Exclusive: CBO predicts Social Security cash deficits in 2010-11; Update: Too much sunny optimism at CBO?

posted at 8:48 am on September 22, 2009 by Ed Morrissey

Four years ago, George W. Bush attempted to reform the entitlement program Social Security, warning that the system was accelerating into collapse and would soon run deficits.  Democrats scoffed and claimed the Social Security system was solid and wouldn’t have problems for at least 50 years, as Harry Reid told PBS’ Jim Lehrer in June 2005.  Just last year, the CBO — under the direction of Peter Orszag, now budget director in the Obama administration — claimed that the first cash deficits in Social Security would not come until 2019.

Now, however, the CBO has determined that Social Security will run cash deficits next year and in 2011, and by 2016 will be more or less in permanent deficit mode.  Hot Air has exclusively obtained the summer 2009 CBO report sent to legislators on Capitol Hill but not yet made public, which shows that outgo will exceed income for the first time since the 1983 fix on an annual basis in 2010:

OASDI Summer 2009 projections

OASDI Summer 2009 projections: click to enlarge in new window

The numbers need explaining.  The number to watch is the “Primary Surplus” number, which watches actual income and expenditures without the interest payments from the general fund.  The interest payments mask the fact that costs have begun to outstrip income on an annual basis (individual months have gone into deficit in the past).   One way to look at this, according to my sources, is to think of this as a mortgage, and in 2010-11, the income can’t make the payments, so the general fund has to cover them.  Since the interest obligation compounds, the debt grows.

As we can see, this trend reverses itself temporarily from 2012-15, but the surpluses are minimal.  By 2016, the deficits return, and begin to accelerate again.  By 2019, the primary surplus runs $63 billion in the red, almost triple the deficit in 2017, showing the rapid decline of the Social Security system.

This demonstrates nothing better than the poor and politically calculated analyses that came out of the CBO during Peter Orszag’s tenure at the Congressional agency.  Democrats wanted analyses that allowed them to ignore the problems in Social Security, and Orszag was happy to supply them.  Douglas Elmendorf has had to right the ship at CBO while Orszag continues to blow his predictions at OMB, most notably in overall deficit projections, which Orszag had to admit were off by more than 40% and $2.2 trillion over the next ten years.

Of course, they were helped along by a complacent media unwilling to do math, and a host of apologists for the Left.  Chuck Blahous at the Hudson Institute has a good rundown of those he calls the “mythmakers”.  It’s worth reading in its entirety, as is Robert Reich’s “All is well!” blogpost from four months ago, apparently working off of the Orszag numbers from last year.

The situation at Social Security is much worse than this administration and Democrats in Congress want to admit.  They want to continue busting the deficit and creating new entitlements while the existing ones careen towards collapse.  The new data shows that time has almost run out for reform.  Seniors will still get their checks, but those will increasingly rely on injections from the general fund and not revenues from Social Security payments.  At this point, one has to wonder when SSA becomes a flat-out Ponzi scheme, and who the suckers will be when it blows up.

Update: Fixed a couple of typos, and also recalled (thanks to a Hot Air reader) that SocSec briefly ran an annual cash deficit before the 1983 fix.

Update II: Steve at No Runny Eggs, who has been keeping a very close eye on SSA, says that the CBO numbers project some eye-popping payroll-revenue growth numbers to get back to surpluses (briefly) by 2012.  According to the numbers, CBO projects a 6.19% growth rate in 2012, and 5.69% in 2013, then dropping to 4.59% in 2014 and declining afterwards.  Assuming that they only peak at the 4.59% number for all three years — still a rather optimistic projection — Social Security never actually comes out of its deficits at all:

Be sure to read Steve’s post to get the full explanation of his projections.


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So many great things to look forward to..

blatantblue on September 22, 2009 at 8:50 AM

This is going to be a another bad week for Obama, Pelosi and Reid…

…and David Frum.

