Social Security deficit slides to worst showing in a generation
posted at 3:35 pm on January 7, 2010 by Ed Morrissey
Steve at No Runny Eggs has kept a close eye on the financial statements from the Social Security administration, and he has good reason to do so. Earlier this year, we began to see monthly deficits from SSA, a result of income drops as the recession and unemployment deepened. However, with the Obama administration arguing that the economy has already begun its recovery, the deficits at SSA have hit their deepest ever:
The Social Security Administration’s Office of the Chief Actuary finally got around to posting the detailed November numbers for Social Security, and things have only gotten worse:
- The combined OASDI (Old-Age Survivors and Disability Insurance) “Trust” Funds posted a $5.858 billion primary (cash, non-“interest”) deficit for November, the worst monthly performance since monthly records began in 1987.
- The 12-month OASDI primary surplus was only $9.598 billion, also the worst 12-month performance since monthly records began.
Since there won’t be an cost-of-living increase in Social Security benefits, the combined funds may yet avoid a 12-month primary deficit in 2010 by the skin of its teeth. However, that is dependent on an improvement in the wage situation, and specifically an improvement in the job prospects of those between 62 and 67 years old. Somehow I don’t see the trend of older and higher-earning workers losing their jobs disproportionately reversing.
And the DI has begun to cannibalize its capital in order to pay off benefits:
- For the 50th straight month, going back to October 2005, the DI Fund ran a 12-month primary deficit, this time hitting a new high of $21.399 billion.
- Outside of the “double tax-collection” months of January and April (when it recieves both the quarterly estimated income tax payments, also received in June and September and the quarterly tax on benefits, also received in July and October), the last time the DI Fund posted a monthly primary surplus was September 2007 (which itself is a “tax-collection” month, specifically of the quarterly estimated income tax payments). One would have to go back to March 2007 to find a month outside of a “tax-collection” month with a monthly primary surplus, and all the way back to May 2003 to find a month outside both the “tax-collection” and “tax-season” months (January through April) with a monthly primary surplus.
- A similar monthly situation with the overall DI Fund exists – outside of the “double tax-collection” months and the semi-annual interest-crediting months (June and December), the last time it posted an overall monthly surplus was September 2007; and outside of tax or interest “enhancements”, the last overall monthly surplus was posted in July 2003.
- All that has led to the DI Fund entering a 12-month overall (which includes the effects of “interest”) deficit beginning in February 2009, which means it is redeeming more US Treasuries than it is buying. That 12-month overall deficit, which has existed since then, has now hit $10.525 billion, the first time it topped the $10 billion mark.
Recall that Peter Orszag, now Director of OMB, predicted as CBO Director in August 2008 that no one needed to worry about SSA until 2019:
Today, Social Security’s revenues each year are greater than its outlays, but as the baby-boom generation (people born between 1946 and 1964) continues to age, growth in the number of Social Security beneficiaries will accelerate, and outlays will grow substantially faster than revenues. CBO projects that outlays will first exceed revenues in 2019 and that the Social Security trust funds will be exhausted in 2049.2 If the law remains unchanged, the Social Security Administration (SSA) will then no longer have the legal authority to pay full benefits.
