Social Security will tip over into annual deficits … now

posted at 10:12 am on March 25, 2010 by Ed Morrissey

Give the New York Times some credit in reporting the retreat of Social Security into red ink … but don’t give them too much credit.  We’ve been writing about this for the last few years, and when we wrote about it, we presented the entire political backstory, including how Barack Obama’s OMB Director Peter Orszag predicted in 2008, while running the CBO, that this day would come — in 2019.  We included mentions of how Harry Reid and other Democrats insisted in 2005 that George Bush was scaremongering when he attempted to reform SSA through partial, elective privatization, and how they assured us that Social Security was safe for decades without reform.

Does the Times mention any of this?  Not exactly.  In fact, the name “Orszag” doesn’t appear once, nor does the name “Reid.”  Guess how many times the name “Greenspan” appears in this article by Mary Williams Walsh?  Five:

The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security.

This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office. …

Mr. Goss, the actuary, emphasized that even the $29 billion shortfall projected for this year was small, relative to the roughly $700 billion that would flow in and out of the system. The system, he added, has a balance of about $2.5 trillion that will take decades to deplete. Mr. Goss said that large cushion could start to grow again if the economy recovers briskly.

Indeed, the Congressional Budget Office’s projection shows the ravages of the recession easing in the next few years, with small surpluses reappearing briefly in 2014 and 2015.

After that, demographic forces are expected to overtake the fund, as more and more baby boomers leave the work force, stop paying into the program and start collecting their benefits. At that point, outlays will exceed revenue every year, no matter how well the economy performs.

Er, what $2.5 trillion balance?  Al Gore (another name absent from this report) talked about a “lockbox” for Social Security assets, but they’re vaporware.  It consists of Treasury IOUs that the US has to pay by selling more debt.   The program has no hard cash of its own.  As it falls into the red, benefits have to be paid through borrowing, whether the SSA does it directly or Treasury does it indirectly.  Congress spends it all every year in order to cover its own deficits, or at least make those deficits look better than they would otherwise.

Forget those two years of black ink, too.  That will only happen under the rosiest of scenarios for economic growth and employment.  As the recession’s effects continue, people will continue retiring earlier or not going back to work.  SSA’s revenues will continue to plateau before dropping steeply as the rest of the Baby Boomers leave the workforce and demand their benefits.

Some people predicted this day would arrive at about this time; those were the people Democrats accused of attempting to frighten seniors out of their benefits.  Some predicted that this day wouldn’t come for almost a decade longer than it did and argued that reform wasn’t necessary in 2005, when it may have helped extend SSA’s life.  Those are the people making the economic decisions in the White House now.

The country’s in the best of hands.


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I want my freakin’ money back, now!

pabarge on March 25, 2010

I don’t think Social Security is your problem.
Just ignore the letter from the death panel and keep your doors locked and you might make it to 70, but not much longer. We have to “move” you out of the way to make room for more able-bodied worker ants.

SKYFOX on March 25, 2010 at 10:57 AM

When THEY take everything away from us, then we have nothing to eat.

logis on March 25, 2010 at 10:51 AM

That depends on whether you’re an ant or a grasshopper.

John Deaux on March 25, 2010 at 10:57 AM

In 2013 ObaMaoScare will begin taxing 3.8 percent on unearned income. Your savings and 401 k’s and dividend income will be another source of revenue for the insatiable beast.

onlineanalyst on March 25, 2010 at 10:57 AM

“Shrinking sooner than expected

Inigo Montoya, “I’m not so sure that means what you think that means.”

shick on March 25, 2010 at 10:58 AM

Some of this country’s highest rates of economic growth and innovation happened during the 19th century – curiously enough, when the level of government interference in the economy was a tiny fraction of what it is now. This was also the era which coined the phrase “rags to riches.” It really is time to roll back government. Right back.

Sharke on March 25, 2010 at 10:58 AM

They’ll go after 401ks and IRAs now.

“You greedy SOBs that saved your own money! It’s not fair!”

reaganaut on March 25, 2010 at 10:37 AM

I honestly believe there will be blood in the streets if this happens.

txsurveyor on March 25, 2010 at 10:59 AM

Too bad there isn’t a you-tube video of the speech Bush gave in the House about SS reform being blocked. Ted Kennedy and the rest of the Democrats stood up and cheered. Be a nice ad to bring back this November.