Saltysam on September 22, 2009 at 8:52 AM

Is this why they implemented the COLA freeze or was that just happenstance?

myrenovations on September 22, 2009 at 8:52 AM

They stole my money!!I want to see some go to jail!

margretto on September 22, 2009 at 8:53 AM

Which is why I’m already brainstorming on how to fall off the income grid as much as possible.

Bishop on September 22, 2009 at 8:53 AM

You Lie!

Jeff from WI on September 22, 2009 at 8:53 AM

Who the suckers will be? Why anyone not currently collecting SS of course and still paying into this fiasco. No wonder they were floating taking over 401K’s during the election. They need money.

red131 on September 22, 2009 at 8:54 AM

what’s a couple dozen billion dollar deficit among friends?

gatorboy on September 22, 2009 at 8:54 AM

It’s Carter’s fault! <—starting a new trend

Jeff from WI on September 22, 2009 at 8:54 AM

At this point, one has to wonder when SSA becomes a flat-out Ponzi scheme, and who the suckers will be when it blows up.

That would be my generation (GenX) on down. It burns me to the core knowing I’m being FORCED to pay money into a ponzi scheme of which I’ll see none of my money back. None of it.

SouthernGent on September 22, 2009 at 8:54 AM

CBO better be careful. Much more of this and one morning they’ll come to work only to find their desks on the sidewalk.

petefrt on September 22, 2009 at 8:55 AM

Perhaps if the US hadn’t aborted 45 potential future citizens, the country might be better off in more ways than one.

Wethal on September 22, 2009 at 8:56 AM

Oh, I meant to add…great scoop, HotAir! Nicely done!

SouthernGent on September 22, 2009 at 8:56 AM

45 million. but you knew that.

Wethal on September 22, 2009 at 8:56 AM

Bush tried to do something about social security but the Dems wouldn’t let him.

McCain and some of the republicans tried to do something about fannie/freddie and mortgages but the dems wouldn’t let them.

When will those Americans who keep voting for these fiscally irresponsible dems start waking up? We need to vote these people out of office in 2010.

texasconserv on September 22, 2009 at 8:57 AM

This 25 year old is all for dismantling this entitlement. Time for you boomers to fend for yourselves again.

Trent1289 on September 22, 2009 at 8:57 AM

Is this why they implemented the COLA freeze or was that just happenstance?

myrenovations on September 22, 2009 at 8:52 AM

No, they were just following existing law. No inflation, so no COLA adjustment.

MarkTheGreat on September 22, 2009 at 8:57 AM

I don’t see how they can keep the lid on all these deficits ( not only SS ) , it’ll blow up soon.

the_nile on September 22, 2009 at 8:58 AM

Here comes the elimination of the maximum amount of earnings taxed for Social Security (which will come with the standard “It will ONLY affect the rich” mantra) or/and the increase in the tax rate.

Beaglemom on September 22, 2009 at 8:58 AM

As I’ve been saying to those who keep crying that SS payments are just getting there own money back.

Your money was stolen years ago. You voted for the politicians who stole the money.

You’re scr#wed. Live with it.

MarkTheGreat on September 22, 2009 at 8:58 AM

This 25 year old is all for dismantling this entitlement. Time for you boomers to fend for yourselves again.

Trent1289 on September 22, 2009 at 8:57 AM

Word, dog

word

blatantblue on September 22, 2009 at 8:59 AM

Well obviously the solution then is to expand the program and spend more money.

/sarc

rbj on September 22, 2009 at 8:59 AM

SS has been a Ponzi scheme for years, thanks to Demorats who would rather play politics with it than fix it.

WannabeAnglican on September 22, 2009 at 8:59 AM

Also, to be fair, did last years CBO projection come before or after the market crash. Was a different world back then…

Trent1289 on September 22, 2009 at 8:59 AM

This 25 year old is all for dismantling this entitlement. Time for you boomers to fend for yourselves again.

