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January 06, 2013

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henry

Heh, if Obamacare is still around we will be dying in droves. That must be the secret budget savings.

Cecil Turner

The truly misleading bit is this:

Those funds — a $2.7 trillion buffer built in anticipation of retiring baby boomers — will be exhausted by 2033, the government currently projects.
A more open assessment would look something like this:
Those funds — a $2.7 trillion buffer built in anticipation of retiring baby boomers — were spent on pet projects by shortsighted politicians and replaced by IOUs. Hence future taxpayers will have to make up that amount as well as the other obligations in the program.
And even FactCheck won't support the various Democrats (esp. Harry Reid and Richard Durbin) who continue to lie about it.

Clarice

Do you think ValJar has something up her evil sleeves?

anonamom

This, Matt Taibbi's article on what a crony deal the bank bailout was that is in the current Rolling Stone---
almost makes you think these folks deliberately held these back until after the election---


Nah, only a crazy conspiracy theory believing Tea Partier would think that.

Ignatz Ratzkiwatzki

I could see a Harry Reid sponsored bill demanding the SS actuaries apply the 50-54 trend to all age groups; presto, SS and Medicare problem solved.

hit and run

TM:
So fifteen years from now everyone aged 55-59 will die? This has to be a blow to current 40-44 year olds.

Oh well. We had a good ride.

narciso

Well the terminators will have done their work, but that does 'toad the wet sprocket'

hit and run

Life clocks are a lie! Carousel is a lie! THERE IS NO RENEWAL!

Threadkiller

Is there a link, anonamom?

bgates

The truly misleading bit is this

At first Social Security revenue exceeded taxes, but now most of each year's cost of Social Security is covered by Social Security taxes paid during that year, and the remainder is covered by the redemption of bonds held by the feds in exchange for taxes from general revenue, but if the feds run low on bonds, they'll have to make up the shortfall with some other taxes.

So originally Social Security was paid for with taxes, but right now it's paid for with taxes and taxes, but at some point in the future it will require taxes, taxes, and taxes.

sbw

Brilliant simplicity, bgates.

Jack is Back

If the Colts and not the Broncos make it to the super bowl then Skip Bayless won't make it to 59.

cathyf

Brilliant, bgates. But there has got to be some way to work in the other side. Maybe something along the lines of:

So originally Social Security was paid for with taxes, while the rest of the government was paid for with taxes, taxes and taxes. But right now it's paid for with taxes and taxes, while the rest of the government is paid for with taxes and taxes. But at some point in the future it will require taxes, taxes, and taxes, while the rest of the government is paid for with rainbow gold and unicorn horn.

narciso

The Ravens are working on preventing that prospect, JiB.

bgates

And it looks like Ray Lewis will survive another week, unlike that guy he stabbed.

maryrose

I want the Colts not the Ravens. Go Oliver Luck. Luck is the player we in Cleveland should have gotten in the draft. However a team that has won the SuperBowl to Cleveland's never won it got the first draft pick. We got another retread Weedon and the rest as they say is history. We in Cleveland win just enough games to miss the 1st draft pick. I believe we are one of the only teams without a consistent quarterback since 1999.
Please one of you other teams allow us to pick up a decent quarterback. We got one and then never used him. Even our back-ups are useless. We didn't try for Peyton, Tebow or Vick. We are our own worst enemy.

NKonIPAD

Matt taibbi? I read a few words-- no one is actually THAT stupid. He must wilfully lie in all this drek he pumps out.

NKonIPAD

The SS Admin's actuarial expertise? Close enough for government work I guess. Either that -- or in 2028 it's an ice flow or burning long boat for me.

WilliamTeach

But the minute a Republican brings up SS reform, the Fish Wrap will be back to telling us that SS is doing just fine, thank you very much, and don't you dare attempt to fix it.

jorod

We should put everyone on notice that medicare and Soc. Security ages will increase to age 70 for full benefits in 5 years. This will give people time to plan for the future.

WarEagle82

The only thing more screwed up than government programs are government statistics...

gad-fly

maryrose:

Oliver Luck was drafted in 1982 by the Houston Oilers so I hope that you will appreciate that even though he is a Cleveland native, 52 year old QBs just are not as good as 30 year old QBs which I believe is Brandon Weeden's age.

Indeed, Colt QB Andrew Luck, Oliver's son, was available in Round One of the 2012 draft but the Browns won too many games in 2011.

Rewrite!

Take two aspirin -- and DIE, for Obama's sake!

RebeccaH

Prepare for an Obamacare-driven "Logan's Run" scenario.

Logan 3

There is no sanctuary! If only everyone would get on Carousel no later than age 60, we should be fine.

BobB59

maryrose,

Didn't Cleveland take Tim Couch with the No. 1 overall pick a few years ago?

Chester White

For God's sake, THERE IS NO TRUST FUND. It consist of an arm of the government owning bonds issued by another arm of the government.

No different than if you pull a piece of paper from your right pocket, note on it "IOU $20,000,000," and stick it your left pocket and think you are now rich.

Thus it matters not if the "Trust Fund" is zero or $50 or $100000000000000.

Meaningless.

Micajah

The SocSec trust fund is a claim on general tax revenue. The higher OASI taxes (FICA) paid since 1983 did two things: (1) ensure that OASI tax revenue at least matched OASI payments to beneficiaries, and (2) shift part of the future OASI payments to general tax revenue (i.e., the income tax) rather than leaving it all on FICA taxes.

The first thing was needed back then, because OASI payments to beneficiaries had already grown so much that FICA revenue couldn't pay the benefits to beneficiaries back then. So, the FICA tax rate was increased back in the early 1980s to eliminate the gap at the time.

The second thing done by raising the FICA tax was to handle the future gap for baby boomers. Knowing that the baby boomers would be receiving SocSec payments in the future that couldn't be matched by FICA revenue without a bigger hike in the FICA tax rate, the SocSec reformers of the early 1980s put that future extra burden onto the income tax revenues.

The gap between current FICA tax revenue and OASI payments would be filled from general tax revenue (or more borrowing, if there isn't enough income tax revenue to fill the gap) as the trust fund "IOUs" were redeemed.

gollsamirita

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