Author Topic: SOC sec disability in big trouble.  (Read 452 times)

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Offline powderman

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SOC sec disability in big trouble.
« on: January 26, 2013, 06:09:07 am »
Social Security's disability trust fund could fail to cover all benefits early as 2016  By Jim Angle
Published January 25, 2013
FoxNews.com    As President Obama faces pressure on the left to defend federal entitlement programs from the benefit cuts that the Republicans say are necessary to keep the programs solvent decades down the road, one part of Social Security could fall short of paying out full benefits within a few years -- even while Obama is still president.
Over the long term, Social Security and Medicare have promised tens of trillions of dollars more in benefits than the nation can pay for under current policies. But Social Security's disability trust fund is in even worse shape, and current estimates say by 2016 it won't have enough money to pay full benefits.
"That's three years from now," Jim Capretta of the Ethics and Public Policy Center said. ďAnd given the president's rhetoric and his posture, it's quite clear that he has no intention of doing anything about it."
 
The fiscal security of the disability trust fund got rapidly worse as the unemployment rate rose. The number of applications has almost doubled in the last 10 years, from 1.5 million a year in 2001 to more than 2.8 million a year in 2012.
Obama has said little about how he would fix the fund's finances.
"President Clinton talked about 'mend it, donít end it,'" Nicholas Eberstadt of the American Enterprise Institute said. "To judge by (Obama's) remarks, there's nothing that needs mending in our entitlement systems."
In his first term, Obama took steps to make it easier for people to apply for disability payments, but nothing was changed to help the program pay even bigger bills as it accommodated more beneficiaries.
 
Even so, Obama took a swipe at Republicans in his inaugural address by saying, "the commitments we make to each other -- through Medicare, and Medicaid, and Social Security -- these things do not sap our initiative; they has strengthen us."
Republicans have proposed reining in federal entitlement spending as a necessary step toward cutting the federal deficit, but Obama's critics note that no one is opposing the programs themselves.
"It was sort of a straw man argument," Eberstadt said. "I mean, I donít know who wants to scrap Medicare, Social Security and Medicaid."
 
Because the programs are funded through payroll taxes, money will continue to pour in as long as the country has workers. But with the country's large aging population expected to collect more and more from the programs than younger workers are contributing, analysts are worried that at some point the programs will no longer be able to pay full benefits as promised -- unless changes are made, presumably either raising taxes or cutting benefits.
"If we don't work together to strengthen our entitlement programs, they will go bankrupt," Senate Republican Leader Mitch McConnell said in a floor speech. "Automatic cuts will be forced on seniors already receiving benefits, rendering worthless the promises that they built their retirements around."
Capretta faults Obama.
"Ironically, the president's course, which is to essentially ignore the problem, is the course that will endanger these programs rather than protect them," Capretta said.
 
Senate Democratic Leader Harry Reid, however, has argued that entitlement programs are much stronger than Republicans portray them to be, partly because of measures contained in Obama's health care law.
Under that law, "savings from cutting wasteful spending and fraud will extend the solvency of the Medicare trust fund by an additional eight years," Reid said in October in a Washington Post op-ed.

Read more: http://www.foxnews.com/politics/2013/01/25/social-security-disability-trust-fund-could-fail-to-cover-all-benefits-early-as/#ixzz2J5fZ9WtW

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SOC sec disability in big trouble.
« on: January 26, 2013, 06:09:07 am »

Offline kennyd

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Re: SOC sec disability in big trouble.
« Reply #1 on: January 26, 2013, 06:20:27 am »
It was never intended to fund all the wino's, drug addled, and so on.  Most of those people who are "mainstreamed" and living in the alley qualify.  The original view was for people who were "disabled" (cancer, lost limbs, etc) to be able to exist.  Add in the feeble minded ones caused by the adulterated food and innoculations.  That is a whole new and long thread.
just because you're paranoid doesn't mean they are not watching you

