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.
If the federal government would (1) repay the fund the $ it took for whatever purposes other than the original purpose of ss, and (2) stop giving it away to illegals in the form of medicaid, food stamps, housing assistance, and whatever else, then the fund would not be in the red.
Yeah Marge ! You obviously do your homework
Social Security, like all other long range plans that come out of Washington was never designed to be secure without routine maintenance approved by congress. Having worked with S.S. Administrators, they warned me in 1995 that some attack dog groups in Washington were organizing an assault on S.S. and would try to convince the American public that it was in financial trouble. The S.S. Administration at that time projected the fund to be solvent through 2038 if congress did nothing for routine maintenance of the fund. When the Bush administration began their assault on the program, the OMB said the fund was actually solvent through 2042 if congress failed to step up to it's duties. These current extremist republicans that control the party are lying to the American public and are the major reason for me leaving the party and becoming an informed Independent voter!!
At least it wasn't deposited in the stock market the way some of you REAL PATRIOTS wanted. Find something else to whine about.
How about we had just disallowed mingling SS with the General Fund. If Congress had been prevented from touching these funds and the funds wisely invested, even a 1% return would have been magnificent.
I would say the way to fix Social Security is to eliminate the taxable wage base and have a person's full income social security taxable.