Social Security, Medicare closer to i...

Social Security, Medicare closer to insolvency

There are 18 comments on the DispatchPolitics story from May 14, 2011, titled Social Security, Medicare closer to insolvency. In it, DispatchPolitics reports that:

The foul economy has shaved a few more years off the life expectancy of Medicare and Social Security, according to a new government report released yesterday.

Join the discussion below, or Read more at DispatchPolitics.

30 yr Cop

Canal Winchester, OH

#2 May 14, 2011
That's why the State of Ohio would like to get their hands on our private pension funds. Not because their mismanaged, because there's $12 billion in assets to use for other sheet.
Bob

Atlanta, GA

#3 May 14, 2011
SS is a rip off, look at what happens when that money is put in a real plan. It's no surprise that the group exempted from it is government employees.

http://www.ncpa.org/pub/ba514

Dems need victims so they want the general public stuck in SS.
Former Republican

United States

#4 May 14, 2011
All you people who are listening to this Ohio governor and these puppet state legislators concerning S.B.5 and public pensions...YOUR TURN...wake up people, these republican politicians, both state and federal, are taking your benefits away so they can give their big business buddy's more money. Look what Batchelder did for his charter school owner friends...they will make millions off of our backs...vote against S.B.5 and any changes to pension benefits-public and private-vote these greedy, self serving republicans out of office.
Former Republican

United States

#5 May 14, 2011
BOB...you are and always will be uneducated and misinformed.
Bob

Atlanta, GA

#6 May 14, 2011
Former Republican wrote:
BOB...you are and always will be uneducated and misinformed.
Are gov employees in SS or not ? If you say yes, you are wrong. If you say no, then ask yourself, if SS was good, why did they opt out ?
Former Reopublican

Columbus, OH

#7 May 15, 2011
BOB...first of all, some government employees in certain states - like the state of Washington - pay both social security and PERS, they don't have a choice to "opt out"....and second, your statement that "Dems need victims so they want the general public stuck in SS." is completely absurd. Do you you know how many republicans, as well as democrats, have had a chance in the house and senate to fix social security, and haven't done a thing? It's not just a democrat issue.
Slow learner

Columbus, OH

#8 May 15, 2011
Bob wrote:
SS is a rip off, look at what happens when that money is put in a real plan. It's no surprise that the group exempted from it is government employees.
http://www.ncpa.org/pub/ba514
Dems need victims so they want the general public stuck in SS.
Have your presidential candidate, Newt Gingrich, propose increases in federal taxes to repay the 2.4 trillion dollars that the republican congress and George Bush "borrowed" from the Social Security traust fund to invade Iraq and Afghanistan.
Slow learner

Columbus, OH

#9 May 15, 2011
Bob wrote:
<quoted text>
Are gov employees in SS or not ? If you say yes, you are wrong. If you say no, then ask yourself, if SS was good, why did they opt out ?
Bob, Social Security was created after the Ohio Public Employees Retirement System, so covered employees were exempted when SS was created.

Social Security is a benefit providing a monthly pension and health care coverage for retired citizens that would not be covered.

If George Bush had privatized Social Security in 401(k) programs, some citizens risked losing everything in the Lehman Brothers and Morgan Stasnley bankruptcies, like the employees at Enron who invested in the company stock.
Bob

Atlanta, GA

#10 May 15, 2011
Slow learner wrote:
<quoted text>
Bob, Social Security was created after the Ohio Public Employees Retirement System, so covered employees were exempted when SS was created.
Social Security is a benefit providing a monthly pension and health care coverage for retired citizens that would not be covered.
If George Bush had privatized Social Security in 401(k) programs, some citizens risked losing everything in the Lehman Brothers and Morgan Stasnley bankruptcies, like the employees at Enron who invested in the company stock.
The PERS retirement account is full of equity funds, did they lose everything ? That answer is no. Did you read the link on the Galvaston county employee plan ? If you had, you would not have even brought up people losing everthing because, like the people in PERS, they did not. My sister is in OPERS and I helped her pick out funds many years ago, she has received good returns. If you are correct, why didn't people in the equity accounts lose everthing like you say.
Bob

Atlanta, GA

#12 May 15, 2011
Slow learner wrote:
<quoted text>
Have your presidential candidate, Newt Gingrich, propose increases in federal taxes to repay the 2.4 trillion dollars that the republican congress and George Bush "borrowed" from the Social Security traust fund to invade Iraq and Afghanistan.
This post shows how really out of touch you are. Back in the 60's, LBJ and the democrat house and democrat senate changed the accounting rules, a gimmick, that helped him spend that money in the general budget. It's funny to see you blame Bush "borrowing" that and blame it on the war. When the dems did their budget gimmick with SS, they needed money to fight the war in Vietnam, a country that did not attack us. SS did not have a trust fund when Bush took over, you are one of the few that do not seem to know this. When Bush took office, the country had a 5 or 6 Trillion dollar debt and you are way high on the war costing 2.4 trillion. But the fact still is, SS is a rip off for responsible people that feel their hard earned money should be working for them, you know, earning compound interst and growing. If you can't handle this concept, go ahead and put your money in a can.
Bob

Atlanta, GA

#13 May 15, 2011
"Social Security will run a permanent yearly deficit when looking at the programís tax revenues compared to what it must pay out in benefits, the programís trustees said Friday in a report that found both the outlook for Social Security and Medicare, the two major federal social safety-net programs, have worsened over the last year.

