Goodbye, Social Security...What R U going to do?

Social Security may go broke 4 years sooner

Feds blame current recession for bringing more harm to benefits program and Medicare

WASHINGTON -- The financial health of Social Security and Medicare, the government's two biggest benefit programs, have worsened because of the severe recession, and Medicare is now paying out more than it receives.

Trustees of the programs said Tuesday that Social Security will start paying out more in benefits than it collects in taxes in 2016, one year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner.

Medicare is in even worse shape. The trustees said the program for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017, two years earlier than the date projected in last year's report.

The trust funds -- which exist in paper form in a filing cabinet in Parkersburg, W.Va. -- are bonds that are backed by the government's "full faith and credit" but not by any actual assets. That money has been spent over the years to fund other parts of government. To redeem the trust fund bonds, the government would have to borrow in public debt markets or raise taxes.

Geithner said President Barack Obama was committed to working with Congress to find ways to control runaway growth in both public and private health care expenditures, noting the promise Monday by major health care providers to trim costs by $2 trillion over the next decade. Article

jimmydoylee - true conservatives have been saying this for a long time, but the Repubs and Demwits wouldn't listen.


LOL, true conservatives have been spending all our money on wars and running up record deficits. Maybe libertarians have been saying this...

I am just trying to save up some money that will probably someday be worth nothing once a New World Order goes into effect.

What will the government do when this happens? I doubt the US will collapse because social security and medicare are gone. Hopefully they'll cut taxes once its gone.

 The government will simply raise the age eligibility for Social Security to 95.  Problem solved.

OneScoup - 
jimmydoylee - true conservatives have been saying this for a long time, but the Repubs and Demwits wouldn't listen.


LOL, true conservatives have been spending all our money on wars and running up record deficits. Maybe libertarians have been saying this...


If you think that the absence of a war in Iraq would have had a single impact on this social security crisis, then you might want to think again.

Admitedly Bush had some horrible spending policies, but if you really want to see what a record deficit looks like, look at Obamas deficit projections. I think you might be surprised at what you see.

SS will ONLY die when the voting block of geezers is small enough that it's worth the risk for politicians to kill it.

Seriously? Im saving and living a moderate lifestyle. One in wich i wont be dependant on the government or a pension when i get to that age.

Why should we be paying into the SS account when it will end before we can take advantage of this Government Ponzi Scheme?

I know that some companies will let you opt out of SS and place it into a different account. Too bad mine doesn't offer this. :(

Already In Use -  Medicare is now paying out more than it receives.

I can't help but think  illegal immigrants are to blame.


But you would be hard pressed to find any facts to back that thought up.

My strategy is to die young. That, and purchase land to grow my own food, fuel, and drugs.

Damn Logan you've got it all figured it man.

I´m currently rethinking my die young strategy. The property I´m looking at has a cliff, so I might just throw myself off it whenever I get too old to garden.

 interesting

Just raise more taxes - What can go wrong?

Look at CA's current problems for an example of the ultimate end of the 'tax n spend' theory of government. Works out awesome in good times, in tough times no one comes to put out your house when its on fire. :0

"The Rich" already pay most of the taxes and have to come up with all kinds of creative ways to hide their money from the government.

As for SS, I was never planning on getting that money. We max 401k employer contributions and save 2/5ths of our income. Worst case we'll pack up and go live in the family house in the old country. Its nicer over there anyway and you can go to the doctor without filling out a credit app.