Social Security...gone after 2042

wild deuce · #1 (**permalink**) 05-15-2009, 06:04 AM

Want to know what the government is all in a hissy about? Baby Boomers!!

Here. Read this report from the Social Security Administration.

It was written in 2004. It has not been updated.

On Monday, May 11, 2009...the report is social security will be insolvent in 2038. (4 years less).

II. OVERVIEW

Cerberus_Kelpie · #2 (**permalink**) 05-15-2009, 07:38 AM

The OASI and DI Trust Funds, individually and combined, are adequately financed over the next 10 years under the intermediate assumptions.

Since these trust funds do not actually exist nor have they ever existed, they are merely assumptions of available funds.Social Security benefits are drawn from the general coffer as are funds for wars and the like.There has never been a Social Security Trust Fund yet the term has been created to appease the People.

Thank You though for the link and information.

dcmilkwagon · #3 (**permalink**) 05-15-2009, 10:39 AM

Exactly right CK, Social Security and Medicare are 2 of the biggest ponzi schemes in U.S. history. Geee, isn't that what got Bernie Madoff in trouble? I say if they are going to convict him, we need to convict everyone in congress too.

Kitman2 · #4 (**permalink**) 05-15-2009, 02:09 PM

You are after my own heart. Why couldn't these idiots do it right, as long as they were going to do it? Sad thing is we keep electing the same people over and over again. When will we all wise up? Before or after we lose everything?

pro1driver · #5 (**permalink**) 05-15-2009, 03:29 PM

i'll be somewhere's around 81 to 85 (depending on any ACTUAL DATE) when (and if) it ever goes bust.....

and that's even IF i live that long........so i ain't too worried about it.....

Kitman2 · #6 (**permalink**) 05-15-2009, 04:08 PM

I just figured out I would be around 89 years old. Of course, you know by then, they are predicting that we will be living to well over 100. Hmmm. A bunch of centurion homeless people. Nice!