Orszag wasn’t even right in the month he made the prediction. Democrats used this analysis to paint Republicans demanding Social Security reform as hysterics who wanted to attack retiree benefits and suck up to Wall Street. Here’s the cash flow for the past two years as reported by SSA. See for yourself who had this right (amounts in millions):
| Month | Total income | Total outgo | Net increase in assets | Assets at end of month | ||||
| Jan-08 | $70,231.00 | $50,709.00 | $19,521.00 | $2,258,021.00 | ||||
| Feb-08 | $53,467.00 | $50,828.00 | $2,639.00 | $2,260,660.00 | ||||
| Mar-08 | $59,152.00 | $51,622.00 | $7,530.00 | $2,268,190.00 | ||||
| Apr-08 | $75,719.00 | $51,327.00 | $24,392.00 | $2,292,582.00 | ||||
| May-08 | $55,153.00 | $51,893.00 | $3,259.00 | $2,295,842.00 | ||||
| Jun-08 | $119,434.00 | $55,735.00 | $63,700.00 | $2,359,541.00 | ||||
| Jul-08 | $55,719.00 | $52,033.00 | $3,686.00 | $2,363,227.00 | ||||
| Aug-08 | $51,816.00 | $51,934.00 | ($118.00) | $2,363,109.00 | ||||
| Sep-08 | $55,316.00 | $52,134.00 | $3,182.00 | $2,366,291.00 | ||||
| Oct-08 | $51,767.00 | $52,086.00 | ($320.00) | $2,365,971.00 | ||||
| Nov-08 | $51,569.00 | $51,992.00 | ($423.00) | $2,365,548.00 | ||||
| Dec-08 | $105,961.00 | $52,851.00 | $53,110.00 | $2,418,658.00 | ||||
| Jan-09 | $71,879.00 | $55,290.00 | $16,589.00 | $2,435,248.00 | ||||
| Feb-09 | $54,505.00 | $55,760.00 | ($1,255.00) | $2,433,993.00 | ||||
| Mar-09 | $58,907.00 | $56,135.00 | $2,772.00 | $2,436,765.00 | ||||
| Apr-09 | $77,144.00 | $56,596.00 | $20,548.00 | $2,457,313.00 | ||||
| May-09 | $54,574.00 | $56,330.00 | ($1,755.00) | $2,455,558.00 | ||||
| Jun-09 | $120,040.00 | $61,383.00 | $58,657.00 | $2,514,215.00 | ||||
| Jul-09 | $56,367.00 | $56,890.00 | ($523.00) | $2,513,692.00 | ||||
| Aug-09 | $50,729.00 | $56,490.00 | ($5,761.00) | $2,507,931.00 | ||||
| Sep-09 | $53,565.00 | $57,884.00 | ($4,319.00) | $2,503,612.00 | ||||
| Oct-09 | $52,743.00 | $57,506.00 | ($4,763.00) | $2,498,849.00 | ||||
| Nov-09 | $51,562.00 | $57,270.00 | ($5,707.00) | $2,493,141.00 |
And this is for DI only:
| Month | Total income | Total outgo | Net increase in assets | Assets at end of month | ||||
| Jan-08 | $9,857.00 | $8,823.00 | $1,034.00 | $215,918.00 | ||||
| Feb-08 | $7,760.00 | $8,830.00 | ($1,070.00) | $214,848.00 | ||||
| Mar-08 | $8,589.00 | $9,013.00 | ($424.00) | $214,424.00 | ||||
| Apr-08 | $10,753.00 | $9,095.00 | $1,659.00 | $216,082.00 | ||||
| May-08 | $8,003.00 | $9,011.00 | ($1,007.00) | $215,075.00 | ||||
| Jun-08 | $14,475.00 | $9,730.00 | $4,745.00 | $219,820.00 | ||||
| Jul-08 | $7,809.00 | $8,965.00 | ($1,157.00) | $218,663.00 | ||||
| Aug-08 | $7,526.00 | $8,814.00 | ($1,288.00) | $217,375.00 | ||||
| Sep-08 | $8,036.00 | $9,172.00 | ($1,136.00) | $216,239.00 | ||||
| Oct-08 | $7,273.00 | $9,146.00 | ($1,873.00) | $214,366.00 | ||||
| Nov-08 | $7,518.00 | $9,097.00 | ($1,578.00) | $212,788.00 | ||||
| Dec-08 | $12,240.00 | $9,256.00 | $2,985.00 | $215,773.00 | ||||
| Jan-09 | $10,117.00 | $9,702.00 | $416.00 | $216,189.00 | ||||
| Feb-09 | $7,914.00 | $9,693.00 | ($1,779.00) | $214,409.00 | ||||
| Mar-09 | $8,529.00 | $9,987.00 | ($1,458.00) | $212,951.00 | ||||
| Apr-09 | $10,918.00 | $10,202.00 | $716.00 | $213,667.00 | ||||
| May-09 | $7,928.00 | $10,072.00 | ($2,145.00) | $211,522.00 | ||||
| Jun-09 | $14,093.00 | $10,598.00 | $3,495.00 | $215,017.00 | ||||
| Jul-09 | $7,876.00 | $10,120.00 | ($2,244.00) | $212,773.00 | ||||
| Aug-09 | $7,371.00 | $9,944.00 | ($2,572.00) | $210,201.00 | ||||
| Sep-09 | $7,903.00 | $10,327.00 | ($2,424.00) | $207,777.00 | ||||
| Oct-09 | $7,382.00 | $10,341.00 | ($2,958.00) | $204,819.00 | ||||
| Nov-09 | $7,546.00 | $10,100.00 | ($2,554.00) | $202,265.00 |
June is also a tax collection month, which is why that number came up in the black. Note that the September collection didn’t even create a positive blip here.
