government has to impose austerity measures to keep solvent and the people who had been paying into the ponzi scheme for all their lives are going to be mightily pissed off.

[WingNot]

We can make up the shortfall on all the taxes these illegal aliens pay into the system

[INVAR]

We can make up the shortfall on all the taxes these illegal aliens pay into the system

Is their taxable income determined before of AFTER all the welfare and medicaid entitlements they get?  Or is it AFTER they send all their money back home to Mexico and South America?

I'm a little unclear about that.

[WingNot]

Is their taxable income determined before of AFTER all the welfare and medicaid entitlements they get?  Or is it AFTER they send all their money back home to Mexico and South America?

I'm a little unclear about that.

You know INVAR, it is funny that The rats left that out of their talking points about how illegals help our economy

[INVAR]

You know INVAR, it is funny that The rats left that out of their talking points about how illegals help our economy

Getting the public to believe bullshit and swallow fables that work to redistribute the wealth and replace the existing citizenry for actual Communist serfs from third world shitholes is Job No. 1 for Democrats.

[GtHawk]

Is their taxable income determined before of AFTER all the welfare and medicaid entitlements they get?  Or is it AFTER they send all their money back home to Mexico and South America?

I'm a little unclear about that.

Illegals don't have taxable income, the only income they have is from our income.

[XenaLee]

Social Security Expected to Dip Into Its Reserves This Year
Trustees say Social Security costs expected to exceed total income in 2018

David Harrison     |     Updated June 5, 2018 3:02 p.m. ET

The Social Security program’s cost will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.

By 2034, those reserves will be depleted and Social Security will no longer be able to send it its full scheduled benefits, according to the latest annual report by the trustees of Social Security and Medicare released Tuesday.

https://www.wsj.com/articles/social-security-expected-to-dip-into-its-reserves-this-year-1528223245


What trust fund?

It's their PC term for "lock box".   You know... like the one that never was.

[Suppressed]

Is their taxable income determined before of AFTER all the welfare and medicaid entitlements they get?  Or is it AFTER they send all their money back home to Mexico and South America?

I'm a little unclear about that.

Actors Cold Read Facts on Illegal Immigration off of a Teleprompter

! No longer available

[SirLinksALot]

SOURCE: WASHINGTON TIMES

URL: https://www.washingtontimes.com/news/2018/jun/5/social-security-now-running-deficit/

by Stephen Dinan


Social Security will spend more than it collects this year, the program’s trustees said Tuesday, marking the first time in more than 35 years that it will run an annual deficit as it slides toward insolvency by 2034.

Medicare’s main trust fund is in even worse shape, scheduled to hit insolvency in 2026 — three years earlier than last year’s estimate, the trustees said.

The twin warnings add even more pressure to a budget already strained by last year’s tax cuts and this year’s deal to boost spending on defense and basic domestic needs, leaving few bright spots in the federal fiscal picture.

The news also produced the usual finger-pointing among Democrats and Republicans, but budget watchdogs said the news was so grim that it should cut through the bipartisan bickering.

“It would be a nice change if this year Congress and the president actually took these warnings seriously enough to do something,” said Robert L. Bixby, executive director of the Concord Coalition.

Social Security has been struggling for years and turned cash-negative this decade, meaning the government paid out more in benefits each year than it collected from the payroll tax.

(EXCERPT) CLICK ABOVE LINK FOR THE REST...

[RoosGirl]

What's the big deal?  Just print more money and fill er up boys.

[SirLinksALot]

In 2008, Herman Cain proposed a slow conversion to this type of system.... has anybody ever taken him seriously?

[WingNot]

We need to work on your image posting skills! 

In 2008, Herman Cain proposed a slow conversion to this type of system.... has anybody ever taken him seriously?

[SirLinksALot]

[Idiot]

Illegals don't have taxable income, the only income they have is from our income.

Like my somewhat liberal brother always says....  Illegals do the jobs that citizens won't do. 

I have a friend who had an illegal live with their family to take care of their horses, property, etc.  He went back to Mexico and hasn't returned.  He was a former police officer who killed one of the drug dealers in Mexico.  I doubt he's still alive. 

[MOD3]

Topics merged.

[SirLinksALot]

We need something written into law PRONTO that says to this effect:

IT SHALL BE ILLEGAL FOR CONGRESS TO TAP INTO THE SOCIAL SECURITY TRUST FUND TO PAY FOR CURRENT SPENDING.

That will go a long way towards helping solve the problem.

[INVAR]

We need something written into law PRONTO that says to this effect:

IT SHALL BE ILLEGAL FOR CONGRESS TO TAP INTO THE SOCIAL SECURITY TRUST FUND TO PAY FOR CURRENT SPENDING.

That will go a long way towards helping solve the problem.

There is NO SoSec trust fund.

We are operating at trillions in deficits, so in reality there is no money at all - only a bunch of IOUs totally dependent upon how more debt can be borrowed by printing more money out of thin air.

[Hoodat]

We need something written into law PRONTO that says to this effect:

IT SHALL BE ILLEGAL FOR CONGRESS TO TAP INTO THE SOCIAL SECURITY TRUST FUND TO PAY FOR CURRENT SPENDING.

There is no social security trust fund.  There is no investment, period.  There never has been.  It has been a ponzi scheme from Day One.

The only solution is to allow individuals to direct their own investments, just as President George W. Bush proposed back around 2005.  That way, the money actually gets invested and collects a bonafide ROI instead of having the government give you some empty assurance that they will cover it some time down the road.

[WingNot]

The only solution is to allow individuals to direct their own investments, just as President George W. Bush proposed back around 2005.  That way, the money actually gets invested and collects a bonafide ROI instead of having the government give you some empty assurance that they will cover it some time down the road.

I used to believe that.  But not anymore.  In general your average Jack and Jill are too effing stupid to be allowed to even have a checking account much less handle or plan a retirement fund. 
Now normally I'd say Oh well. Too Bad So Sad for them let them live on the streets and eat dog food and die penniless.   
Having witnessed the way liberals handle social safety nets and throw money away...we need to rework the system.

I know.  I'm a communist.       

[dfwgator]

There is NO SoSec trust fund.

We are operating at trillions in deficits, so in reality there is no money at all - only a bunch of IOUs totally dependent upon how more debt can be borrowed by printing more money out of thin air.