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In the middle of all this, did you notice that social security just ran out of money 6 years early?

http://www.nytimes.com/2010/03/25/business/economy/25social.html?hp

"Mr. Goss said Social Security’s annual report last year projected revenue would more than cover payouts until at least 2016 because economists expected a quicker, stronger recovery from the crisis. Officials foresaw an average unemployment rate of 8.2 percent in 2009 and 8.8 percent this year, though unemployment is hovering at nearly 10 percent."

One of those little details that was in the budget earlier this year, but that they'd probably prefer you be too distracted to notice.

Answer Question
 
NotPanicking

Asked by NotPanicking at 7:37 PM on Mar. 25, 2010 in Politics & Current Events

Level 51 (421,172 Credits)
Answers (28)
  • There is no doubt in my mind that this recently passed healthcare reform will be yet another government ran mess that we will have to clean up down the line.Or rather our children and grandchildren will.
    Anonymous

    Answer by Anonymous at 7:49 PM on Mar. 25, 2010

  • Anon 749, you mean like the mess Dubya got us in with the Iraq war, which is costing us trillions per year?
    Anonymous

    Answer by Anonymous at 8:17 PM on Mar. 25, 2010

  • Anon 749, you mean like the mess Dubya got us in with the Iraq war, which is costing us trillions per year?

    Focus, sweetie, this question is about social security. If you want to bitch about dead horses start your own question.
    NotPanicking

    Answer by NotPanicking at 8:18 PM on Mar. 25, 2010

  • Yes anon :17, the wars we are still fighting, and the war Obama expanded in Afghanistran, which is costing us trillions per year.

    BTW, Obama has no timetable to bring our soldiers home from Afghanistan, so I'm sure it will continue to cost us trillions for years to come.
    mancosmomma

    Answer by mancosmomma at 8:24 PM on Mar. 25, 2010

  • Sorry NP for the detour there. Social Security is a huge problem, and we have an aging population. This is not going to go away. Pesky little detail, to say the least.
    mancosmomma

    Answer by mancosmomma at 8:27 PM on Mar. 25, 2010

  • they didn't run out of money early, at least not quite yet. What they were saying is this is the first year that they are paying more out in benefits than they are going to bring in in taxes. They weren't expecting that to happen until 2016 but with the baby boomers retiring and more people losing or leaving jobs b/c of the recession we are going to hit that mark 6 years early. SSA was projected to run out of funds sometime in the late 2020's or early 2030's the last I received my letter from them, but with this happening now I'm sure thats going to be much sooner too unless they do something about it.
    amyrw

    Answer by amyrw at 8:39 PM on Mar. 25, 2010

  • they didn't run out of money early, at least not quite yet. What they were saying is this is the first year that they are paying more out in benefits than they are going to bring in in taxes

    I don't know how your checkbook works, but in mine, when I spend more than I make, that's called running out of money. I didn't say it was insolvent.
    NotPanicking

    Answer by NotPanicking at 8:49 PM on Mar. 25, 2010

  • You said "Did you notice that social security ran out of money 6 years early". There are funds there currently from previous years of paying out less in benefits than what they took in taxes, this is just the first year they've given more in benefits than getting out of taxes. So they are dipping into previous years positive numbers to cover this years negative. Obviously if you spend more than you make and have to dip into your savings you are running out of money. If you spend more than you make and don't have any savings then you ran out of money.
    amyrw

    Answer by amyrw at 8:56 PM on Mar. 25, 2010

  • Seriously? Is this turning into another bash Obama post? She asked about healthcare for crying out loud.

    Social Security couldn't possibly last. I had not read this article previously, but at this point, or one very soon we are going to have more people drawing social security than those paying in with the boomers aging. It was bound to happen.
    Anonymous

    Answer by Anonymous at 8:58 PM on Mar. 25, 2010

  • She asked about ss and look at it.See why some of us rail against more government shit?
    Anonymous

    Answer by Anonymous at 9:01 PM on Mar. 25, 2010

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