New York (CNNMoney) – The trust funds of Social Security and Medicare - the country's two biggest entitlement programs - will run dry earlier than expected, according a report Friday from the programs' trustees.
After expiration, the programs will only be taking in enough money to pay a portion of promised benefits to retirees.
"Larger, more difficult adjustments will be necessary if we delay reform. And making reforms soon that are phased in over time would help reduce uncertainty about future retirement benefits."
Pretty much, old Timmy boy wants to go along with the recomendations of the President's fiscal commission. This problem can be fixed if you simply end the Bush tax cuts. The American people do not want Medicare or SSI changed from the way we know it today. Every poll shows that.
This would not be a problem if we rolled back the Bush Era Taxcuts!
These funds have been raided to pay for tax cuts since the days of Reagan. He was the first to do it. Reaganomics said that taking a few billion to pay for a tax cut would create enough jobs to more than make up the expenditure.
The average person making around $40k per year pays what, how much, $1000 annually for SSI. (Too high, right? Good.) That means it would take one million people to collect one billion dollars. So how many jobs (per year, every year) would it take to make up a $50B tax cut being paid annually? Enough jobs to build a pyramid.
Please don,t vote in Gop/TP in 2012, "to gamble away and borrow our Medicare! "Most of us have paid our Social Security every week for 35 Years? Take away Big Corporate Welfare,raise taxes on millionaires, and we,ll be fine. Obama 2012
If the BIG OIL companies paid their fair share of taxes–these services could be saved. I guess BIG OIL needs better treatment then senior citizens and children. How about the money we pay every country in the world to be out friends. Lets stop that give away. If the rich paid their fair share of taxes these services could be saved. Need I say more?
I am not rich, My wife and I both work and make pretty good money but we are far from rich. I would personally love to not pay into social securiity now, and invest on my own. I don't feel like I should have to support everyone else, and everyone else should have to support me when I'm older if I need it or not. If social security is such a good idea, why is it not voluntary?
Well these people must just be crazy because the Democrats say nothing is wrong and put the pedal to the metal full steam ahead and everything will be sunshine and roses. The Democrats couldn't be lying to us could they? And if this IS true, I'm sure they've got a plan right? No plan you say, because nothing is wrong? Hmmm.... Somebody isn't telling the truth now who could that be??? Hmmm???
to listen to harry reid and for him to say everything is fine with these two programs confirms how out of touch he is... our house is on fire and they stick there heads in the sand.... only if we had leaders who werent just worried about getting re-elected...
Keep your eyes on the prize folks,its a trick for us to go for the vouchers.
They had better not run short before I receive the more than $100,000 more that I've paid into it. I've been on soc. sec. 3 years, and get a mere pittance. It's disgusting that they've stuck their greedy paws into soc. sec. trust fund for everything and are now threatening the very people that paid into it for 50 years.
Fire the republicans. They want the poor to die before they can collect what they were forced to pay.
When is "earlier than expected?" C'mon! Details please!
Yet this is just the type of information that liberals claim to be nothing more than scare tactics. Democrats just don't appear to take this seriously. They have zero plan to address the issue.