2012 & 2013; News Said Social Security System Close to Bankrupt by Laurens Wright
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Finally the day has come, where the government has announced that the Social Security fund is just about BROKE!
- CBO: Social Security Now Officially Broke - By Kevin D. Williamson - Exchequer - National Review Onl
Kevin D. Williamson writes on NRO: Today’s CBO report has some bad news about the deficit. But CBO has some really, really bad news about Social Security: It’s officially broke.
It is Going to Be Hard to Get Back on Track
There are IOUs replacing the money in the Social Security Fund.
So what happens now????
What I see?
The money is not there... duh
Someone has to pay the T-bills, (IOU's)
Someone has to pay the SS recipients
Someone has to pay into the fund
someone has to pay the interest
as the cost increases... this system is doomed!!!!
Ratios of Contributation
The social security fund was set up so that many people would be contributing to the fund and a minority would be retired- 40 to 1 ratio was thought to be secure; for 40 people working and one retired..
Now it is a 3 to 1 ratio, with three working and one on Social Security. Pretty soon it will be 1 putting into the system and 3 retired and taking out, with the Baby Boomer Generation.... well, duh again!!!
People have worked at their jobs for decades, putting their hard earned money into the Social Security System, Only to have it removed, sold out, and stolen, which some was replaced with IOU’s? What a shame. The corruption of the government and politicians increased the national debt, borrowed from pension funds and the Social Security System and re-routed and extended the debt.
The Social Security Number has turned out to be a tracking number and the people that are trying to retire are wondering how to retire, where to retire and when to retire. Do these want-to-be retirees keep doing the work that they have been doing till they die or try to find some other type of work to supplement their Social Security Income?
What Age Bracket are You ?
See results without votingDo You Think that Social Security System Has a Chance?
See results without votingDo you think that benefits will Continue more than 5 more years
See results without votingDo You think that the Young People will start to Revolt by not wanting to pay into the System?
See results without voting- 25 Bitter And Painful Facts About The Coming Baby Boomer Retirement Crisis That Will Blow Your Mind
For decades we were warned that when the Baby Boomers started to retire that this country would be facing a retirement crisis of unprecedented magnitude.
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Thank you for your comment. Your knowledge and information are highly prized. The truth is hard to know and see from the deception and corruption of the system. Thank you again for your comment.
Thanks for taking the time to look at my hub. There is so much mis-information out there that sometimes it is hard to put things in proper perspective.
Mike Russo
The money that is backing the Social Security might be accounted on the books as being there, but as with the banks, it is reinvested, redirected and loaned out to investers. The money that is in the Social Security System is basically I.O.U.'s, future payments and prospects. A person could have a million dollar house and on the books for owning a million dollar house, but when the facts come out, that person has 30 credit cards maxed out to pay for that house. The Social Security System is in DEEP trouble! There is more people that will be retired that can support the system and the IOU's can not be repaid with the present income.
peoplepower73 Level 5 Commenter 5 months ago
Social Securtiy is not bankrupt. As a matter of fact it has a surplus of 4 trillion dollars that will last until 2037. See my hub page at: http://peoplepower73.hubpages.com/hub/socialsecuri
I like your quiz format though.
Mike Russo