Trent1289 on September 22, 2009 at 8:57 AM

Don’t blame people who have had their money forcibly taken from them for decades to pay for this … blame progressive democrats for creating it in the first place.

darwin on September 22, 2009 at 8:59 AM

When Madoff does it, it’s called a “ponzi scheme.”

When the government does it, it’s called “social security.”

CDeb on September 22, 2009 at 8:59 AM

Time for you boomers to fend for yourselves again.

Trent1289 on September 22, 2009 at 8:57 AM

The only problem with that is that it is the Boomer’s hard-earned money that has been sucked off them for the past 40 years to pay for this POS. I’m sure the boomers would have rather invested that money themselves, quite frankly.

BigD on September 22, 2009 at 9:00 AM

Reid lied.

Your retirement died.

CDeb on September 22, 2009 at 9:00 AM

No, they were just following existing law. No inflation, so no COLA adjustment.

MarkTheGreat on September 22, 2009 at 8:57 AM

Thank you.

myrenovations on September 22, 2009 at 9:01 AM

The amazing thing, you don’t need to be a math genius to understand that the baby boomers have moved this economy since the late 1940′s. The economy has been built around them, products manufactured for them, we shape the economy…so it only makes sense when we begin to retire, that same happens as has happened for the past 60 years. The problem is, the product we demand is the money we paid in. And the only way to get that product is by taxing other people, because the gov. has mismanaged the Social Security.
Yes, Bush was right…but people like the AARP denied it, dems denied it…

right2bright on September 22, 2009 at 9:01 AM

Eh, they’ll just means test it. In the name of “Social and Economic Justice” dontchya know.

trubble on September 22, 2009 at 9:01 AM

Here comes the elimination of the maximum amount of earnings taxed for Social Security (which will come with the standard “It will ONLY affect the rich” mantra) or/and the increase in the tax rate.

Beaglemom on September 22, 2009 at 8:58 AM

What they don’t tell you, is that this fix only puts off the problem, and makes it worse.

The more you pay into the system, the more you are due when you retire.

Of course what is going to happen is that the liberals will start screaming about billionaires getting $10K per month SS checks, while granny is eating dog food. So they will cap SS payments, while keeping what is paid into the system unlimited.

In other words, they will complete the conversion of SS into just another welfare scheme.

MarkTheGreat on September 22, 2009 at 9:01 AM

Which is why I’m already brainstorming on how to fall off the income grid as much as possible.

Bishop on September 22, 2009 at 8:53 AM

You are not alone.

Monica on September 22, 2009 at 9:02 AM

SS has been a Ponzi scheme for years,

WannabeAnglican on September 22, 2009 at 8:59 AM

SS has been a Ponzi scheme from the get go.

MarkTheGreat on September 22, 2009 at 9:02 AM

It’s bad when an office like the CBO gets politicized.

I still think there is malice here, not simply incompetence.

Just doesn’t make sense. I think Beck is right, the lib elites are trying to blow up our economy, and they are doing a damn good job of it.

therightscoop on September 22, 2009 at 9:02 AM

CBO = Racists!

Caper29 on September 22, 2009 at 9:02 AM

The projections of SS getting back into the black from 2012 to 2016, depend on a strong recovery. If we don’t have one, things get bad that much quicker.

MarkTheGreat on September 22, 2009 at 9:03 AM

Young folks, pay attention and plan accordingly. If we haven’t learned anything else in the last couple of the years, you can’t count on the government and you shouldn’t even try.

Cindy Munford on September 22, 2009 at 9:03 AM

Don’t blame people who have had their money forcibly taken from them for decades to pay for this … blame progressive democrats for creating it in the first place.

darwin on September 22, 2009 at 8:59 AM

Those people voted for the progressive democrats. They can’t escape blame so easily.