Get the picture? Collapse is coming a lot sooner than 2049. Maybe Barack Obama should find someone whose predictions don’t come up as consistently bad as Orszag’s to help run the budget.
| Month | Total income | Total outgo | Net increase in assets | Assets at end of month |
| Jan-08 | $70,231.00 | $50,709.00 | $19,521.00 | $2,258,021.00 |
| Feb-08 | $53,467.00 | $50,828.00 | $2,639.00 | $2,260,660.00 |
| Mar-08 | $59,152.00 | $51,622.00 | $7,530.00 | $2,268,190.00 |
| Apr-08 | $75,719.00 | $51,327.00 | $24,392.00 | $2,292,582.00 |
| May-08 | $55,153.00 | $51,893.00 | $3,259.00 | $2,295,842.00 |
| Jun-08 | $119,434.00 | $55,735.00 | $63,700.00 | $2,359,541.00 |
| Jul-08 | $55,719.00 | $52,033.00 | $3,686.00 | $2,363,227.00 |
| Aug-08 | $51,816.00 | $51,934.00 | ($118.00) | $2,363,109.00 |
| Sep-08 | $55,316.00 | $52,134.00 | $3,182.00 | $2,366,291.00 |
| Oct-08 | $51,767.00 | $52,086.00 | ($320.00) | $2,365,971.00 |
| Nov-08 | $51,569.00 | $51,992.00 | ($423.00) | $2,365,548.00 |
| Dec-08 | $105,961.00 | $52,851.00 | $53,110.00 | $2,418,658.00 |
| Jan-09 | $71,879.00 | $55,290.00 | $16,589.00 | $2,435,248.00 |
| Feb-09 | $54,505.00 | $55,760.00 | ($1,255.00) | $2,433,993.00 |
| Mar-09 | $58,907.00 | $56,135.00 | $2,772.00 | $2,436,765.00 |
| Apr-09 | $77,144.00 | $56,596.00 | $20,548.00 | $2,457,313.00 |
| May-09 | $54,574.00 | $56,330.00 | ($1,755.00) | $2,455,558.00 |
| Jun-09 | $120,040.00 | $61,383.00 | $58,657.00 | $2,514,215.00 |
| Jul-09 | $56,367.00 | $56,890.00 | ($523.00) | $2,513,692.00 |
| Aug-09 | $50,729.00 | $56,490.00 | ($5,761.00) | $2,507,931.00 |
| Sep-09 | $53,565.00 | $57,884.00 | ($4,319.00) | $2,503,612.00 |
| Oct-09 | $52,743.00 | $57,506.00 | ($4,763.00) | $2,498,849.00 |
| Nov-09 | $51,562.00 | $57,270.00 | ($5,707.00) | $2,493,141.00 |
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The system worked!
trs on January 7, 2010 at 3:36 PM
Worst. President. Ever.
OmahaConservative on January 7, 2010 at 3:36 PM
ponzi schemes are illegal for a reason.
lorien1973 on January 7, 2010 at 3:39 PM
The SSI should have been gone decades ago.
Too bad I have to pay for everyone.. for the rest of my life… and will never retire.
Enjoy it everyone!
upinak on January 7, 2010 at 3:39 PM
I plan to sign up this year. . . .
Skandia Recluse on January 7, 2010 at 3:40 PM
The government should get involved in this. /s
ROCnPhilly on January 7, 2010 at 3:40 PM
I know how to fix this! Let’s add a new multi-trillion dollar entitlement for health care.
Doughboy on January 7, 2010 at 3:40 PM
Cloward Piven from the Right! Everybody eat their vegetables!
Chris_Balsz on January 7, 2010 at 3:41 PM
Ed, I believe you meant 2019.
Odie1941 on January 7, 2010 at 3:41 PM
Cloward–Piven.
