Wednesday, October 02, 2013

Good News! SocSec to Collapse Sooner!!

ObozoCare is a galloping malignant cancer. 

Social Security is a nuclear bomb.

...CBO concluded that the long term outlook for SS deteriorated substantially over the last twelve months...

... CBO revised its assumptions regarding mortality. This is a huge variable[] for SS. With people living longer, they will receive more checks; this eats into the solvency of SS over a long-term period.

CBO concluded that one option to 'balance' the solvency of SS required an "Immediate[] and Permanent" payroll tax increase of 3.4% (Wow!). A year earlier, CBO stated that a payroll tax increase of 1.9% was required to balance SS. The change in the tax increase required is 70% higher than that reported just a year ago!

About $200Bn in tax increase.

Or the Democrat/Socialist Party could tweak payments--like from SSDI, a fraud-laden scheme for layabouts.


steveegg said...

I'm shocked, SHOCKED to find that adopting a more-realistic mortality rate (at least before taking into account the effects of PlaceboCare) would put SocSecurity in an even bigger bind.

Of course, since PlaceboCare is making 29 the new 40, there won't be too many people collecting SocSecurity, just like the original plans from FDR and turn-of-the-20th-century Germany.

Tartar said...

I know I'm screwed, and I'm not all that far away from retirement age. I've known it for a long time, based on being situated near the tail of the baby boom population.

I am just waiting for the Government to seize all the retirement accounts, like that woman at the New School proposed. (Mrs. Clinton had a few things to say about that as well, and she had some practical experience, if I recall correctly, with the Arkansas teachers' retirement fund.) There was some chatter about that a couple of years ago, so you can bet the idea is not going to disappear.

Anonymous said...

Or we could raise or eliminate the payroll caps.

Anonymous said...

Meanwhile, folks like dud29 has no qualms with SSA depositing a monthly stipend in his bank account.

What a hypocrite.