MarkTheGreat on September 22, 2009 at 9:04 AM

“who the suckers will be when it blows up” – without a doubt it’s Gen X. After the Baby Boomers run up a ridiculous debt on the trust fund, the program will collapse. I have no sympathy for all the BBs having to go back to work because their 401s blew up.

rock the casbah on September 22, 2009 at 9:04 AM

when i was 10 yrs old (40 yrs ago) my father said that he would never see a dime from SS. and though he did see the $, he spent his whole life making sure he could take care of his family should the money not be there.

wait. thinking ahead. is that a good or bad thing?

kelley in virginia on September 22, 2009 at 9:04 AM

Young folks, pay attention and plan accordingly. If we haven’t learned anything else in the last couple of the years, you can’t count on the government and you shouldn’t even try.

Cindy Munford on September 22, 2009 at 9:03 AM

Yeah, I’ve pretty much equated my “social security” payments as having lit that money on fire.

CDeb on September 22, 2009 at 9:04 AM

Obama will save Social Security … he’ll simply set an age limit for Americans. You get to live to 61. After that, you get assisted suicide counseling.

darwin on September 22, 2009 at 9:04 AM

CBO = Racists!

Caper29 on September 22, 2009 at 9:02 AM

Not at all. I wish SocSec was in the black.

Shy Guy on September 22, 2009 at 9:04 AM

The only problem with that is that it is the Boomer’s hard-earned money that has been sucked off them for the past 40 years to pay for this POS.
BigD on September 22, 2009 at 9:00 AM

The solution is to suck even larger amounts of hard earned money from this generation so that those who plundered the system don’t have to suffer?

MarkTheGreat on September 22, 2009 at 9:05 AM

This 25 year old is all for dismantling this entitlement. Time for you boomers to fend for yourselves again.

Trent1289 on September 22, 2009 at 8:57 AM

So says the young man who has benefited from what we have built…all we want is what we paid in…nothing more, nothing less.
And we don’t want to leave you in a mess. You (generic you) are our sons and daughters. We worked hard to build a society that educated you, and fed you, clothed you, and allowed you to prosper.
We “fended” for you, all the while paying into a system that was forced upon us, and a promise for us to receive at least what we put in.
The time for us to “fend” for us, when we have not only been taking care of us, but changing your diapers…

right2bright on September 22, 2009 at 9:05 AM

But what about the LOCK BOX?

Monica on September 22, 2009 at 9:05 AM

One more Supreme Court justice appointment…

…and the coffin is sealed.

Saltysam on September 22, 2009 at 9:05 AM

Dang! Great scoop!

Kudos to Allahpundit, Ed Morrisey, and Michelle Malkin. (In alphabetical order. That way AP can be an alpha.)

Now davidk, repeat after me, “I love my job. I love my job.”

As much pain as it would cause, I hope SS goes bellyup. Kinda like Beck’s “McCain would be worse.” Quick painful death is better than a slow agonizing one.

Get the gov’ment out of my life. Let me fail or succeed on my own.

davidk on September 22, 2009 at 9:06 AM

But what about the LOCK BOX?

Monica on September 22, 2009 at 9:05 AM

It was only cardboard-clad.

CDeb on September 22, 2009 at 9:06 AM

Seniors will still get their checks, but those will increasingly rely on injections from the general fund and not revenues from Social Security payments.

What general fund?

This 25 year old is all for dismantling this entitlement. Time for you boomers to fend for yourselves again.

Trent1289 on September 22, 2009 at 8:57 AM

This 39 year old feels the same way. I’ve been paying into SS for well over 20 years – including 7 years while I was matching payments on employees – and I’d be more than willing to write all that off if they just quit fleecing me and start acting like grown-ups.

forest on September 22, 2009 at 9:07 AM

wait. thinking ahead. is that a good or bad thing?

kelley in virginia on September 22, 2009 at 9:04 AM

As long as you don’t think ahead to the death panels.

SouthernGent on September 22, 2009 at 9:07 AM

“Unexpected…..”

JoeinTX on September 22, 2009 at 9:08 AM

This 25 year old is all for dismantling this entitlement. Time for you boomers to fend for yourselves again.

