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  Topic: Coming Next: The Social
Security Cliff
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Coming Next: The Social
Security Cliff

Investor´s Business Daily, by Editorial

Original Article

Posted By:PageTurner, 12/28/2012 9:26:09 AM

Promises: Social Security ran a $47.8 billion deficit in fiscal 2012, drawing in even less than it paid out last year, with just 1.67 workers supporting each retiree. But instead of confronting the truth, the left still denies reality. According to official Social Security Administration data this week, the program´s incoming cash from the working population and their employers came to $725 billion in fiscal 2012 while it paid out $773 billion in cash and overhead. That´s as the number of retirees and disabled using the system grow 10,000 a day to more than 57 million people currently,

Comments:
The Chilean Model - of private accounts - is the only way out of this morass. Yet the GOP is too timid to advocate for it.

      


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Reply 1 - Posted by: ruready?, 12/28/2012 9:38:19 AM     (No. 9087276)

Economic collapse is inevitable. Just a matter of when. Don´t waste time with those that stick fingers in ears chanting, "la, la, la, la, la, la". Obama care will be long forgotten by the time we recognize we are looking at the survival cliff. I know it sounds negative to say those things, but they seem inevitable.



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Reply 2 - Posted by: Blue-Z-Anna, 12/28/2012 9:45:27 AM     (No. 9087293)

Garden big.

Re-load your own.

Dig a well.

Consider a hen-house.

Fruit trees are nice.

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Reply 3 - Posted by: Coy860, 12/28/2012 9:59:59 AM     (No. 9087315)

And Obama and the Congress will act surprised.
The good ole boys club is responsible for this mess. They will wait until the 11th hour to address this too.
Government is broken, and it is time to dissolve it and start anew.
It is so bloated that no one really knows how much waste there is.
End it all, and restart, military first.
Then asking if each department is necessary.

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Reply 4 - Posted by: pomom, 12/28/2012 10:04:10 AM     (No. 9087320)

When weekly jobless claims are in the 350,000 range, is it any wonder that this is happening? No one´s paying into the SS system and the fund has been raided into oblivion.

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Reply 5 - Posted by: Vivi, 12/28/2012 10:34:24 AM     (No. 9087390)

Anyone remember the lockbox? We´ve been lied to so often for so long it´s impossible to keep up.

Here´s the thing... just pay me back what my husband and I paid in for decades. I won´t even charge you interest you slimy leftist poser wannabes. And somebody get slick Willy on the phone. He and his triangulating fellow travelers from the nineties have much to answer for.

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Reply 6 - Posted by: pgvoisin, 12/28/2012 10:52:48 AM     (No. 9087425)

Congress makes the Law.
Main Street follows the Law.
Wall Street breaks the Law.

Washington exempts themselves from having to follow the Law or being held to account when the Law does not work.

The MSM lies to us about all of this so we have ended up with a brainwashed electorate:

28% eligible voters (for big government dictating to)
26% eligible voters (for smaller government)
46% eligible voters (who won’t vote for anything).

The Tyranny of the Minority is destroying our children’s financial future!



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Reply 7 - Posted by: franq, 12/28/2012 10:59:54 AM     (No. 9087441)

Right, #5. Cash my wife and I out and I will turn the proceeds into a growing fund. But that won´t happen, because it´s not there anymore. Thievery and a Ponzi scheme is all SS is.

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Reply 8 - Posted by: Safari Man, 12/28/2012 11:51:10 AM     (No. 9087526)

Not to diminish the seriousness of the SS problem, but Bernanke is printing twice that amount ($84 billion) *every month* to buy bonds so people can use their newly minted cash buy stocks to re-inflate the stock market bubble so as to give Obama more negotiating strength in the cliff talks. I don´t think people realize how inflationary this policy could become. See Weimar Republic in Wikipedia. The people who depend on SS will be very disappointed when their whole SS check buys a couple loaves of bread.


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Reply 9 - Posted by: strike3, 12/28/2012 12:54:03 PM     (No. 9087629)

The system was doomed when they started to siphen off chunks of the money for disability. You can´t fake turning 65 but there are tens of thousands out there with newly acquired back and neck injuries.

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Reply 10 - Posted by: 49 Ford, 12/28/2012 1:52:00 PM     (No. 9087693)

Good points here, especially that of #8. But in the end we get the government we deserve, and professional politicians know that evasion and irresponsibility will be rewarded by their dumbed down and willfully ignorant constituents. Remember when President Bush led off his second term with an initiative to structurally reform SS? Fat lot of good it did him, or those of us who understand where this thing is going.


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Reply 11 - Posted by: retcpo, 12/28/2012 4:39:01 PM     (No. 9087866)

Well SS would still be in the black if contributions by current employees had not been cut by more than a third. This is just part of a democrat scheme to have half of the country not only pay no Federal Income Tax, but no tax period.

Combined with the incredible and corrupt increase in disability it would seem, that for whatever reasons the democrats are doing there best to destroy completely that which they vow to protect. Throw in the completely inept and truly dumb repubs and you get to where we are.


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