Social Security projected to hit insolvency by 2034Social Security and Medicare are inching slowly toward insolvency, according to annual trustees reports on the entitlement programs released Wednesday.Social Security’s retirement and disability trust funds, combined, are on track for insolvency in 2034 — one year later than the entitlement program’s trustees predicted one year ago.Treasury Secretary Jack Lew told reporters at a briefing that the funds are “secure today and will remain secure in the years to come,” but warned that they are also “facing challenges that need to be addressed” by Congress....
From Chris Christie's jabbering shout-hole as he tries to scare the crap out of the elderly:
CHRISTIE: Well, I wish you would have asked that question years ago when they broke it. I mean, let me be honest with the people who are watching at home. The government has lied to you and they have stolen from you. They told you that your Social Security money is in a trust fund. All that's in that trust fund is a pile of IOUs for money they spent on something else a long time ago.And they've stolen from you because now they know they cannot pay these benefits and Social Security is going to be insolvent in seven to eight years...
I know that with all the gazintas and take-aways, cipherin' can be really tricky, but no matter how hard I bang my head with a rock, or how loud I crack up Limbaugh ,I can't make 2015 + 7 come out to equal 2034.
I suppose it's like the tides in that way. Mysterious.
Maths come in, maths go out.
You can't explain that.
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5 comments:
As the blasting Sean Hannity radio show coming from a passing Police curser this past Monday told me...only media-duped fools think there is any money left in the Social Security fund.
So Christie must be a Commie loving UN sponsored sleeper agent to try and convince conservatives that there is still 7 or 8 years left. No wonder another former Republican savior is polling single digits....the base has him figured out like they figured out that that Paul "5th Column" Ryan guy was a traitor too!
Those IOUs Christie talks about are bonds backed by the full faith of the US government. Virtually the same as dollar bills. The government is not running out of dollars.
It's funny how the SS Trust Fund is always about 20 years away from insolvency.
I'm guessing at 5 years from now, it will be...right about...20 years away from insolvency. Hence, we need to cut benefits RIGHT NOT, so we don't have to cut benefits in, like 20 years.
Meanwhile the Pentagon goes insolvent every year and no one thinks anything of it.
Clearly, the media is very, very librul.
John Taylor above beat me to it. I assume "IOUs" is a Frank Luntz creation.
That's why they don't want to raise the debt ceiling; gotta discredit those IOUs somehow...
-Doug in Oakland
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