GarandFan on March 25, 2010 at 11:01 AM

The FED is buying up those Treasuries not, the Chinese.

One could potentially argue that this indirect buying came from the Fed covertly buying under the guise of an indirect bidder (the Treasury recently changed the definition of what qualifies for an indirect bidder to make it more vague). It IS rather odd that every single cent of competitive bidding coming from indirect buyers was filled. It’s almost as if the indirect buyers knew precisely WHAT yield to accept… OR were simply trying to take up the slack in what was already a VERY weak auction.

Jeff2161 on March 25, 2010 at 11:01 AM

Argentina provided a precedent in 2008, taking over that country’s private retirement accounts for forced investment in government bonds to cover spiraling deficits.

From the link. Sound familiar? One reason it may not happen is that there is already a precedent, and everything The One does is unprecedented.

I honestly believe there will be blood in the streets if this happens.

It will happen slowly. They’ve been trying to go after the tax exempt status of the 401k and certain IRAs for years now.

reaganaut on March 25, 2010 at 11:04 AM

When [Communists[ take everything away from us, then we have nothing to eat.
logis on March 25, 2010 at 10:51 AM

That depends on whether you’re an ant or a grasshopper.
John Deaux on March 25, 2010 at 10:57 AM

Yeah, I know that’s what it says in all the brochures: If you work hard enough for the common good, the government will always take care of you.

But trust me: when you finally get there, you’re going to want to fire that travel agent.

logis on March 25, 2010 at 11:04 AM

And SS recipients are taxed on their entitlement as well. That is just one more bit of legislation that we can thank the Dems for.

onlineanalyst on March 25, 2010 at 11:07 AM

I don’t care how bad a person is at math, you can’t read that without knowing we are in deep mess.

Cindy Munford on March 25, 2010 at 11:11 AM

No. You’re thinking like a banker, not a Communist.

logis on March 25, 2010 at 10:51 AM

Which after all, is a skill to be proud of.

MarkTheGreat on March 25, 2010 at 11:11 AM

MORE UNSUPPORTABLE DEBT!!!

MORE UNSUPPORTABLE DEBT!!!

The Democratic mantra.

Followed by:

30 MILLION ILLEGAL ALIENS GIVEN AMNESTY!!!!

30 MILLION ILLEGAL ALIENS GIVEN AMNESTY!!!

The suicide of America slouches onward…

November will decide whether this lunacy is reversed, at the last minute, or if this Balkanization and Marxization of the nation continues us down the road to our civilizational oblivion.

profitsbeard on March 25, 2010 at 11:11 AM

The problem is that Cloward-Piven assumes that the citizens will either sit idly by while their betters sort this out or clamor to be taken care of.

The Second Amendment was put there precisely to prevent Cloward-Piven.

John Deaux on March 25, 2010 at 10:46 AM

Unfortunately, most Americans are too lazy or simply blissfully unengaged. It’s gonna take much more to glavanize the hordes away from their flat-screen TV’s, favorite sitcoms and video game consoles. Here, this Canadian writer has the American people pegged:

It never ceases to amaze this author on how the American people just lay down and play dead when a law is passed, no matter how egregious or unconstitutional the law may be. We moan and groan that our leaders are corrupt and don’t listen to us, but very seldom, on a grand scale, do we take our leaders to task for their misdeeds and their vastly exceeding constitutionally enumerated powers.

Very seldom do we take our protests to where they live. Very seldom do they pay a price for their arrogance and corruption, except at the ballot box. And if they are retired by the voters, they retire with a full salary pension, paid for by the taxpayers, with benefits very few Americans obtain at their retirement. Other than the ones who are caught for their crimes and go to jail, most get off scot-free.

RepubChica on March 25, 2010 at 11:11 AM

They’ll go after 401ks and IRAs now.

