[FREEBEACON] The Old-Age and Survivors Insurance and Disability Insurance Trust Funds will be depleted in the next 17 years, according to the Social Security Administration's trustees report.
We were warned about this in the 1980s, the 1990s, the 2000s, and the 2010s. Hopefully President Trump will be able to push Congress to actually do something more than raise the age for receiving full payments, which has only slightly delayed the inevitable.
By 2034 the combined asset reserves of both funds are expected to be insolvent. Alone, the Disability Insurance Trust Fund will be insolvent by 2028.
According to the report, the trust funds have a total asset reserves of $2.85 trillion. Even though the trust fund reserves are growing, the cost of the program will outweigh the revenue by 2022.
"It is time for the public to engage in the important national conversation about how to keep Social Security strong," said Nancy A. Berryhill, acting commissioner of Social Security. "People understand the value of their earned Social Security benefits and the importance of keeping the program secure for the future."
In 2016, the program took in $957 billion in income but still had expenditures as high as $922 billion.
The Committee for a Responsible Federal Budget suggests policymakers phase in gradual changes that would allow for more time to plan but also promote long-term economic growth.
"The Social Security Trustees continue to underscore the need to address Social Security’s financing shortfall soon," the committee said. "Failure to act would result in all beneficiaries receiving a 23 percent across-the-board benefit cut when the combined trust fund exhausts in just 17 years, when today's 50-year-olds reach the normal retirement age. The SSDI program faces an even more immediate deadline and will deplete its trust fund in 2028."
"Policymakers can still address Social Security's financial problem without making drastic tax or benefit changes, but the window for responsible action is closing," the committee said. "If policymakers are willing to act soon, they can create a plan that strengthens the program’s finances while phasing in changes gradually to give workers time to plan, improving retirement security for vulnerable beneficiaries and promoting long-term economic growth."
There is no Trust Fund. Simply collect the same FICA deduction as at present, but on all earned income, without any upper limit. ~15% off the bonuses paid to financial oligarchs will do wonders to keep Social Security.
When Social Security was enacted in the 1930s, the average life expectancy was around 61. Today the life expectancy is around 78. So in the 30s, people might collect Social Security for a few years before dying. Today, people routinely collect it for 20 years or more.
I have never looked at FICA as a savings account. It is just another tax. I helped pay my dad's social security payments until he died. My sons will help pay mine. I don't know who will pay theirs.
Posted by: Rambler in Virginia ||
07/15/2017 11:53 Comments ||
How about getting the slugs off the TIT that never paid a dime IN?
Posted by: William Glosson ||
07/15/2017 11:58 Comments ||
...it's always virtuous to spend other peoples money to appear generous and enlightened, isn't it. Besides, MILLIONS will die if we don't. (do I need to put a /sarc on that?)
Except the ratio of working sons to retirees was a good deal higher then than it is now. It's gone from 10:1 to 4:1 to 2:1, and from most dying before they retire to most collecting for an average of two decades, plus supporting non-working widows and orphans. The burden collected from worker paychecks has about doubled from what was taken when I had my first job, I think, and no doubt it will need to increase again to keep current promises, taking with it the ability of the younger generation to pay off college loans and save to get married, buy a house, and all the other costs of adulthood.
But you see, - the kids who will be unable to pay their collage loans, marry, and get a house won't see that as the cause. They will be told that it's because 'the man' is keeping them down or racism or sexism or *phobia or corporate greed and if we would only adopt socialism all will be well...
I could have added - to emphasize tw's point - my grandparents had 9 children, my father had five, and I had five. My sons altogether have only given me five grandchildren.
Although the US is nowhere near as bad off as Europe, we are not reproducing at or above the replacement rate. The only reason the US population is increasing is because of immigration (legal and illegal).
Posted by: Rambler in Virginia ||
07/15/2017 13:12 Comments ||
Thanks for re-populating Virginia. I've always had a soft spot in my heart for that state.
[FRONTPAGEMAG] Christopher Wray, President Trump's nominee to replace James Comey as FBI director, testified before the Senate Judiciary Committee at his confirmation hearing on Wednesday. He performed so well that key Democratic members of the committee such as Senator Dianne Feinstein said they were impressed and were inclined to vote for his confirmation. Senator Al Franken, a chronic skeptic of anything coming from the Trump administration, said to the nominee, “I think you had a good hearing today, and I wish you luck.”