Enoxo on January 7, 2010 at 3:41 PM
Look at those DI outlay numbers. Huge numbers of unemployed people in their late 50s and early 60s are filing for disability now because they have given up trying to find work in this economy. Outlays from the DI fund have far exceeded projections as a result. And once you get on disibility you are not counted in the unemployment figures anymore. I believe this government is approving disability applications by the thousands so they can get these people off the unemployment rolls.
rockmom on January 7, 2010 at 3:41 PM
Solid B+ on that prediction Orszag!
And hey, congrats on the baby mama situation you have now. Wow, engaged to an ABC reporter and now the dad of an illegitimate as well. Nice work.
Sugar Land on January 7, 2010 at 3:42 PM
You guys just don’t get it.
This is just another problem Obama inherited. Hello?!
catmman on January 7, 2010 at 3:42 PM
Worst. Congress. Ever.
Count to 10 on January 7, 2010 at 3:43 PM
Worst. Senate. Evah!
upinak on January 7, 2010 at 3:43 PM
Obama can’t be bothered with this! He’s back from golfing but he’s got a speech to give……….
ORconservative on January 7, 2010 at 3:45 PM
And there are still plenty of intelligent people who are convinced that because they “paid in” at some point they should be collecting checks for the rest of their lives.
It’s hard to shake that mentality when you enjoy getting free money like that.
12thMonkey on January 7, 2010 at 3:45 PM
Who wants to bet that if Bami gets his amnesty through that like Carter he will grandfather SS to them. Btwn LBJ and Carter they ruined the original bad system FDR created.
xler8bmw on January 7, 2010 at 3:45 PM
Can I see those “assets”?
WashJeff on January 7, 2010 at 3:46 PM
Well technically he did inherit this problem. As did his predecessors. But what you DON’T do is increase government spending and add new entitlements when Social Security and Medicare are already on the verge of bankruptcy.
Doughboy on January 7, 2010 at 3:46 PM
Yay, and the only way to keep from paying more into it is to stop working and go on the dole.
An entire nation of Ogabeville’s.
Bishop on January 7, 2010 at 3:46 PM
Wow. Just wow.
And these people think they can run the country’s entire healthcare system.
UltimateBob on January 7, 2010 at 3:46 PM
It’s Ok, though — revenues to the Treasury will increase when the Bush tax cuts expire. Right? We sure couldn’t / can’t “afford” those tax cuts. When the EEEEEEVIL Bush tax cuts expire, all of those greedy rich folks will be paying more in taxes, right?
Or will the problem be solved when I WON gets serious about earmarks?
He has so many great ideas. One of them will work. We just need some more “Obama Money”!!!
DOOF on January 7, 2010 at 3:46 PM
2019 is when they predicted SS would start running deficits. 2049 is when they predicted SS would run out of money.
I don’t see SS paying full benefits much past 2020 myself.
MarkTheGreat on January 7, 2010 at 3:46 PM
But Al Franken said it would be trivial to fix it. Are you telling me he’d lie about that? Next you’ll tell me he’d forget to pay his taxes or something:)
Dave_d on January 7, 2010 at 3:46 PM
Must be a raaaaaccccciiiissssttttt!!
BacaDog on January 7, 2010 at 3:46 PM
I’m betting on red – (deficit) for every month of 2010. Sort of like roulette, except you have no choice about whether to bet.
Vashta.Nerada on January 7, 2010 at 3:46 PM
Orazag needs to get back to the office and put his nose to the grind stone.
Mason on January 7, 2010 at 3:47 PM
You know what would be a great idea? A gigantic new wealth transfer scheme from young people to old people to pay for their health care so more older people can retire earlier.
pedestrian on January 7, 2010 at 3:47 PM
Meh.
When it comes to the collapse of civilization, eating each other and pushing your belongings around in a shopping cart in a post-apocalyptic countryside, what’s a few years here or there, right?
12thMonkey on January 7, 2010 at 3:48 PM
What better to do than throw on another entitlement program, It’s almost like the national socialist demorat party wants to bankrupt the nation.
That can’t be, can it?
Fake8 on January 7, 2010 at 3:48 PM
Worst government evah
MarkTheGreat on January 7, 2010 at 3:48 PM
Thank you – saw his reference to 2019 in the beginning and thought it was a typo.
Odie1941 on January 7, 2010 at 3:48 PM
Where is a troll when I need them to tell me:
- All is OK.
- Medicare is a success.
- SocSec is a success.