“You greedy SOBs that saved your own money! It’s not fair!”

reaganaut on March 25, 2010 at 10:37 AM
I honestly believe there will be blood in the streets if this happens.

txsurveyor on March 25, 2010 at 10:59 AM

It’s already been done. This health care bill has taxes on all kinds of things you will need to purchase after you quit earning an income. If you don’t think that’s taking a bite out of your savings then go talk to your retired parents. They specifically target increases in taxes on drugs, medical equipment and insurance which is directed right at the retired folks who pay for these items.

DanMan on March 25, 2010 at 11:11 AM

Yeah, I know that’s what it says in all the brochures: If you work hard enough for the common good, the government will always take care of you.

But trust me: when you finally get there, you’re going to want to fire that travel agent.

logis on March 25, 2010 at 11:04 AM

I was referring to the Aesop’s fable. But we could also use The Little Red Hen if you’d prefer.

My point was that those of us who planned ahead won’t starve.

John Deaux on March 25, 2010 at 11:14 AM

If it should come down to “ugly name-calling”, the Stalinist-in-Chief, or some other black-hearted, vile turd, will seize the opportunity to make himself emperor and suspend what little of the Constitution remains. This is certainly possible and perhaps likely. But it is never easy to predict the actual final outcome of said “ugly name-calling”. Glenn Beck might be right, or he might be so in love with his own opinion that he can’t even see another outcome. I think the outcome depends entirely on how many of us will sit down and accept serfdom and how many of us will stand and fight. I can’t even guess how many will be in each group, but if liberty still means anything, the final tally won’t matter. I would still rather die on my feet than live on my knees.

SKYFOX on March 25, 2010 at 11:14 AM

After what we’ve witnessed over the past year, I think we can safely say there is no such thing as a conservative democrat. In some cases, the conservative republican is hard to find.

capejasmine on March 25, 2010 at 10:55 AM

This is where our logic is flawed. There are conservative democrats just like there are progressive republicans we call them RINO’s. It is time to start looking into voting records and candidate positions before voting. Never vote based on Party or we will end up with more GWB progressives and Obama ultra progressives.

kanda on March 25, 2010 at 11:16 AM

I just can’t believe people actually voted for this crap. I knew what Obama was, and there was no way he was getting my vote. But now…it’s so much worse than I imagined, and I know it’s going to get a whole lot worse in the coming months.

capejasmine on March 25, 2010 at 11:16 AM

There is a proposal out there, but unions and other groups, for government to take over private retirement plans to guarantee security for seniors. Someone on another thread linked to it the other day.

Maybe amnesty won’t be next, but instead this SS debacle–which was predicted far back as the 80s–will compel a push for nationalization of IRAs. If so, watch and see who clamors for it.

Liam on March 25, 2010 at 11:17 AM

kanda on March 25, 2010 at 11:16 AM

I agree, but for the fact, that there are conservative democrats. They had their chance to prove themselves, and failed. I won’t trust that party. They are supporting Obama’s efforts to consolidate power, and take over this nation, where he is supreme ruler. I’ve never voted democrat, and I’m sure as hell not going to start now. That being said, this does create an opening for a third party.

capejasmine on March 25, 2010 at 11:19 AM

By the time it’s all said and done we’ll be living in mud huts and wearing animal skins for clothing …

But we’ll be provided for by the government:

iPods, cable tv and internet access (filtered – of course), food, water, health care (get sick – you die), etc.

BowHuntingTexas on March 25, 2010 at 11:19 AM

If so, watch and see who clamors for it.

Oh, it will happen. Less privately employed people, private businesses going under, Unions are back in a big way, more federal employees(unionized) than ever, massive defecits, bankrupt entitlement funds, a complicit media…

I can see Gibbs now, “We’re happy to have that debate (over talking money away from poor old people)”

Works well when it’s your spin that get presented to the vast majority of people.

reaganaut on March 25, 2010 at 11:23 AM

I’m thinkin’ Ed Morrissey for President.

gocatholic on March 25, 2010 at 11:23 AM

I’m wondering….

Could Obama and the Dems want all people and, especially, older people to die faster because:

1.) Dems can save money by not paying SS Benefits.
2.) Dems will be getting a sweet portion of whatever savings the deceased person saved over their lifetime more quickly.

Things that make you go, hhhmmmmmmmmm?