Trent1289 on September 22, 2009 at 8:57 AM

As soon as we get our money back….

zeebeach on September 22, 2009 at 9:08 AM

At this point, one has to wonder when SSA becomes a flat-out Ponzi scheme, and who the suckers will be when it blows up.

That would be my generation (GenX) on down. It burns me to the core knowing I’m being FORCED to pay money into a ponzi scheme of which I’ll see none of my money back. None of it.

SouthernGent on September 22, 2009 at 8:54 AM

A majority of baby boomers will not reach age 65 until 2017.

ProfessorMiao on September 22, 2009 at 9:08 AM

Wait, HotAir has an exclusive? Put it in Top Picks with a mushroom cloud.

BadgerHawk on September 22, 2009 at 9:08 AM

Young folks, pay attention and plan accordingly. If we haven’t learned anything else in the last couple of the years, you can’t count on the government and you shouldn’t even try.

Cindy Munford on September 22, 2009 at 9:03 AM

im getting whole life insurance this week

and im just going to put money away into the insurance and retirement every month

blatantblue on September 22, 2009 at 9:09 AM

At this point, one has to wonder when SSA becomes a flat-out Ponzi scheme, and who the suckers will be when it blows up.

Uh, that would be me and others my age(I’m 32). I just hope the Texas TRS I pay into is managed better than Social Security.

Doughboy on September 22, 2009 at 9:09 AM

This 39 year old feels the same way. I’ve been paying into SS for well over 20 years – including 7 years while I was matching payments on employees – and I’d be more than willing to write all that off if they just quit fleecing me and start acting like grown-ups.

forest on September 22, 2009 at 9:07 AM

This self-employed 40 year old agrees.

Monica on September 22, 2009 at 9:10 AM

So says the young man who has benefited from what we have built…all we want is what we paid in…nothing more, nothing less.
And we don’t want to leave you in a mess. You (generic you) are our sons and daughters. We worked hard to build a society that educated you, and fed you, clothed you, and allowed you to prosper.
We “fended” for you, all the while paying into a system that was forced upon us, and a promise for us to receive at least what we put in.
The time for us to “fend” for us, when we have not only been taking care of us, but changing your diapers…

right2bright on September 22, 2009 at 9:05 AM

Do you want me to pay for your healthcare too?

Look, I’m totally on board with you getting what you paid in. That’s only just. But the rest of your post sounds like an expert from The One’s speeches or Hilary’s book.
Yes, yes, it takes a village and all that.
My actual parents fended for me. Them I’ll help. The rest of you are on your own.

Trent1289 on September 22, 2009 at 9:10 AM

Time for Michelle to go shopping again… good luck hearing this anywhere in the state-run media.

mankai on September 22, 2009 at 9:11 AM

This 25 year old is all for dismantling this entitlement. Time for you boomers to fend for yourselves again.

Trent1289 on September 22, 2009 at 8:57 AM

This 39 year old feels the same way. I’ve been paying into SS for well over 20 years – including 7 years while I was matching payments on employees – and I’d be more than willing to write all that off if they just quit fleecing me and start acting like grown-ups.

forest on September 22, 2009 at 9:07 AM

Sure, all you have to do is give boomers, who’ve been paying into Social Security for 30-45 years all their contributions plus the interest they’d have made on it if they’d had the money invested for those years. Sounds fair to me.

ProfessorMiao on September 22, 2009 at 9:11 AM

Which is why I’m already brainstorming on how to fall off the income grid as much as possible.

Bishop on September 22, 2009 at 8:53 AM

Ding! I’d honestly just say good-bye to the roughly 10 years of money I’ve paid into MediCare and Social Security and agree to never take a dime from either program, if the government would agree not to take any more money from me to fund either one of the two.