Offline magooch

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Re: SOC sec disability in big trouble.
« Reply #2 on: January 26, 2013, 06:41:16 am »
I'm sure that the decision by our brilliant leaders to reduce the FICA tax for the past two years made the Social Security fund even more solvent.  We're headed for a crash and they've put the pedal to the metal.
Swingem

Offline powderman

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Re: SOC sec disability in big trouble.
« Reply #3 on: January 26, 2013, 10:53:44 am »
It was never intended to fund all the wino's, drug addled, and so on.  Most of those people who are "mainstreamed" and living in the alley qualify.  The original view was for people who were "disabled" (cancer, lost limbs, etc) to be able to exist.  Add in the feeble minded ones caused by the adulterated food and innoculations.  That is a whole new and long thread.

 
KENNYD. Good post Sir. POWDERMAN.  ;D ;D

Offline dwalk

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Re: SOC sec disability in big trouble.
« Reply #4 on: January 26, 2013, 02:16:33 pm »
i may be wrong, but, IIRC, SS and medicare are taken out of the GENERAL funds that those payments from us go into...


the single biggest problem with it is congress keeps using/borrowing from it and not paying it back, is it not?


didn't good ole bill klinton authorize borrowing from it and also to tax SS benefits?
don't squat while wearing your spurs...will rogers

Offline tom548

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Re: SOC sec disability in big trouble.
« Reply #5 on: January 26, 2013, 02:31:25 pm »
They talk about all of us baby boomers collecting that causes the shortage. I can remember reading an article 20 years ago that the SS system was generating $ 3million a day more than was needed to pay those retired.  This excess would go into the general fund and  was spent.  I checked it at that time and it appeared to be true, so in my thinking it is time the government payed our SS system back.
This rings true to me as my State government has tried to take all the money out of our state retirement system almost every year. We have had good comptrollers and they have fought the politicians so far. Our retirement is about the only solvent thing in NY.

Offline kennyd

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Re: SOC sec disability in big trouble.
« Reply #6 on: January 26, 2013, 02:55:47 pm »



spent all "our" money in the general fund, quit taking it out of paychecks for 2 years.  .  replaced it with IOU's.  Never mention the miracle of compound interest.  Now, I hear, they are raiding the retirement funds of the government workers, (not congress'es, I bet), then will find a way to get into any 4k01's or such we have. 


I had figured to use .22's as a basis of the new money.


It is the time for me to retire, I am turning 65, figure on another few years, and think I may be smart to pull out the retirement savings out pretty quick. I did think to work it to maximize my benefits, but don't have any faith in the whole banking system keeping going.
just because you're paranoid doesn't mean they are not watching you

Offline Anna

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Re: SOC sec disability in big trouble.
« Reply #7 on: January 26, 2013, 05:24:31 pm »
I read this article this morning and thought to myself that people my age will never see any SS.
What a pyramid scheme is how my generation feels about it . And now they are saying that the VA
isn't that far behind.

Offline Ranger99

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Re: SOC sec disability in big trouble.
« Reply #8 on: January 26, 2013, 09:01:31 pm »
well here goes. . . . .
i've been saying for years there is no
such thing as a budget surplus.
if everything is funded and up to snuff
the excess is called overcharge, and should be
refunded to those who paid it.
i know without a doubt i can manage my
money that i earned way better than
any other person can because only i
know how much trouble it was to make it.

Offline ChungDoQuan

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Re: SOC sec disability in big trouble.
« Reply #9 on: January 26, 2013, 09:17:40 pm »
I guess they'll have to cut the military spending...
If you give up, THEY don't have to win.

"'Cause what they do in Washington, they just take care of number 1. And number 1 ain't you. $__t, you ain't even number 2!" Frank Zappa

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Offline guzzijohn

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Re: SOC sec disability in big trouble.
« Reply #10 on: January 27, 2013, 06:37:10 am »
Quote from kennyd:
"It was never intended to fund all the wino's, drug addled, and so on."


