can someone explain taxes/budget/expenses

[Fly Rod]

I do not understand the big deal about social security at this time. Social is solvent to 2017 and still taking in more monies then it is paying out. The last incease to employers and employees to the payroll tax was in the early 80's of which has kept social solvent for the last 25 years or so. I would think that if the payroll tax was raised about 1.5% for employer & employee social will be good for another 40 years beyond 2017. Are your elected officials using social as a scape-goat? Social only takes up about 6% of the GDP As they take money from the reserve of social security, they are putting in IOU's. If elected officials would pay some of the IOU's it would make social even more solvent, but I am sure that the government has no intention of paying back, just keep taking. They are thieves and should not be taking monies to put into the general fund. Just because the country is broke does not give them the right.

When Rosservelt passed social in the 1930's it was a ploy for re-election since the average life span then was about 58 years old the government figured that 1 out of 10 would collect, then in the late forty's- fifties vacines were dicovered that increased the life span.

The young people of today should be paying more, their life span is much greater today with today's medicine and vaccines.

[buckman]

Originally Posted by Fly Rod

The young people of today should be paying more, their life span is much greater today with today's medicine and vaccines.

No..They pay into it for longer and won't be able to collect, if they are lucky, until they are 70.

[scottw]

I guess it's probably not a big concern...but remember, all of these projections are based on rosy scenarios...of course the world is quite stable right now oh, and remember that SS recipients haven't been getting COLA increases because the admin. claims there's no increase in the cost of living...the number should be higher


Jan 27, 2011 The Congressional Budget Office said Wednesday that Social Security will pay out $45 billion more in benefits this year than it will collect in payroll taxes, further straining the nation’s finances. The deficits will continue until the Social Security trust funds are eventually drained, in about 2037.

Previously, CBO said Social Security would start running permanent deficits in 2016. In the short term, Social Security is suffering from a weak economy that has payroll taxes lagging and applications for benefits rising. In the long term, Social Security will be strained by the growing number of baby boomers retiring and applying for benefits.
.............................
August 18, 2010: 6:49 PM ET


NEW YORK (CNNMoney.com) -- It's official: Social Security will reach its tipping point this year.

For the first time in nearly 30 years, the system will pay out more benefits than it receives in payroll taxes both this year and next, the government officials who oversee Social Security said on Thursday.

And while Social Security cash flow will likely head back into the black for a few years after that, starting in 2015 it looks to stay in the red for the long haul, the trustees said in their annual report.

"The improving economy is expected(always count on the opposite of what this bunch says is "expected") to result in rough balance between Social Security taxes and expenditures for several years before the retirement of the baby boom generation swells the beneficiary population and causes deficits to grow rapidly," Treasury Secretary Tim Geithner said.

As for this year's dip into the red, Geithner said the recession is to blame.

[Fly Rod]

Originally Posted by buckman

No..They pay into it for longer and won't be able to collect, if they are lucky, until they are 70.

Someone that is in their 40's should be waiting until they are 70.

I have been paying in since 1964 and now I have to wait till I'm 66 not 65 to collect.

[buckman]

Originally Posted by Fly Rod

Someone that is in their 40's should be waiting until they are 70.

I have been paying in since 1964 and now I have to wait till I'm 66 not 65 to collect.

I'm 49 and not thrilled with 70 Just keep bending over and taking it like a good American or be a public employee .

[Fly Rod]

Originally Posted by buckman

I'm 49 and not thrilled with 70 Just keep bending over and taking it like a good American or be a public employee .

49! You will live to you are 100 ,in your case it should be 80, they will have the miracle drug by the time your 60

[buckman]

Originally Posted by Fly Rod

49! You will live to you are 100 ,in your case it should be 80, they will have the miracle drug by the time your 60

It hurts to get out of bed now. Obama care has other plans for me