Religion, Politics and World Events They make great dinner conversation, don't you think? plus Political Film

Downturn hits Social Security

Old 03-25-10, 07:37 AM
  #1  
Moderator
Thread Starter
 
nemein's Avatar
 
Join Date: Sep 1999
Location: 1bit away from total disaster
Posts: 34,141
Downturn hits Social Security

http://www.upi.com/Top_News/US/2010/...8231269494776/

WASHINGTON, March 25 (UPI) -- Social Security payouts will exceed payroll tax revenues in 2010 because of the economic downturn, U.S. officials said.

The milestone had been expected to arrive in 2016 but the Congressional Budget Office says the recession has resulted in falling revenue due to persistent unemployment and larger than expected payments because many Americans, thrown out of work unexpectedly, have applied for Social Security benefits sooner than they had planned, The New York Times reported Tuesday.

Stephen C. Goss, chief actuary of the Social Security Administration, said the change will not affect benefits in 2010 and retirees will receive their checks without interruption.

Former Federal Reserve Chairman Alan Greenspan -- a leading figure in the plan to solve Social Security's projected difficulty two decades ago -- told the Times if the Social Security "trust fund gets to zero, you have to cut benefits."

Current projections suggest the system will not reach insolvency until about 2037, the newspaper said.

Although the current situation is not as critical as the one Greenspan is credited with helping fix in the 1980s, he said "very much the same issues exist today."

"Because of the size of the contraction in economic activity, unless we get an immediate and sharp recovery, the revenues of the trust fund will be tracking lower for a number of years," Greenspan said.
So is this just another bump on the road or the beginning of the end of social security?
nemein is offline  
Old 03-25-10, 08:30 AM
  #2  
Banned
 
Join Date: Feb 2002
Posts: 21,582
Re: Downturn hits Social Security

Originally Posted by nemein View Post
http://www.upi.com/Top_News/US/2010/...8231269494776/



So is this just another bump on the road or the beginning of the end of social security?
Actually, this is great news for me. The odds of my still being alive in 2037 are almost nil (especially since the new Health Care rationing rules will have long before kicked in due to my age).

Therefore, I win!

FDR was a genius & I should never have disparaged his plan for taking care of me.
creekdipper is offline  
Old 03-25-10, 08:38 AM
  #3  
DVD Talk God
 
Join Date: Jun 1999
Posts: 68,522
Re: Downturn hits Social Security

Originally Posted by nemein View Post
http://www.upi.com/Top_News/US/2010/...8231269494776/



So is this just another bump on the road or the beginning of the end of social security?
It's a year earlier than predicted.
classicman2 is offline  
Old 03-25-10, 10:39 AM
  #4  
DVD Talk Legend
 
Dr Mabuse's Avatar
 
Join Date: Jun 2007
Location: 75 clicks above the Do Lung bridge...
Posts: 18,950
Re: Downturn hits Social Security

The 'beginning of the end' of SS was a good number of years back.
Dr Mabuse is offline  
Old 03-25-10, 10:43 AM
  #5  
DVD Talk Hall of Fame
 
Join Date: Apr 2005
Posts: 7,602
Re: Downturn hits Social Security

Social Security isn't going anywhere. The feds will sell oil and strip mining leases inside Yellowstone and Yosemite parks before one Social Security receiptient doesn't get a check.
rw2516 is offline  
Old 03-25-10, 10:56 AM
  #6  
DVD Talk God
 
Join Date: Jun 1999
Posts: 68,522
Re: Downturn hits Social Security

Originally Posted by rw2516 View Post
Social Security isn't going anywhere. The feds will sell oil and strip mining leases inside Yellowstone and Yosemite parks before one Social Security receiptient doesn't get a check.
classicman2 is offline  
Old 03-25-10, 10:56 AM
  #7  
Moderator
Thread Starter
 
nemein's Avatar
 
Join Date: Sep 1999
Location: 1bit away from total disaster
Posts: 34,141
Re: Downturn hits Social Security

Originally Posted by classicman2 View Post
It's a year earlier than predicted.
The article says 2016...
nemein is offline  
Old 03-25-10, 11:59 AM
  #8  
DVD Talk God
 
kvrdave's Avatar
 
Join Date: Aug 1999
Location: Pacific NW
Posts: 86,201
Re: Downturn hits Social Security

Originally Posted by rw2516 View Post
Social Security isn't going anywhere. The feds will sell oil and strip mining leases inside Yellowstone and Yosemite parks before one Social Security receiptient doesn't get a check.
Then I hope it gets into serious trouble. That would be the only way to get the Democrats to look at a serious energy policy.
kvrdave is offline  
Old 03-25-10, 12:53 PM
  #9  
DVD Talk Legend
 
Dr Mabuse's Avatar
 
Join Date: Jun 2007
Location: 75 clicks above the Do Lung bridge...
Posts: 18,950
Re: Downturn hits Social Security



Good grief kvr...
Dr Mabuse is offline  
Old 03-25-10, 01:31 PM
  #10  
DVD Talk Hero
 
Th0r S1mpson's Avatar
 
Join Date: Apr 1999
Location: Seattle, WA
Posts: 36,443
Re: Downturn hits Social Security

You laugh, but yellowstone is the key to eliminating our reliance on foreign oil. Force that bad boy to erupt and harness the energy, that's what I say.
Th0r S1mpson is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread

Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.