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94. "...$2.5 Trillion Surplus... and can pay benefits for the next 30 years."

Sun Apr 14, 2013, 07:20 PM

Apr 2013

CBO said last year in their annual report 25 years, but they also say the Disability Insurance Fund (19% of all beneficiaries) will be exhausted by 2016. Here's a scary line in the CBO report that most people probably don't know:

"However, the Social Security Administration has no legal authority to pay scheduled benefits when they are due if their amounts exceed the balances in the trust funds."

In other words, unless something changes and 2038 rolls around with the fund depleted, they would only be able to distribute whatever money comes in monthly as payroll tax, expected to be a 20% gap between money coming in and money going out by 2030.

The full report is at the link below.

http://www.cbo.gov/sites/default/files/cbofiles/attachments/43648-SocialSecurity.pdf

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Highlight:

The Nation absolutely NAILS IT re: Obama and Social Security [View all] WilliamPitt Apr 2013 OP

Bingo!!!! haikugal Apr 2013 #1

Feh. The Nation's nothing but a bunch of emoprogs. Hong Kong Cavalier Apr 2013 #2

EMOPROGS? radiclib Apr 2013 #76

Exactly, Mr. Pitt: They Want To Welsh On The Markers The Magistrate Apr 2013 #3

I don't see why, politicians don't have skin in SS and to mess with it is xtraxritical Apr 2013 #55

the OP clearly shows they do! demwing Apr 2013 #85

K&R. myrna minx Apr 2013 #4

I like this section: CaliforniaPeggy Apr 2013 #5

This is the key to the whole thing. Jerry442 Apr 2013 #27

It has worked very well for them stealing pensions, DonB Apr 2013 #75

Many people have not watched as elderly relatives have had their pensions yanked loudsue Apr 2013 #86

Thanks for making that point. It's never written about..how KoKo Apr 2013 #87

They are Harvesting America(n's pensions). fasttense Apr 2013 #88

Indeed...! KoKo Apr 2013 #68

K&R! octoberlib Apr 2013 #6

I agree with your signature quote RVN VET Apr 2013 #21

I don't like everything about Harry Truman either but he had some good quotes. nt octoberlib Apr 2013 #73

K & R !!! WillyT Apr 2013 #7

Thanks for posting. tabasco Apr 2013 #8

Ding ding ding! Predator class theft of SS exposed on point Apr 2013 #9

Great article! JDPriestly Apr 2013 #10

That $3 trillion is going to have to come from higher taxes on the rich. reformist2 Apr 2013 #11

That debt is a pretty open "secret"... dixiegrrrrl Apr 2013 #12

Yep. kentuck Apr 2013 #13

Kick! In_The_Wind Apr 2013 #14

Obama's position is like playing a game of Russian Roulette and holding a gun to your own baby's avaistheone1 Apr 2013 #15

Kicking!!! arcane1 Apr 2013 #16

Superb article. 99Forever Apr 2013 #17

The beautiful thing about Chained CPI (from their point of view) Marr Apr 2013 #18

What is it you call someone who does the same thing over and over Jakes Progress Apr 2013 #19

more to it than that...Social Security payroll taxes funded the Bush tax cuts for the wealthy antigop Apr 2013 #20

The trillions of dollars squirreled away by way of off shore havens Babel_17 Apr 2013 #22

William Greider nailed it in this blog post. nt limpyhobbler Apr 2013 #23

Oh man, did they ever nail it Oilwellian Apr 2013 #24

F'ing eh. n/t lumberjack_jeff Apr 2013 #25

Rec a million for truth 840high Apr 2013 #26

K & R AzDar Apr 2013 #28

I have an old pitchfork in the garage... Demoiselle Apr 2013 #29

"If the president and Congress succeed in this malicious scheme... cheapdate Apr 2013 #30

Social Security does not affect the budget. WilliamPitt Apr 2013 #31

As a concession. cheapdate Apr 2013 #44

You don't make the concessions Bohunk68 Apr 2013 #48

The bargaining has been going on for at least two years, already. n/t cheapdate Apr 2013 #49

