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ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink

 
DaJavoo
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05/01/2006 04:40 PM
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ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
[link to www.breitbart.com]
May 01 3:44 PM US/Eastern

By MARTIN CRUTSINGER
AP Economics Writer WASHINGTON

The trust fund for Social Security will be depleted in 2040, a year before expected, and Medicare will exhaust its trust fund reserves just 12 years from now, trustees for the programs said Monday.

Their annual report showed deterioration in the financial condition of both of the government's two largest benefit programs.

A year ago, the depletion of the Social Security trust fund had been projected to occur in 2041 and the Medicare hospital insurance fund in 2020.

The trustees, who include the head of the Social Security Administration and three members of President Bush's Cabinet, painted a sober assessment of the health of the two programs in advance of the looming retirements of 78 million baby boomers.

"We do not believe the currently projected long-run growth rates of Social Security or Medicare are sustainable under current financing arrangements," the trustees said in this year's report.

Bush's efforts last year to overhaul Social Security went nowhere in Congress. Even members of his own party refused to support the benefit cuts that would have accompanied the establishment of private accounts for younger workers.

Treasury Secretary John Snow, who is the chairman of the trustees' panel, told a news conference that the country faced a "looming fiscal crisis as the baby boom generation moves into retirement." He said the administration stood ready to work with Congress to come up with a solution.

"The serious concerns raised by the trustees' reports demand the attention of America's policymakers and the public," Snow said.

Bush, facing bleak prospects for winning approval for any changes in an election year, called in his State of the Union address for creation of a bipartisan panel to study the issue and come up with recommendations, just the latest in a number of commissions that have examined the programs.

While the depletion of the reserves built up over past years is projected to occur in just 12 years for Medicare and 34 years for Social Security, both programs will face financing issues much sooner at the point that the amount paid out each year exceeds the amount the government collects to fund them.

For Medicare, that occurred for the year of 2004. However, the program is projected to be in the black again before crossing over to paying out more than it takes in again.

For Social Security, the point at which the program will pay out more in benefits than it takes in will occur in 2017, the trustees projected, the same as in last year's report.

The trust funds contain the equivalent of government IOUs. To raise the actual cash to meet obligations, the government must either borrow more money from the public by issuing marketable Treasury securities, raise taxes or cut spending in other programs.



COMMENT: This sucks.
:DJrebelli:
Anonymous Coward
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05/01/2006 04:56 PM
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Re: ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
Nothing lasts forever except being dead.
Anonymous Coward
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Germany
05/01/2006 04:59 PM
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Re: ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
COMMENT : They deserve it for being greedy and lazy and selling out this once great country.

thanks BBs, thanks for nothing.
Anonymous Coward
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05/01/2006 05:17 PM
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Re: ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
The Social Security Administration is a corporate subsidiary of the United States of America, Inc. (Whoever they are.)

What the SSA folks (Whoever they are)did was invest the money gained by withholding SS tax. No doubt they are up to their eyeballs in derivitives and can't pay. I doubt they will be solvent within the scheduled time, which means not long from now as the economy collapses.

They have used those funds for everything from welfare to balancing the budget, thus robbing billions and billions of dollars from the next generation, and possibly this one, of any retirement we might have had. You can kiss the generations of collected tax goodbye.

Yep! They borrowed from Peter (that's us) to pay Paul...gov't debt and welfare for ALL...illegal foreigners included. The perps should all go to jail for the rest of their lives and have their property confiscated.
.
Anonymous Coward
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05/01/2006 05:43 PM
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Re: ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
now THIS will trigger rioting- Washington will burn
Matrix
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Australia
05/02/2006 06:58 AM
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Re: ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
bump
Anonymous Coward
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05/02/2006 07:03 AM
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Re: ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
Nothing last forever except being dead, not so, what if Reincarnation is true, what a dandy world you shall come back into when your breathe leaves this lifetime.
Anonymous Coward
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Canada
05/02/2006 07:04 AM
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Re: ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
I read an interesting book, think it was called 'Grey Dawn', this young guy is working on a cruise ship and receives his first paycheck. Seemed the deductions for taxes were extraordinarily high so he took it to a passenger who was an accountant. The accountant said "no it's right, and I want you to get back to work because you are paying for my cruise"
The point being, today there are 5 workers for every 1 retiree, when the baby boomers retire there will be 2 workers for 1 retiree.
How the hell will gen-xers (which I am) support the country and 140 million retirees?
Anonymous Coward
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05/02/2006 07:15 AM
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Re: ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
My math sucks this AM, should be ~90 million retirees...sorry


>The budget says that the national debt is $8,200bn; the report indicates that the present value of our obligations is more like $49,000bn. That unimaginable sum is how much money we must set aside today to pay the full Social Security and Medicare benefits that Congress has already promised.

The budget says Americans' personal share of the national debt is $28,000; the report says it is $156,000. That means that a family of five owes roughly $750,000. As David Walker, US comptroller-general, says, you owe your government the equivalent of a luxury home, only you do not get to live in it. You only get the mortgage.<

[link to groups.yahoo.com]
Anonymous Coward
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05/02/2006 07:18 AM
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Re: ATTN BABY BOOMERS: - - - Social Security, Medicare Trust Funds Sink
Good! Take that Baby Boomers! Tried using only my generation's social security and your greedy ass friends used it all! Muahahahaha suck it!





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