PappaMac on March 25, 2010 at 11:27 AM

I’m thinkin’ Ed Morrissey for President.

I could live with that!

JamesLee on March 25, 2010 at 11:27 AM

I’m thinkin’ Ed Morrissey for President.

gocatholic on March 25, 2010 at 11:23 AM

I’m thinking Kevin Jackson and Larry Elder need to run for a national office too….

jbh45 on March 25, 2010 at 11:28 AM

Liam on March 25, 2010 at 11:17 AM

I just don’t get the menatality. I grew up not having a lot. My parents did the best they could, with what they could afford. That is the ethic I have used thru my adult life. I’ve never asked for, or relied on the government for anything, let alone anyone else, except for a job. Yet there are those out there, inspite of you playing by the rules, and following the laws, and being a good productive citizen, feel they have rights to your hard work, and earnings. That they are cheated somehow, and deserving of the fruits of everyone’s labor. I’m all for helping those less fortunate….but having it forced, and demanded from me is an entirely different scenario I can’t tolerate.

capejasmine on March 25, 2010 at 11:29 AM

I agree, but for the fact, that there are conservative democrats. They had their chance to prove themselves, and failed. I won’t trust that party. They are supporting Obama’s efforts to consolidate power, and take over this nation, where he is supreme ruler. I’ve never voted democrat, and I’m sure as hell not going to start now. That being said, this does create an opening for a third party.

capejasmine on March 25, 2010 at 11:19 AM

They failed in the same way that the conservatives failed. Together we failed to get more votes that the progressives. There were about 30 conservative democrats who deserve our support for sticking with their conservative values. In order for us to gain our freedom back we must support conservatives in any party. There are too many progressives in the GOP to be able to change things with GOP votes alone. Look at the terrible candidate they gave us last time. John McCain God love him was not a true conservative. He is a leaner to be sure but may not have been a wise choice. Last election was between two progressives. We need to change that from within each party.

kanda on March 25, 2010 at 11:30 AM

I’m thinkin’ Ed Morrissey for President.
I could live with that!

JamesLee on March 25, 2010 at 11:27 AM

Oooooooh I third the notion! :D How about it Ed? :D

capejasmine on March 25, 2010 at 11:31 AM

Yeah, I know that’s what it says in all the brochures: If you work hard enough for the common good, the government will always take care of you. But trust me: when you finally get there, you’re going to want to fire that travel agent.
logis on March 25, 2010 at 11:04 AM

I was referring to the Aesop’s fable. But we could also use The Little Red Hen if you’d prefer. My point was that those of us who planned ahead won’t starve.
John Deaux on March 25, 2010 at 11:14 AM

I hate to break it to you, but working hard and being frugal never saved anyone from the Communist axe. In fact, that always has the precise opposite effect.

Thanks – again – for the fairy tale history lessons. But, of course, there is no way to guess what the Hell your point is supposed to be… Unless I somehow skipped the parts of those stories where those industrious little insects and animals had GUNS.

logis on March 25, 2010 at 11:31 AM

I’m wondering….

Could Obama and the Dems want all people and, especially, older people to die faster because:

1.) Dems can save money by not paying SS Benefits.
2.) Dems will be getting a sweet portion of whatever savings the deceased person saved over their lifetime more quickly.

Things that make you go, hhhmmmmmmmmm?

PappaMac on March 25, 2010 at 11:27 AM

Things that make you go, hhhmmmmmmmmm? Indeed!

kanda on March 25, 2010 at 11:32 AM

I just don’t get the menatality. I grew up not having a lot. My parents did the best they could, with what they could afford. That is the ethic I have used thru my adult life. I’ve never asked for, or relied on the government for anything, let alone anyone else, except for a job. Yet there are those out there, inspite of you playing by the rules, and following the laws, and being a good productive citizen, feel they have rights to your hard work, and earnings. That they are cheated somehow, and deserving of the fruits of everyone’s labor. I’m all for helping those less fortunate….but having it forced, and demanded from me is an entirely different scenario I can’t tolerate.

capejasmine on March 25, 2010 at 11:29 AM

You are right on target. This is what unites us and give us motivation to hope and change things away from this progressive trend. Great post!!

kanda on March 25, 2010 at 11:34 AM

Look at the terrible candidate they gave us last time. John McCain God love him was not a true conservative. He is a leaner to be sure but may not have been a wise choice. Last election was between two progressives. We need to change that from within each party.

kanda on March 25, 2010 at 11:30 AM

This might be a tad off…and a lil to conspiratorial, but knowing what we know now, I don’t think it’s to far off the mark.