So, now you are saying that Bohunk68 Apr 2013 #63

Both sides have staked out positions endlessly cheapdate Apr 2013 #65

By the way... cheapdate Apr 2013 #50

Fuck that. WilliamPitt Apr 2013 #54

Well, then... cheapdate Apr 2013 #62

Alternatively, the President could help jail the people who cause us to lurch from crisis to crisis jtuck004 Apr 2013 #92

Now there's an idea I can support enthusiastically deutsey Apr 2013 #93

What makes you think we could elect a Democratic congress... Oilwellian Apr 2013 #37

Yes, that is our ace in the hole, imo Babel_17 Apr 2013 #43

Exactly right. Lasher Apr 2013 #32

It will be a nineteen50 Apr 2013 #33

Say that again! BrotherIvan Apr 2013 #47

nothing was accomplished? shanti Apr 2013 #34

Indeed Oilwellian Apr 2013 #36

Exactly, and now it's time to start, as someone once said, to stop looking backward, we are now sabrina 1 Apr 2013 #81

but that is a good thing. tomp Apr 2013 #83

$3 trillion G_j Apr 2013 #35

Exactly, they owe the SS fund a debt, just like we owe the bank a debt Cleita Apr 2013 #45

yep G_j Apr 2013 #53

Along with the 15 to 16 trillions of US dollars that truedelphi Apr 2013 #60

This can't be. The stories I have been told as to why the President offered up cuts to SS sabrina 1 Apr 2013 #38

knr Douglas Carpenter Apr 2013 #39

And of course the usual suspects are absent from this thread Rex Apr 2013 #40

K&R ReRe Apr 2013 #41

Anyone know where that $3 trillion that was robbed from the trust fund went? LeftInTX Apr 2013 #42

It hasn't been robbed. It's owed to the trust fund when the US Treasury bonds are redeemed. n/t Cleita Apr 2013 #46

"When" WilliamPitt Apr 2013 #56

Yeah, LOL, but it's still an asset of the SS fund. It's simple accounting unless Cleita Apr 2013 #57

Bernie Madoff style accounting G_j Apr 2013 #66

^^^^^^ Exactly!!!! ^^^^^ n/t slipslidingaway Apr 2013 #59

k&r n/t RainDog Apr 2013 #51

K&R forestpath Apr 2013 #52

Bullshit. Zoeisright Apr 2013 #58

My friend, it did happen. WilliamPitt Apr 2013 #67

^^^ This^^^ truebrit71 Apr 2013 #77

Just wait till they couple it with this video in 2014 and again in 2016. L0oniX Apr 2013 #95

Recommend jsr Apr 2013 #61

Hopefully they are correct, I think. we can do it Apr 2013 #64

They still owe the debt, regardless of whether the creditor "needs" it or not. nt Honeycombe8 Apr 2013 #69

It's a cash flow problem. hay rick Apr 2013 #70

Thanks Will... I owe you a beer fascisthunter Apr 2013 #71

Got me a new baby daughter WilliamPitt Apr 2013 #72

That's Right! fascisthunter Apr 2013 #74

I just watched that video of Bernie Sanders...... lib2DaBone Apr 2013 #78

! Bozita Apr 2013 #79

"...$2.5 Trillion Surplus... and can pay benefits for the next 30 years." OnlinePoker Apr 2013 #94

Great article because it exposes the agenda. Sent it to everyone I know Quixote1818 Apr 2013 #80

maybe your anger, your organizing, your calling daybranch Apr 2013 #82

Er, I think you may be celebrating a wee bit early. djean111 Apr 2013 #84

Beautifully said! Fantastic Anarchist Apr 2013 #89

DC: by and for The One blkmusclmachine Apr 2013 #90

I've posted the article to my FB page--thanks for posting it on DU h2ebits Apr 2013 #91

Put it to the people to vote libdude Apr 2013 #96