WashJeff on January 7, 2010 at 3:49 PM
I ain’t worried about depending on SS for retirement.
I’ve started crushing aluminum cans and storing them in my garage. In 9 years I’m selling those bad boys!!
I’ve also been buying a lottery ticket every week.
…….and I found my daughters beanie babies in the attic last weekend!
Hell, I’m set!
BacaDog on January 7, 2010 at 3:50 PM
No problem…
Obowma will just print more money.
What could go wrong?
Seven Percent Solution on January 7, 2010 at 3:50 PM
The states will have no problem paying for a Medicaid expansion.
MarkTheGreat on January 7, 2010 at 3:51 PM
B+!!!
jukin on January 7, 2010 at 3:53 PM
smart power
gatorboy on January 7, 2010 at 3:53 PM
And these are the morons that think we can sustain Odumbocare, Medicare, Medicaid, Social Security, etc, etc, etc. Good God almighty!!!!
ultracon on January 7, 2010 at 3:53 PM
That should be a breeze of IL where our state govt cannot even pay the school districts the state’s share of the their budgets.
Good times! Good times!
WashJeff on January 7, 2010 at 3:53 PM
Don’t you all get it? That’s the whole point of universal health care. Let the old people die and that will ease the burden of SS.
That’s what they think anyway. They knew that they would pass health care so they figured, “Why bother with fixing it? We’re going to pass something else that will get rid of old people anyway.”
MobileVideoEngineer on January 7, 2010 at 3:54 PM
All is not lost.
All we need to do is convince the Board of Directors of USA, Inc to sell off some assets, like GM, Chrysler, and various financial institutions and use the proceeds to offset the quarterly loses in the SSA Division.
Let’s call a shareholders meeting and vote. I propose Nov 2010.
BobMbx on January 7, 2010 at 3:54 PM
Worst. President. Ever.
Worst Election Evah
FontanaConservative on January 7, 2010 at 3:55 PM
“These two entities—
Fannie Mae and Freddie MacMedicare and Social Security—are not facing any kind of financial crisis…. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”WashJeff on January 7, 2010 at 3:56 PM
He’s right. But, it’s the citizens of those states that will have trouble paying for food, housing, and energy once the state solves their Medicaid shortfall by increasing state taxes.
It’s a brilliant plan.
BobMbx on January 7, 2010 at 3:56 PM
How old are you?
Are you a Boomer?
Do you expect to be taken care of?
Do you expect to get the money you paid into the Government?
Why do you expect your money back?
Did you hit your head as a small child, and believe everything you are told by the Government?
/s
upinak on January 7, 2010 at 3:56 PM
The upshot is the preliminary numbers for December are looking even worse. Based solely on the investment holdings report, the DI balance dropped to under $200 billion, and the combined OASDI balance only rose $24 billion (less than half of last year’s amount). It is highly likely the combined balance has started to run a yearly cash deficit, but we won’t know for sure until sometime in February.
steveegg on January 7, 2010 at 3:57 PM
We need a Federal lottery and to force states to legalize gambling. Lotteries and gambling revenue solve all problems.
WashJeff on January 7, 2010 at 3:57 PM
Madoff would be proud.
uknowmorethanme on January 7, 2010 at 3:57 PM
I’ve noticed more and more ‘Reverse Mortgage’ ads for seniors on the tele recently…
Maybe they are trying to tell us something?
Seven Percent Solution on January 7, 2010 at 3:58 PM
I guess the later generational boomers are just going to have to work forever.
upinak on January 7, 2010 at 3:58 PM
We need a Federal lottery and to force states to legalize gambling. Lotteries and gambling revenue solve all problems.
WashJeff on January 7, 2010 at 3:57 PM
//
And creates more poor people. I’m not fond of that trade off.
However, the Lottery is basically the only way you can get some people to pay ANYTHING to the Gov’t.
uknowmorethanme on January 7, 2010 at 3:59 PM
Now here’s a domino to consider. Social Security invests in Treasuries. When they need money, they redeem those T-bills. Won’t that mean even more pressure on the yield required on T-bills as the Fed continues to finance the REST of our debt?
hawksruleva on January 7, 2010 at 3:59 PM
Good job digging up those numbers. I always have a hard time finding them on the ssa.gov website.