Remember the before the Republican primaries? McCain was way down toward the bottom. Yet somehow, he picked up the ticket to be the Republican choice to run. At that time, I was listening to Rush. Someone called in, and asked how this could have happened. He said they did the same thing he was telling his listeners to do. He asked his listeners to primary Hillary. Anyway…what it boiled down to, according to him was…..Democrats crossed party lines, and in droves, voted for McCain. With so many Republicans sitting out the presidential vote, because they didn’t like McCain, and sure weren’t going to vote for Obama….I’ve come to wonder if this isn’t exactly what they did.

If more Republicans voted in the primaries, you’d think a better candidate would have won. Where did all the extra votes come from, to foist McCain to the top of the line, when he was at the bottom?

capejasmine on March 25, 2010 at 11:36 AM

capejasmine on March 25, 2010 at 11:29 AM

Liberals have made a political party, and a business, out of class envy. Starting years ago, they sold people on the idea that those who have achieved did so on the backs of the poor.

My did drove a truck for a living, and I never wanted for anything. That happened by his hard work, where he would even have a weekend job sometimes.

I recently met up with someone from high school on FB (we graduated in 1976). We were talking about a few things and I mentioned my neighborhood. She said, “Oh, that was the rich section of town.” Not that she was envious, because that’s not her nature. But there’s that mindset among so many that if you are upper middle class or higher, you’re ‘rich’.

Only people like Ted Kennedy inherited their wealth. Most wealthy in America did it by hard work on their own part, not by making slaves of their workers. But many don’t believe that. People retired well off because that saved money and/or had jobs with decent pensions. Again, though, the Left has been saying that’s somehow ‘unfair’ and government has to level the playing field. Now, the country is broke but many still cling to the notion they ‘deserve to be treated with dignity’.

I can picture a government seizure of all private pensions and retirement funds, to help cover the SS shortfalls. I won’t say this mess was intentional, but would the result be the same either way?

Liam on March 25, 2010 at 11:41 AM

I think the outcome depends entirely on how many of us will sit down and accept serfdom and how many of us will stand and fight. I can’t even guess how many will be in each group, but if liberty still means anything, the final tally won’t matter. I would still rather die on my feet than live on my knees.
SKYFOX on March 25, 2010 at 11:14 AM

Hear, hear!

Anybody else can do whatever the Hell they Want. A year ago, I stopped working on weapons that I now know will be used against American citizens. And I would literally rather die than pay another nickel in taxes that I know will be used to hire my executioner.

I don’t give a crap about the geographic borders I happen to have been born in; I’m defending – to the death – what I believe in. Anybody who wants to can join me; and anybody who doesn’t can go straight to Hell.

That’s called “freedom of choice.” I understand perfectly well how crazy that concept is, but I don’t care: That’s what faith is all about.

logis on March 25, 2010 at 11:41 AM

My point was that those of us who planned ahead won’t starve.

John Deaux on March 25, 2010 at 11:14 AM

You’re assuming they won’t raid your stores and plunder all of the ‘planning’ you’ve done.

You shouldn’t make that assumption.

Midas on March 25, 2010 at 11:44 AM

Related parody: White House Rehangs Abstract Painting of Social Security Cash Flow After Discovering It Was Hung Upside Down http://optoons.blogspot.com/2010/03/white-house-rehangs-abstract-painting.html

Mervis Winter on March 25, 2010 at 11:45 AM

Liam on March 25, 2010 at 11:41 AM

Exactly, and this is what depresses me. Somehow we need to turn this thinking around. Even kids now, who grew up in homes, where they didn’t want for much, feel they are entitled to a life of luxury. Little do they know, it doesn’t work that way.

