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Social Security surplus GONE?

As USA Today reported Monday, Social Security's annual surplus "nearly evaporated" for the first time in a quarter-century last year. The program is poised to be in the red for the next two years; between 2008 and 2009, it saw a revenue decline of $60 billion.

Meanwhile, with the retirement of many in the "Baby Boom" generation imminent, regular annual losses are expected beginning in 2016.


Are government entitlement programs really the best solution?

Answer Question
 
Anonymous

Asked by Anonymous at 10:12 AM on Feb. 9, 2010 in Politics & Current Events

Answers (19)
  • That was faster then predicted. But then again they did not calculate people applying because of job loss either.
    Ibelongtojesus

    Answer by Ibelongtojesus at 10:15 AM on Feb. 9, 2010

  • They've known for years it was coming and kept putting it off because they would rather cut deals to buy votes than fix something they already have to pay for.
    NotPanicking

    Answer by NotPanicking at 10:17 AM on Feb. 9, 2010

  • I blame in part these new drugs that keep folks alive until they're in their 90's and up to 100! my Grandma would have died about 10 years ago naturally.She's 91 and has so many things wrong,a few in fact from side effects of drug interaction.She's miserable and wants to go.She's gotten SS for 25 years now! i don't suggest a Logan's Run scenario,but maybe we need to up the retirement age if they're gonna live so much longer.SS wasn't meant to be recieved as an only option,nor for so long.
    Anonymous

    Answer by Anonymous at 10:17 AM on Feb. 9, 2010

  • I found a new insert in my Social Security benefits summary that I just received last week. It states, in part, "...The Social Security Board of Trustees now estimates that based on current law, in 2037, the Trust Funds will be depleted. Because people are living longer and the birth rate is low, the ratio of workers to beneficiaries is falling..."  Emphasis mine.


    It seems that if want to stimulate our economy and have enough SS to go around when we are older, we should allow our unborn children to live.  Babies cost $$$ and will grow up to make $$$ and contribute $$$$ to Social Security and Medicare.

    flatlanderjenn

    Answer by flatlanderjenn at 10:26 AM on Feb. 9, 2010

  • shove your entitlement crap somewhere where the sun don't shine sug
    Anonymous

    Answer by Anonymous at 10:29 AM on Feb. 9, 2010

  • It would have been nice had that money not been allocated to things that weren't for social security. This is what government does best. They take, take and take and when it's time to give back they think of ways to lessen their responsibility to the people. But that's cool, let's keep making excuses for them and approving of their horrid spending habits.

    QuinnMae

    Answer by QuinnMae at 10:33 AM on Feb. 9, 2010

  • Social Security=Ponzi Scheme
    jewjewbee

    Answer by jewjewbee at 10:54 AM on Feb. 9, 2010

  • Doesn't surprise me. All I can say that there are lots of baby boomers out there that will be in trouble and so will their kids because guess who's going to have to help. That's right their kids have to step up to the plate and help.  At the moment lots of boomers are having to help their own parents which depletes their own funds. Talk about sandwich years for them having to help their own kids and then their parents as well.


    People of this generation(s) better start making some wise financial decisions because their parents wont be able to help.

    Anonymous

    Answer by Anonymous at 10:54 AM on Feb. 9, 2010

  • What is a Ponzi scheme
    A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier stage investors and to use for personal expenses instead of engaging in any legitimate investment activity.

    Why do Ponzi schemes collapse
    With little or no legitimate earnings, the schemes require a consistent flow of money from new investors to continue. Ponzi schemes tend to collapse when it becomes difficult to recruit new investors or when a large number of investors ask to cash out.
    ---------
    Definition from the SEC/gov website. How Ironic

    jewjewbee

    Answer by jewjewbee at 10:57 AM on Feb. 9, 2010

  • They've known for years it was coming and kept putting it off because they would rather cut deals to buy votes than fix something they already have to pay for.


    Agreed.
    Sisteract

    Answer by Sisteract at 11:18 AM on Feb. 9, 2010

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