WashJeff on January 7, 2010 at 4:00 PM
Bernie Madoff is a piker compared to the US gub’mint!
Cody1991 on January 7, 2010 at 4:00 PM
Too bad we don’t have any oil, shale, or coal to harvest and sell to the world to generate some income…
Oh, wait!
Seven Percent Solution on January 7, 2010 at 4:01 PM
Solid B+
Alden Pyle on January 7, 2010 at 4:01 PM
The problem with socialism is that sooner or later you run out of other people’s money. Boy liberals are stupid!
orlandocajun on January 7, 2010 at 4:02 PM
Just in case…I was joking, but I am thinking of reforming the long lost WashJeff Indian Tribe of Illinois so I am less subject to federal laws.
WashJeff on January 7, 2010 at 4:02 PM
Isn’t it kind of ironic that the reason that SS is bankrupting this country is due to the quality of our healthcare? What was the expected lifespan when this ponzi scheme was passed? (Upon further review it was 62 in 1935.)
TheVer on January 7, 2010 at 4:02 PM
Shhhh………. you must know by now that common sense is a capital offense.
Cody1991 on January 7, 2010 at 4:03 PM
It is definitely CP, but I was thinking about that, lately. The point is to overwhelm the system and tear it down in order to build a new socialist system in it’s place, right? The problem with that plan is, once they successfully tear down the system, how do they think they are going to control what pops up in it’s place?
The is the USA, not czarist Russia. They are pitting socialist state-mongers vs. freedom loving capitalists; I think I know who is going to win.
bitsy on January 7, 2010 at 4:03 PM
Just legalizing online poker would bring millions in tax revenue to the U.S., and allow U.S. companies to make money instead of offshore businesses.
hawksruleva on January 7, 2010 at 4:04 PM
As long as the union guy or gal who put axel grease on the Ford line for 20 years then retired gets his or her gold-plated pension and health care ad mortuum (sic?), I’ll be happy… N. Pelosi.
max1 on January 7, 2010 at 4:05 PM
If they power of the military and police aren’t used, the capitalists would win. But can we gaurantee that Progressives won’t harness brute force in the name of “keeping the peace” in a “state of emergency”?
hawksruleva on January 7, 2010 at 4:05 PM
We need a Federal lottery and to force states to legalize gambling. Lotteries and gambling revenue solve all problems.
WashJeff on January 7, 2010 at 3:57 PM
and don’t forget about the whores.. why shouldn’t they pay taxes like everyone else?
max1 on January 7, 2010 at 4:06 PM
I want my money back.
Akzed on January 7, 2010 at 4:06 PM
That’s my solution, too. Government should lease all of the resources and land it can in order to raise revenue, create jobs, and drive down energy prices. We could use some of that money to buy out the Social Security recipients, and start winding down that program. As we lower payroll deductions, we’d also be able to phase out Medicare and Medicaid, because people would have more of their own money to invest in health care.
hawksruleva on January 7, 2010 at 4:07 PM
Never should have been banned. The GOP lead congress did that I think…Idiots.
See liberals, you can critize your preferred party.
WashJeff on January 7, 2010 at 4:08 PM
I pull them from the Office of the Chief Actuary.
steveegg on January 7, 2010 at 4:08 PM
Legalize everything and tax is all to hell!
Akzed on January 7, 2010 at 4:09 PM
Thanks for the research and reporting.
RushBaby on January 7, 2010 at 4:09 PM
Hahahahahahahahahahahahahahahahahahahahahahahahahahahaha
Hahahahahahahahahahahahahahahahahahahahahahahahahahahaha
First mistake: You thought it was yours to begin with.
BobMbx on January 7, 2010 at 4:09 PM
Does Ben Nelson not pay his taxes? Bastage!!!
WashJeff on January 7, 2010 at 4:09 PM
I just explained this to my 17 year old. He is as torked as I am. Imagine knowing that because of this administration you will never be able to retire and you will quite possibly die at work because all the money you paid into SoSoSecurity is going to payoff the deficit racked up by Obama and his team of jackasses.
For my generation..35-45 we may still have a fighting chance to enjoy some form of retirement…our children however…not so much.
milwife88 on January 7, 2010 at 4:10 PM
That’s where I go, but I guess I lose my patience too quickly looking for “last” months data. Or, maybe my version of “last” month is not far enough in the past.