Under communism, they give you what THEY think you deserve, and need. They don’t give it to you simply by the virtue that you voted for them. Some people are in for such a rude awakening.

capejasmine on March 25, 2010 at 11:51 AM

You’re assuming they won’t raid your stores and plunder all of the ‘planning’ you’ve done.

You shouldn’t make that assumption.

Midas on March 25, 2010 at 11:44 AM

If they have the time and resources to do that, then there’s bigger problems than little old me.

John Deaux on March 25, 2010 at 11:53 AM

capejasmine on March 25, 2010 at 11:51 AM

It’s the parenting. In many cases, kids grow up in single-parent homes and also on the streets. We’ll need generations to turn around the thinking that’s out there, and there’s not much chance we’ll survive as a nation long enough to accomplish that.

The world will cheer when we collapse, and it’ll have been done without firing a shot. Time is short for this current Congress as it exists, and I expect the Dems to inflict all they can and in spite for them being kicked out of power. Libs tend to be nuts when in the minority, but when in charge they’re dangerous.

This SS mess was foreseen decades ago and Pubs wanted to solve the looming problems, but the Dems wanted FDR’s legacy untouched and untouchable. Now, even those liberals who did the smart and right things of saving are going to pay dearly as us.

Liam on March 25, 2010 at 11:57 AM

One of the few good things about being a teacher–we don’t pay into it.

Funny, I am a teacher, and I pay into it (not that I expect to see any of it back).

bookman on March 25, 2010 at 11:59 AM

That would be like issuing their own death warrant.

Don’t tread on my savings.

fogw on March 25, 2010 at 10:42 AM

Ants are capable of devouring dead grasshoppers, but grasshoppers are not capable of devouring dead ants.

ya2daup on March 25, 2010 at 12:00 PM

I hate to break it to you, but working hard and being frugal never saved anyone from the Communist axe. In fact, that always has the precise opposite effect.

Thanks – again – for the fairy tale history lessons. But, of course, there is no way to guess what the Hell your point is supposed to be… Unless I somehow skipped the parts of those stories where those industrious little insects and animals had GUNS.

logis on March 25, 2010 at 11:31 AM

Working hard, being frugal and planning ahead is all any of us can do. And judiciously exercising our Second Amendment rights is a part of that.

John Deaux on March 25, 2010 at 12:03 PM

I give the Times no credit – this has been a story for months. The only reason they’re repoting this now is PlaceboCare is signed law, while a wider acknowledgement of these problems than you, me, some other bloggers, and the Associated Press might have sunk it.

It actually ties into a Headline item Allahpundit put up Tuesday on how Obama’s bipartisan commission is looking to repeat the 1983 “forever fix” by increasing taxes and reducing benefits.

steveegg on March 25, 2010 at 12:03 PM

Liam on March 25, 2010 at 11:41 AM

A few years ago, then House Speaker Richard Gephardt gave a speech in which he declared was that all the Democrats wanted was for those who had “won life’s lottery” to give a little back to those who were less fortunate.

Liberal have convinced themselves that nobody gets rich by their own efforts. Either they were just lucky, or they stole if from someone.

MarkTheGreat on March 25, 2010 at 12:04 PM

The SS taxes that we’ve paid are akin to having purchased lottery tickets — many, many lottery tickets — and not one of them has, nor will one ever, pay off.

222 days left before the demagogic Dhims’ well-deserved downfall.

ya2daup on March 25, 2010 at 12:05 PM

If they have the time and resources to do that, then there’s bigger problems than little old me.
John Deaux on March 25, 2010 at 11:53 AM

If you live in a cave and grow your own food, they’ll come for you LAST.

But make no mistake: They will come for you.

And it will always be much sooner than you think. Building a free economy takes gigantic amounts of time and effort. But collectivism is strictly a downhill battle. It’s like a snowball; once it reaches a critical mass, it just goes faster and faster.

logis on March 25, 2010 at 12:06 PM

If they have the time and resources to do that, then there’s bigger problems than little old me.

John Deaux on March 25, 2010 at 11:53 AM

They got the time, and since they out number you several hundred to one, they got the resources. And yes, there is a big problem coming.