BadgerHawk on September 22, 2009 at 9:12 AM

Seems like the only solution to a lot of our financial problems with Health Care and Social Security could be solved by ramping up the frequency of required visits by the Death Panels.

cntrlfrk on September 22, 2009 at 9:13 AM

SouthernGent on September 22, 2009 at 8:54 AM

I’m with you there

cmsinaz on September 22, 2009 at 9:13 AM

fact is

to fix SS

someone is going to have to get screwed.

and i dont wanna be the one who gets screwed, cause my generation already has enough SH!T to pay for.

blatantblue on September 22, 2009 at 9:13 AM

The interest payment is as unreal as the trust funds. Just as the feds replace all surplus taxes with IOUs and call these trust funds, it calculates what the interest would be if these trust funds were real and issues additional IOUs to cover this bookkeeping fiction.

Let them play with their numbers all they want but the reality is that all federal trust funds are part of the national debt. Of our $11.8 trillion national debt, $7.5 trillion is owed to individuals and foreign countries and the rest is money the federal government owes to itself.

Laurence on September 22, 2009 at 9:13 AM

So says the young man who has benefited from what we have built…all we want is what we paid in…nothing more, nothing less.

right2bright on September 22, 2009 at 9:05 AM

You were paid for your labor, so the following generation owes you nothing.

As to getting back what you paid in. Why is SS so special, I demand a refund of every tax dollar I paid, federal, state, local, since I started working.

It’s only fair. It was my money, I want it back.

MarkTheGreat on September 22, 2009 at 9:13 AM

The boomers voted in the people who made this possible, the slick personalities who kept promising more and who the boomers believed. The BB’s need to take some responsibility for creating the monster.

Bishop on September 22, 2009 at 9:15 AM

As soon as we get our money back….

zeebeach on September 22, 2009 at 9:08 AM

What makes you think you are entitled to a refund of any taxes paid?

Why do you think that you have a right to take someone else’s money in order to repay what was stolen from you?

MarkTheGreat on September 22, 2009 at 9:15 AM

This is the problem with entitlements. Most people on this site love to say they’re in favor of “small government.” But as soon as some program starts to fail, or someone mentions dismantling it the choruses of “not until i get mine!” start.

If conservatives are cheering for SS, how will we ever get rid of it?

Trent1289 on September 22, 2009 at 9:15 AM

But what about the LOCK BOX?

Monica on September 22, 2009 at 9:05 AM

I remember Tom Daschle chanting, “Lock box, lock box,” around September 9 or 10, 2001. That was going to be the Dem campaign against Bush.

Then when Bush tried to get them to look at the situation that Social Security was in in 2004, they dismissed the notion that SS was in trouble.

Wethal on September 22, 2009 at 9:15 AM

Also, to be fair, did last years CBO projection come before or after the market crash. Was a different world back then…

Trent1289 on September 22, 2009 at 8:59 AM

Stock market has very little to do with SS – the after effects; unemployment, lower busines taxes paid, inflation, etc do.

One of the biggest SS issues – is its tied, by Congress to a <1% annualized rate of return. If it were adjusted, to lets say – a 2-3% yield annual – much more money would be going in.

But I digress – SS is nothing more than slush fund for politicians, hence its demise…

Odie1941 on September 22, 2009 at 9:16 AM

It’s really sad the number of conservatives, who lose their religion whenever someone suggests that they remove their mouths from the govt teat.

MarkTheGreat on September 22, 2009 at 9:16 AM

The suckers = us.

misterpeasea on September 22, 2009 at 9:16 AM

Seems like the only solution to a lot of our financial problems with Health Care and Social Security could be solved by ramping up the frequency of required visits by the Death Panels.

cntrlfrk on September 22, 2009 at 9:13 AM

So you think you will live

the_nile on September 22, 2009 at 9:18 AM

This 25 year old is all for dismantling this entitlement. Time for you boomers to fend for yourselves again.

Trent1289 on September 22, 2009 at 8:57 AM

This 58 year old has been arguing for the abolishment of social security long before you were hatched. And I’ve been fending for myself all along.

I dare say that there are more twenty-somethings sponging of mom and dad or even grandma than the other way around.