WashJeff on January 7, 2010 at 4:11 PM
Or die quicker.
steveegg on January 7, 2010 at 4:11 PM
Gee, it can’t be coincidence that the National Socialists keep on pushing gun control can it?
Fake8 on January 7, 2010 at 4:12 PM
My I suggest future studies in things like:
Western Plow, irrigation, compost, Mud Hut Make-over, and “How to starve to death for Dummies”?
BobMbx on January 7, 2010 at 4:12 PM
All parents need to teach their pre-voting teenage kids about this so they do not vote poorly.
WashJeff on January 7, 2010 at 4:13 PM
Not to worry. The death panels will begin solving the problem pretty soon.
jeanie on January 7, 2010 at 4:13 PM
The Feral Government will be selling those things to China to cover the increasing debt. China in return will sell it back to us. The system is working.
thomasaur on January 7, 2010 at 4:13 PM
The time series summarizing the inflows and outflows is over here. That usually gets posted about 3 weeks late.
The investment holdings, which gets updated more quickly, is here.
All you have to do is select what you want and hit go.
steveegg on January 7, 2010 at 4:14 PM
Definiitely. For one thing, the state-mongers don’t believe in 2nd amendment rights, while capitalists typically do. that puts us at a HUGE advantage right there.
UltimateBob on January 7, 2010 at 4:15 PM
Change SS from a “defined benefit” program to a “defined contribution” program, and let the size of SS checks reset to whatever cash is on hand.
stevieray on January 7, 2010 at 4:16 PM
But what ‘brute force’ are they going to harness? The military that they just spent the last 8 years comparing to Nazis and Ghengis Khan? Or those maybe those racist Cambridge police officers who ‘act stupidly’ will help them out?
They do have SEIU and ACORN, but for some reason I don’t find them very intimidating.
Maybe they got the steps mixed up. Hey guys… you need to establish the ‘civilian peace force’ before you bankrupt the country.
bitsy on January 7, 2010 at 4:16 PM
Thanks…I saved the links.
WashJeff on January 7, 2010 at 4:18 PM
My husband passed away 2 years ago, at the age of 59. I obviously can’t claim my social security right now (I’m 55), but I also have to wait until I “come of age” to collect his benefits, as his widow. So, they get to keep his money (my money) for a long time.
I’m raising our teenaged son by myself, trying to pay for college. My husband’s benefits would go a long way towards helping our son.
The money won’t be there when I’m old enough to claim it. This is outright theft.
surfhut on January 7, 2010 at 4:18 PM
I’ve already been sent information on my own SS, telling me that by the time I collect, I’ll probably only get $.78 for every $1.
There was no, “this is how we’re going to fix it” or “this is how you can get your money back,” just a sheet, matter-of-factly explaining something I’d be able to sue a private company over.
Esthier on January 7, 2010 at 4:19 PM
Whoa!!!! POliticians will make sure they have cash at hand to get relected, but we will have none.
Just do NOT take it!
WashJeff on January 7, 2010 at 4:19 PM
It’s worse than that, because there is effectively $0.00 budgeted for redemption of those bills. That roughly $2.7 trillion (plus any interest accrued since the closer of the prior 6/30 or 12/31) would be monetized by issuance of public debt.
steveegg on January 7, 2010 at 4:20 PM
You know what is coming…
Gladiator games of food riots between the elderly, while the young and fit gamble and cheer on.
Seven Percent Solution on January 7, 2010 at 4:24 PM
..oh, sweet. My timing could not be more impeccable. I’m due to start Medicare in three months and Social Security in a year and three months.
If these cheese-d!cks f*ck this up for me, I might just seek out fellow old guys and start watering the tree of liberty.
(facetious remark.)
VoyskaPVO on January 7, 2010 at 4:26 PM
Very true he did inherit the problem. However if one wakes up and the house is on fire you should probably not grab a can of gasoline to try put it out. The moral is “If you’re broke stop spending.”
Oldnuke on January 7, 2010 at 4:30 PM
Age, experience and treachery will always trump youth and enthusiasm.
Oldnuke on January 7, 2010 at 4:32 PM
B ++
The extra + is for the extra awesomeness this news brings.
angryed on January 7, 2010 at 4:33 PM
You can’t stop spending when you have voters to buy.
thomasaur on January 7, 2010 at 4:33 PM
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