MarkTheGreat on March 25, 2010 at 12:06 PM

MarkTheGreat on March 25, 2010 at 12:04 PM

I remember that speech. Funny, isn’t it, hearing things like that from rich fat cats who have made it their life’s work to steal from others through taxes?

Liam on March 25, 2010 at 12:06 PM

222 days left before the demagogic Dhims’ well-deserved downfall.

ya2daup on March 25, 2010 at 12:05 PM

We may win that particular ‘battle’, but the ‘war’ will be over by then.

Midas on March 25, 2010 at 12:11 PM

The SS taxes that we’ve paid are akin to having purchased lottery tickets

Well, since the payoff was never going to ge that great, I’d like to think of it as purchasing Obama collector plates and coins. Something which I hope will have zero value in the future, hehe.

I suppose you could use the plates for skeet shooting, but who wants to waste the ammo.

reaganaut on March 25, 2010 at 12:15 PM

LIBERAL UTOPIA!

Keep voting democrat!

daesleeper on March 25, 2010 at 12:23 PM

What do you all make of this.

Rep. Cantor’s Richmond Campaign Office Shot at Overnight

FOXNews.com

Republican Rep. Eric Cantor’s Richmond campaign office was shot at Wednesday night, Fox News has learned, the latest in a rash of apparent threats and acts of intimidation against members of Congress.

kanda on March 25, 2010 at 12:33 PM

THERE are 4.5 MILLION people out of work since Obama became president.

NONE OF US are paying social security taxes from our unemployment.

Where is THAT in the math???

originalpechanga on March 25, 2010 at 10:19 AM

That lack of employment is why SocSecurity is hitting the skids a bit early.

steveegg on March 25, 2010 at 12:46 PM

I seem to remember W’s Administration predicting just this, then a steady parade of Dumbocrats poo-pooing it in Congress.

Just as Bahney Fwank insisted Freddie and Fannie were in no trouble.

PJ Emeritus on March 25, 2010 at 1:00 PM

They’ll go after 401ks and IRAs now.

“You greedy SOBs that saved your own money! It’s not fair!”

reaganaut on March 25, 2010 at 10:37 AM

I wonder how they will approach this. I agree it is coming, but can’t see how they can do it without creating major civil unrest.

a capella on March 25, 2010 at 10:42 AM

The same way SocSecurity/Medicare/PlaceboCare/et al was rammed down.

steveegg on March 25, 2010 at 1:02 PM

How did that get screwed up?

steveegg on March 25, 2010 at 1:02 PM

I think the states need to take the bull by the horns and require all their businesses and corporations. having been duely licensed to operate therein, to remit all FICA payments to that state, which will deposit them in state banks. Each state should then remit a portion of that revenue to the federal government once a year while keeping a portion as a reserve against the coming failure of the programs to pay retirees; the states would just send Uncle Sugar their own IOU’s! This protection of the citizenry is a basic responsibility of state governments as constitutional entities.

Meantime, this would force the federal government on a diet, squeezed by the cost of borrowing on the one hand and having to redeem those “lock box” treasuries on the other. Maybe, when or before the “lock box” runs dry, SS will be handed down to the states to administer.

shuzilla on March 25, 2010 at 1:08 PM

I honestly believe there will be blood in the streets if this happens.

txsurveyor on March 25, 2010 at 10:59 AM

Glenn Reynolds of Instapundit said the same thing a couple of weeks ago. I wonder if this is how they will precipitate the needed crisis to suspend the constitution an institute Marshall Law.

chemman on March 25, 2010 at 1:51 PM

If you live in a cave and grow your own food, they’ll come for you LAST.

But make no mistake: They will come for you.

And it will always be much sooner than you think. Building a free economy takes gigantic amounts of time and effort. But collectivism is strictly a downhill battle. It’s like a snowball; once it reaches a critical mass, it just goes faster and faster.

They got the time, and since they out number you several hundred to one, they got the resources. And yes, there is a big problem coming.

MarkTheGreat on March 25, 2010 at 12:06 PM

Wow, to listen to you guys, I should just give up now.

I don’t think the military will be complicit in a Socialist takeover. I don’t think they’ll ever get far enough that they check each individual house for hoarded food or weapons. If they do, then they have won.