Fend for ourselves. Ha! You don’t even know what that means. You’ve had a good life thanks my and my parents’ generation. And I doubt you even know the meaning of hard work.

Your attitude stinks of arrogance.

davidk on September 22, 2009 at 9:19 AM

The criticism of boomers from the young folks is amusing in a way considering that the 18- to 40-year old just voted 60+% for the most far-left president the country has ever had.

Don’t tell me about being stupid, people.

BigD on September 22, 2009 at 9:19 AM

The boomers voted in the people who made this possible, the slick personalities who kept promising more and who the boomers believed. The BB’s need to take some responsibility for creating the monster.

Bishop on September 22, 2009 at 9:15 AM

Wow, just wow. You must really hate boomers. The Social Security Act of 1935 predates the birth of the first boomer by more than a decade.

ProfessorMiao on September 22, 2009 at 9:19 AM

BadgerHawk on September 22, 2009 at 9:12 AM

Same here. I’d happily forgo the money I’ve lost if the government would let me keep my money and go my own way; I’d sign a contract if necessary.

I have the advantage of having a business which can utilize straight cash transactions if necessary, and I have a feeling more and more people will start working under the same sort of off-the-record basis whenever possible.

Bishop on September 22, 2009 at 9:19 AM

SS shouldn’t even exist

get rid of it
i dont want it

f off

blatantblue on September 22, 2009 at 9:20 AM

here is what we can pretty much count on: my children (26 & 21) will get nothing from this program unless they get some kind of disability before retirememnt.

i expect nothing either.

plan accordingly. are we being raped? yes? but being right will not feed your family.

plan.

kelley in virginia on September 22, 2009 at 9:20 AM

Your attitude stinks of arrogance.

davidk on September 22, 2009 at 9:19 AM

You want to force him to support you, yet you accuse him of arrogance?

Strange what dependance on others will do to your soul.

MarkTheGreat on September 22, 2009 at 9:20 AM

Sure, all you have to do is give boomers, who’ve been paying into Social Security for 30-45 years all their contributions plus the interest they’d have made on it if they’d had the money invested for those years. Sounds fair to me.

ProfessorMiao on September 22, 2009 at 9:11 AM

Sorry, but the money is gone. I don’t have any juvenile expectations of getting my money back and neither should they. It’s just gone. Our elected governments have lived beyond their means, and now it’s just about over.

forest on September 22, 2009 at 9:21 AM

Wow, just wow. You must really hate boomers. The Social Security Act of 1935 predates the birth of the first boomer by more than a decade.

ProfessorMiao on September 22, 2009 at 9:19 AM

The many expansions of SS occurred on the boomer watch.

MarkTheGreat on September 22, 2009 at 9:21 AM

one has to wonder when SSA becomes a flat-out Ponzi scheme,

Uh, that would have been when it started in 1937. My father, (born 1916, died 2005), paid into Social(ist) (In)Security from day one in 1937. He retired in 1981. Several years later he computed how much he had paid into the system and concluded that he’d drawn out everything he paid in within 18 months after retirement. SSA has never been anything but a “cookie jar” for politicians of all stripes.

PS The retirement age for SSA was set at 65 from the start. At the time it began, the average life expectancy in this country was 62, proving that stupid people are nor a recent phenomenon.

oldleprechaun on September 22, 2009 at 9:21 AM

PS The retirement age for SSA was set at 65 from the start. At the time it began, the average life expectancy in this country was 62, proving that stupid people are nor a recent phenomenon.

oldleprechaun on September 22, 2009 at 9:21 AM

thats the saddest part of all!

blatantblue on September 22, 2009 at 9:22 AM

When will those Americans who keep voting for these fiscally irresponsible dems start waking up? We need to vote these people out of office in 2010.

texasconserv on September 22, 2009 at 8:57 AM

When we get everyone out of the public school system.

***

So, isn’t this part of the goal of socialized medicine? Medicaid/medicare/social security all varying degrees of insolvency, get everyone in, nobody out and ration like crazy? If we’re all in, we have no recourse to complain over mistreatment, etc.