Medicareís hospital insurance trust fund is now slated to run out of money in 2024, or five years earlier than last yearís projection, while Social Securityís trust fund will be exhausted by 2036, a year earlier than the prior projection.

The trustees stressed that exhaustion of the trust funds doesnít mean the programs will stop paying all benefits. Social Security could fund about three-fourths of benefits past 2036, and Medicare could pay 90 percent of benefits past 2024 under current trends.

The figures come as Congress and President Obama are wrestling over whether to make major changes to the entitlement spending, and Republicans said the new projections should force the debate to turn in their direction."

What a great plan, why would I ever want anything else ?
HowRad

Dry Ridge, KY

#14 May 15, 2011
Slow Learner

Social Security was originally set up for widows and orphans. It didn't kick in for males till the age of 65 when the average lifespan for a male was 57. Now we have drug addicts on Social Security. The program has turned into a social catch all and that is why it will eventually collaspe of it own weight.
Downhill from here

Plain City, OH

#15 May 15, 2011
30 yr Cop wrote:
That's why the State of Ohio would like to get their hands on our private pension funds. Not because their mismanaged, because there's $12 billion in assets to use for other sheet.
It won't be the state of Ohio, it will be the federal government. Here's how it could happen: Several state and local pensions across the US become invsolvent. Feds step in to avert a widespread 'crisis' with a bailout. The bailout involves nationalizing all state and local government pensions and using the trillion dollars or so in assets in those pensions for the bailout. Those pensions are then folded into the federal system or social security.



Downhill from here

Plain City, OH

#16 May 15, 2011
What most people don't realize is that the 'trust funds' are nothing more than accounting journal entries on the government's books. There are no marketable securities or anything else the government could sell to fund these programs. Once they start paying out more than they take in, the government defecits just get larger.
LOL

Tampa, FL

#17 May 15, 2011
As long as obama stays "lazer focused" on jobs ....but, never creating any jobs.....

more and more older unemployed workers will be forced to go on Social Security retirement early just to survive....

just making speeches never solves anything....it allows things to grow worse.
Slow learner

United States

#18 May 15, 2011
LOL wrote:
As long as obama stays "lazer focused" on jobs ....but, never creating any jobs.....
more and more older unemployed workers will be forced to go on Social Security retirement early just to survive....
just making speeches never solves anything....it allows things to grow worse.
You know that Obama put his political career on the line when he worked with the legislature to get funding for TARP and support for rescueing General Motors and Chrysler from bankruptcy. Obama may have saved more state and local government jobs with his aid to states, with Ohio receiving 8 billion dollars.

I would counter saying that Obama was responsible for saving more jobs than any president in US history. BTW, you never see him thumping his chest like certain midwestern governors.
Downhill from here

Plain City, OH

#19 May 15, 2011
Slow learner wrote:
<quoted text>
You know that Obama put his political career on the line when he worked with the legislature to get funding for TARP and support for rescueing General Motors and Chrysler from bankruptcy. Obama may have saved more state and local government jobs with his aid to states, with Ohio receiving 8 billion dollars.
I would counter saying that Obama was responsible for saving more jobs than any president in US history. BTW, you never see him thumping his chest like certain midwestern governors.
In reality, the stimulus aid to states prolonged the inevitable. The President saved some jobs for about 3 or so years. State and local government job layoffs began in significant numbers across the country at the end of last year and will continue for at least the next 2 years or so. CNN reports state and local government layoffs of 55,000 since January, and projections for the full year are as high as 250,000 As for the auto bailouts .... some of us are old enough to remember the Chrysler bailout in the 80's. It seems to me that once you start bailing things out, it's bound to happen again in the future. I suspect we'll see more bank bailouts in the future.
just saying

Tampa, FL

#20 May 16, 2011
Slow learner wrote:
<quoted text>
You know that Obama put his political career on the line when he worked with the legislature to get funding for TARP and support for rescueing General Motors and Chrysler from bankruptcy. Obama may have saved more state and local government jobs with his aid to states, with Ohio receiving 8 billion dollars.
I would counter saying that Obama was responsible for saving more jobs than any president in US history. BTW, you never see him thumping his chest like certain midwestern governors.
saving union jobs with payoffs using taxpayer money does nothing for the millions of unemployed in the country that are all applying for the same 100,000 jobs.....

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