John Deaux on March 25, 2010 at 2:05 PM

Obama was so desperate for a win after the Olympics fiasco he, Axe and Rahm doubled down to pass the Frankenstein monster Senate bill cobbled together by Billy Tauzin in the face of 59% public opposition.

Orzag also issued a policy paper saying there was “zero chance” Fanny Mae or Freddy Mac would become insolvent. Dude has a serious credibility problem.

Angry Dumbo on March 25, 2010 at 2:12 PM

Glenn Reynolds of Instapundit said the same thing a couple of weeks ago. I wonder if this is how they will precipitate the needed crisis to suspend the constitution an institute Marshall Law.
chemman on March 25, 2010 at 1:51 PM

Find something else to wonder about. The incidental details of the next Kristallnacht couldn’t matter less.

All that matters is that the groundwork be laid out ahead of time. And that is proceeding apace.

logis on March 25, 2010 at 2:25 PM

MarkTheGreat on March 25, 2010 at 12:04 PM

From:
“I’m a great believer in luck, and I find the harder I work the more I have of it.”
– Thomas Jefferson

To:
“Those who have prospered and profited from life’s lottery have a moral obligation to share their good fortune.”
– Dick Gephardt

WashJeff on March 25, 2010 at 2:35 PM

I don’t think the military will be complicit in a Socialist takeover.

It only works that way about half the time. And, yes, of course it is very unlikely America’s “fundamental transformation” will take that tack. The US military will not have to be co-opted – only neutralized – and that, again, won’t take as long as you might think.

I don’t think they’ll ever get far enough that they check each individual house for hoarded food or weapons. If they do, then they have won.
John Deaux on March 25, 2010 at 2:05 PM

Actually, the last part of that was MY point. And if the US military were somehow magically purged and co-opted overnight, then there wouldn’t be a damned thing anyone could do about it. But that isn’t what will happen.

I hate to seem rude; I can tell you are making a sincere effort here. But to be perfectly frank, you don’t appear to be following any of this. You really should make a huge effort to study some history. In the meantime, just trust me when I tell you that a cellar full of dry goods ain’t going to save anybody.

logis on March 25, 2010 at 2:42 PM

They’ll go after 401ks and IRAs now.

“You greedy SOBs that saved your own money! It’s not fair!”

reaganaut on March 25, 2010 at 10:37 AM

Next bad guy…”Big Saver”.

Not exactly coming after Main street, but Elm and Maple are just down the road.

BobMbx on March 25, 2010 at 2:44 PM

I hate to seem rude; I can tell you are making a sincere effort here. But to be perfectly frank, you don’t appear to be following any of this. You really should make a huge effort to study some history. In the meantime, just trust me when I tell you that a cellar full of dry goods ain’t going to save anybody.

logis on March 25, 2010 at 2:42 PM

I fully get your point, but my point is that it’s better to be prepared than not.

I have a pretty good understanding of history and I can tell you that every Marxist takeover has been of a population that has been disenfranchised from their government. Once that apathy has taken hold, opposition is minimized. The Tea Party movement shows that’s not the case here and I doubt it ever will be. That means any victory will require a lot more bloodshed and any personal food stores will mean nothing because they will have been depleted before the conclusion.

Realistically, they will more than likely try to chip away at liberty to achieve their goals. The boiling frog analogy goes in here.

John Deaux on March 25, 2010 at 2:58 PM

What about all the adult children who didn’t save for retirement! Think about the children, people!

bitsy on March 25, 2010 at 3:02 PM

George W. Bush: Do you miss me NOW?

Those Democrats sure saved Social Security, didn’t they?

How’s that fuzzy math workin’ for y’all now?

Steve Z on March 25, 2010 at 4:23 PM

I want my freakin’ money back, now!

pabarge on March 25, 2010

I don’t think Social Security is your problem.
Just ignore the letter from the death panel and keep your doors locked and you might make it to 70, but not much longer. We have to “move” you out of the way to make room for more able-bodied worker ants politically acceptable heirs to your government mandated long term investments.

SKYFOX on March 25, 2010 at 10:57 AM

-
FIFTOTUS

RalphyBoy on March 26, 2010 at 8:20 AM

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