http://www.ssa.gov/OACT/ProgData/taxRates.html According to this data, how could social security ever get exhausted?? We have more and more people working people paying for it. And we are paying at a much higher rate with a higher limit.
Because the government is borrowing against all the money we pay into it. It's not a simple inflow/outflow issue. It's a simple inflow/outflow issue with a kleptomaniac running the books.
Yeah, no shit! For years we paid into SS and build up a reserve which would be needed to fund payments as the Boomers' benefits peaked. But Congress STOLE THE RESERVE... then claimed "well, it never was a reserve program anyway... rather it's always been PAY AS YOU GO". If that's the case, why were we paying into a reserve? Congress, the Adminstration(s), and Fed are nothing by LYING, THIEVING, MOFO BASTARDS!
Ever heard of baby boomers? Take a look at the demographics of the US population. http://www.washingtonpost.com/wp-dyn/content/article/2007/04/23/AR2007042301963.html
I hear this all the time. If it is true why hasnt the largest class action lawsuit in the history of legal actions been filed? The Taxpayers of the USA vs the US congress...the case of missallocated social security funds.
I'm sure the trust fund's exhaustion projection will get shorter and shorter as time goes on. 2035 soon?
Because technically, they borrowed it. In exchange for the money, they left "non fungible bonds" (non-interest bearing, too, if I recall correctly)... that is bonds which can't be sold or redeemed by anybody in any way except Congress paying them off. How are they going to do that? 1. Reduce spending elsewhere to have the money to repay the bonds? (Fat chance!) 2. Raise our taxes to have the money to pay the bonds? 3. Print more money to pay the bonds? "Technically or not", they stole the money. And it was NOT "chicken feed".. on the order of $2 Trillion. For all I know, they might still be doing it with each year's "surplus".
The second SS outflows exceed SS inflows, expect major changes to the program. Retirement age 81 anyone?
Do that and the ring leaders most probably get the CIA, FBI, IRS, DEA AFT and all the other government goon squads on their case FOREVER. It's a 'free' country don't ya forget
They can just raise the age limit to collect SS and Medicare from the current 65 to 300. There you go, problem solved. No one will collect.