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EducateWorthington.org

The 912 Project - Glenn Beck

912 Group of Central Ohio

Please let me know if you'd like your link added

[We could say [Democrats] spend money like drunken sailors, but that would be unfair to drunken sailors. It would be unfair, because the sailors are spending their own money. --Ronald ReaganAl Gore didn't invent the internet, he invented global warmingThe welfare of humanity is always the alibi of tyrants - CamusThe person who advocates government planning of the economy always assumes that it is his plan that will be put into effect. --Hayek]

We should host a discussion.

http://www.heritage.org/research/budget/legacyofdebt.cfm

When an individual does it, they call it a crime.
When the government does it, they call it Social Security.


The Social Security Ponzi scheme

In the past several months as the debate over Social Security reform has taken center stage in the theater of the absurd that is modern American politics, the idea has been floated that the entire pay—as—you—go structure of this system closely resembles a Ponzi scheme, albeit one that is about to collapse.

http://www.americanthinker.com/2005/03/the_social_security_ponzi_sche.html

[We could say [Democrats] spend money like drunken sailors, but that would be unfair to drunken sailors. It would be unfair, because the sailors are spending their own money. --Ronald ReaganAl Gore didn't invent the internet, he invented global warmingThe welfare of humanity is always the alibi of tyrants - CamusThe person who advocates government planning of the economy always assumes that it is his plan that will be put into effect. --Hayek]

Early retirement claims increase dramatically
Instead of working longer as the economy worsens, more Americans are calling it quits before age 66. The ramifications could be profound for the retirees, families, government and social institutions.

By Mike Dorning

Reporting from Washington -- Instead of seeing older workers staying on the job longer as the economy has worsened, the Social Security system is reporting a major surge in early retirement claims that could have implications for the financial security of millions of baby boomers.

Since the current federal fiscal year began Oct. 1, claims have been running 25% ahead of last year, compared with the 15% increase that had been projected as the post-World War II generation reaches eligibility for early retirement, according to Stephen C. Goss, chief actuary for the Social Security Administration.
 
Many of the additional retirements are probably laid-off workers who are claiming Social Security early, despite reduced benefits, because they are under immediate financial pressure, Goss and other analysts believe.

http://www.latimes.com/news/nationworld/nation/la-na-retirement24-2009may24,0,885521.story

[We could say [Democrats] spend money like drunken sailors, but that would be unfair to drunken sailors. It would be unfair, because the sailors are spending their own money. --Ronald ReaganAl Gore didn't invent the internet, he invented global warmingThe welfare of humanity is always the alibi of tyrants - CamusThe person who advocates government planning of the economy always assumes that it is his plan that will be put into effect. --Hayek]

Remember when GWB tried to reform SocSec?  Remember the grief he got from the libtards?
 
Third-Rail Shocker

Entitlements: While a massive health care entitlement is fashioned in secret, another one, Social Security, is running deficits decades earlier than expected. We've been kicking the can down the road. We're out of road.



As Bernie Madoff found out, any Ponzi scheme depends on a continuous inflow of new cash and new customers or the ever-expanding pyramid will totter and collapse. Social Security, dependent as it was on new workers paying the expanding benefits of retirees, is about to, much sooner than expected.

As Ed Morrissey over at HotAir.com reminds us, Peter Orszag, now director of the Office of Management and Budget, predicted as director of the Congressional Budget Office in August 2008 that no one needed to worry about Social Security. "CBO projects that outlays will first exceed revenues in 2019 and that the Social Security trust funds will be exhausted in 2049," we were told.

As the baby boomers have started retiring and the economy has collapsed, that day of reckoning is here. The Social Security Administration's Office of the Chief Actuary finally got around to posting detailed November numbers, and they aren't pretty.

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=517577

[I also encourage you conservatives to watch Stossel tonight at 8pm. Liberals, you can go back to your Cone of Ignorance..]

Oh..I'd say about 7 years ahead of schedule (depending on when you start counting).  0bamacare will accelerate this to bankruptcy even further ahead of schedule.  And for you libtards who don't understand economics (which applies to 99.99999% of you), Medicare has a larger liability than SS.

I also encourage you conservatives to watch Stossel tonight at 8pm.  Liberals, you can go back to your Cone of Ignorance..

Social Security Goes into Deficit

Every since the early eighties, when the Greenspan commission kicked the can down the road with a combination of tax increases and later retirement ages, analysts have been awaiting the day when the system would finally go into deficit.  That date has been sliding around between 2016 and 2020 for some years now, but the suspense is finally over: the system is going into deficit this year.

" . . . payments have risen more than expected during the downturn, because jobs disappeared and people applied for benefits sooner than they had planned. At the same time, the program's revenue has fallen sharply, because there are fewer paychecks to tax."

According to the CBO report from which that article is drawn, the deficit will persist until around 2014, at which point it will go temporarily back into surplus before returning permanently to the red in 2018.  This is a small but permanent deterioration of the program's finances--the people who have retired early will pay no more FICA taxes, and they'll have less in the way of taxable Social Security benefits.

http://www.theatlantic.com/business/archive/2010/03/social-security-goes-into-deficit/38019/