It doesn't.
GuzziJohn

Offline magooch

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Re: SOC sec disability in big trouble.
« Reply #11 on: January 27, 2013, 07:11:14 am »
The surplus Social Security funds were set up when Reagan was President.  It was to fund benefits to the Baby Boomers when they got to retirement age.  Those surplus funds by law could only be loaned to the general fund.  There was never any provision to just stash the money in a vault, which would be impractical anyway.  Where the mistake was made was in not restricting what the loaned money could be spent on.  Anyway, the General Fund is paying back the loans with interest and as far as I have heard, there has never been a missed payment.  However, if nothing changes, the General Fund will soon not have enough revenue to pay anything but the interest on loans and something will have to give.  Anyone who voted for Obama and the Dumycrats should be disqualified from receiving any SS benefits.
Swingem

Offline rickt300

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Re: SOC sec disability in big trouble.
« Reply #12 on: January 27, 2013, 09:36:50 am »
The surplus Social Security funds were set up when Reagan was President.  It was to fund benefits to the Baby Boomers when they got to retirement age.  Those surplus funds by law could only be loaned to the general fund.  There was never any provision to just stash the money in a vault, which would be impractical anyway.  Where the mistake was made was in not restricting what the loaned money could be spent on.  Anyway, the General Fund is paying back the loans with interest and as far as I have heard, there has never been a missed payment.  However, if nothing changes, the General Fund will soon not have enough revenue to pay anything but the interest on loans and something will have to give.  Anyone who voted for Obama and the Dumycrats should be disqualified from receiving any SS benefits.
I agree, profiting from treason is wrong.
I have been identified as Anti-Federalist, I prefer Advocate for Anarchy.

Online mechanic

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Re: SOC sec disability in big trouble.
« Reply #13 on: January 27, 2013, 10:08:36 am »
I guess they'll have to cut the military spending...

If they eliminate spending 100% for ALL government operations, including general government salaries, military, congress...you name it, there is still not enough tax revenue to cover SS, Medicare and Medicaid long term.
 
Ben
Molon Labe, (King Leonidas of the Spartan Army)

Offline Lawful Larry

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Re: SOC sec disability in big trouble.
« Reply #14 on: January 27, 2013, 10:22:34 am »
Quote from kennyd:
"It was never intended to fund all the wino's, drug addled, and so on."


It doesn't.
GuzziJohn


I think you guys have it all wrong.  Social Security Retirement and SS disability funds are two different funds.  One does not influence the other!!!



FICA doesn't fund the disability payments!!!

Just another voice in the crowd!!!

 

Offline jhm

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Re: SOC sec disability in big trouble.
« Reply #15 on: January 27, 2013, 10:35:45 am »
     Gjohn go to the SS site and you will find where they state if you are a alcolic, drug addict or have Aids to sign up as you qualify for SSI, 13 yrs ago it was there I was shocked.  Jim

Offline jhm

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Re: SOC sec disability in big trouble.
« Reply #16 on: January 27, 2013, 10:39:08 am »
     And since Osama has bn in office, there has bn a increase of SSI apps. when the unemployment checks run out they sign up for SSI just another Gov. give away, dont get me wrong many people need SSI but a little more investagation is needed.  Jim

Offline Anna

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Re: SOC sec disability in big trouble.
« Reply #17 on: January 27, 2013, 11:57:21 am »
Plus they deny a large percentage of SS disability claims. Causeing those who apply to go through
lawyers that specialize in this for the appeal process. Some say its highly racist in those who get it
on the first try. But I haven't ever seen that in any of the dealings I've had with them from work.
Some problems I have seen that I thought were ridiculous were where divorcees come in and try
to get on SS disability because of the trama of an ex relationship.  ::) 
Oh both male and female, give me a break !  >:(



Offline wganz

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Re: SOC sec disability in big trouble.
« Reply #18 on: January 27, 2013, 02:41:57 pm »
Quote from kennyd:
"It was never intended to fund all the wino's, drug addled, and so on."

It doesn't.
GuzziJohn
Being 'BiPolar' is now the leading cause of SS disability. My hometown is now filled with people that are getting their 'crazy checks'.
 >:(

I've already seen what will be the the bumpersticker for my car:

Quote
Working like crazy
to support the lazy.

 

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