Insidious.

Diane on September 22, 2009 at 9:22 AM

This fund was set up as a trust.

Every politician both living and dead that served in congress should be prosceuted for fraud and thief for the mishandling of this fund.

The day has passed that the people must suffer for the criminal acts of congress.

Cranking up those printing presses at the mint is not the answer for the president elected with the ” sympathy card”

WAKE UP AMERICA AND SMOKE A CIGARETTE
YOU JUST BEEN SCREWED AGAIN!

bluegrass on September 22, 2009 at 9:23 AM

Wow, just wow. You must really hate boomers. The Social Security Act of 1935 predates the birth of the first boomer by more than a decade.
ProfessorMiao on September 22, 2009 at 9:19 AM

You managed to read quite a bit from a simple post. Hate? Come on, try not to get off track here since it would stand to reason that just about everyone at HA probably has at least one boomer somewhere in their extended family.

I don’t care when it started, but the same people who are demanding their due are the same ones who had the chance to elect people who could have done something about the increasing entitlement programs. The boomers parents came of an age that didn’t rely on SS, surely they passed on a few ideas about personal responsibility and self-sufficiency to their boomer kids?

Bishop on September 22, 2009 at 9:24 AM

Hallelujah!!! I’ve been waiting for this collapse. A GREAT day for America. Now if the boobus population will listen and learn…..

RWLA on September 22, 2009 at 9:25 AM

Hey! Let’s hand over healthcare to these bozos!

krl on September 22, 2009 at 9:26 AM

Hate to say I told you so….

Vashta.Nerada on September 22, 2009 at 9:26 AM

I will ask the same question I always ask the leftists who troll here:

If your political philosophy is so wonderful, why does your side always have to lie to advance its agenda?

This is another perfect example, back when Bush tried to reform SS, your side got the CBO director to fudge the numbers to stop the reform and all of your side’s elected “leaders” lied and said SS had no serious problems. They all knew it to be untrue, and certainly the CBO guy had to know it was a lie.

So, instead of arguing with the proposed reforms, they lied about the status of SS. Why was that necessary if your political philosophy and ideas are so great?

How do you justify the fact that your politicians must always lie to get elected and push its agenda? (No taxes above $250k; illegals won’t get covered; etc., etc., etc., ad nauseum).

I simply do not understand it.

Monkeytoe on September 22, 2009 at 9:26 AM

I dare say that there are more twenty-somethings sponging of mom and dad or even grandma than the other way around.

davidk on September 22, 2009 at 9:19 AM

How many of you have been or are accepting Medicare or SS? Since their inception these entitlements have been the young providing for the old.

Fend for ourselves. Ha! You don’t even know what that means. You’ve had a good life thanks my and my parents’ generation. And I doubt you even know the meaning of hard work.

Yeah, yeah. And I’m sure someone from your parent’s generation told you the same thing. The present is always built on the efforts of the past. You want a cookie for not completely ruining the republic?

Your attitude stinks of arrogance.
davidk on September 22, 2009 at 9:19 AM

How dare I not want to foot the bill for the incontinent and the incompetent. Sorry but I pass.

Trent1289 on September 22, 2009 at 9:29 AM

If conservatives are cheering for SS, how will we ever get rid of it?
Trent1289 on September 22, 2009 at 9:15 AM

Word.

Bishop on September 22, 2009 at 9:29 AM

Monkeytoe

what is not to understand. winning is the only thing for these mindless robots….

robo on September 22, 2009 at 9:29 AM

Who the suckers will be? Why anyone not currently collecting SS of course and still paying into this fiasco. No wonder they were floating taking over 401K’s during the election. They need money.

red131 on September 22, 2009 at 8:54 AM

Now apply that same logic to socialized medicine. Which other government program is going bankrupt? Hint, it starts with ‘medi-’ and ends in ‘-care’.

Vashta.Nerada on September 22, 2009 at 9:30 AM

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