[RedAlertPolitics] Ever since Donald Trump was elected president in November, liberal professors have been taking out their frustrations on their conservative and Trump-supporting students.
At the University of Nevada-Las Vegas, College Republican President Jacob Deaville filed a formal complaint against his professor for discriminatory intent and unfair grading practices all because of his politics. The professor, who Deaville wished to remain unnamed since he was informed of his resignation from UNLV on Friday, taught a summer course called "Summer Cuisine," which he took to fulfill an international cultures requirement for graduation.
While the class was completely apolitical, the instructor singled out Deaville, a rising senior, for his conservative politics after he sent the teacher an email with his College Republican signature embedded at the end. In an interview with Red Alert Politics, Deaville said that he didn’t think much of it when he sent the email before the first day of class with his signature.
"The first thing he did [in class] was come out and make a joke about Donald Trump, and he made it about three or four times until I acknowledged him, and then he continued," Deaville recalled, saying the joke was bizarre. "It had to do with the President’s comments in Israel, saying ’I just got back from the Middle East.’ But he was still in Israel. He made a joke at that. He stared at me until I acknowledged what he was saying."
Even though the joke itself wasn’t enough to accuse the professor for discrimination, all grades made by the professor that required his discretion became gigantic red flags. When it came to multiple choice quizzes, he got over 90 percent correct on all of them.
"I really didn’t think much of it," Deaville continued. "But at the end of the first week, I had a negative-17 in participation."
He explained that he’s never gotten and has never met anyone who had a negative number in participation before because that particular metric is graded on a scale from 0 to 25.
Deaville told Red Alert that he spoke to the professor a number of times to get clarification from the professor on why his grades were being affected. He even recalled an unflattering exchange the professor had with a colleague in front of him during class about his politics, suggesting that the colleague would "never hold" a student’s politics against them.
"I truly believe he had compromised judgement because of his reserved feelings for the president," Deaville said. "He was kind of taking it out on me."
The professor even changed the deadline on an assignment when he knew Deaville was in transit from the CRNC convention in Washington, DC, and reduced his grade as a result.
Deaville said he had enough and filed a formal complaint. The department chair announced on Friday that the professor had resigned and they would be conducting an audit on his grades. Now, he expects his grade to be an A as a result, instead of a B+.
"It doesn’t seem like that big of an issue to go from a B to an A," Deaville said, but agreed that it’s pretty messed up to go from an A to a B for political reasons.
Deaville went on to say that with the professor’s resignation, he does not expect to pursue further legal action.
This incident is just the latest at UNLV after a professor called President Trump a "syphilitic Nazi in the white man’s house." He later apologized for his remarks.
Deaville said he had enough and filed a formal complaint.
And at that point it went to DefCon-1 and the ICBMs started flying. I hope that he has copies, official notarized copies of his transcript. Retroactive changes to the school record have happened before in other cases like this.
[The Hill] The Homeland Security Department confirmed Friday that Russian lawyer Natalia Veselnitskaya was granted special entry to the United States on multiple occasions in 2015 and 2016 at the request of the Justice Department.
It also said Veselnitskaya eventually won a nonimmigrant work visa around the time she met President Trump’s eldest son in New York last summer.
Skipping down a bit.
Homeland’s statement confirmed court testimony and records cited by The Hill on Wednesday that Veselnitskaya was initially turned down for a visa to enter the United States and required the special immigration parole permission as late as January 2016. The court records did not indicate how she entered the country after that time.
A federal prosecutor in the U.S. Attorney's office in Manhattan told the court in a hearing in January 2016 that the "extraordinary circumstances" parole request needed to be approved by Attorney General Loretta Lynch.
Strange isn't it? A meeting or meetings with U.S. political campaign personnel really doesn't seem to fit the stated purpose of the DoJ approved "extraordinary circumstances" parole request.
Just to be on the safe side, one might suppose Veselnitskaya's communications and activities would have been monitored by DoJ and the FBI for counterintelligence purposes. A timeline of DoJ and FBI's knowledge of the Trump Jr. meeting might be informative.
I believe the phrase 'evil empire' was first applied to the former Soviet Union in 1983 by then U.S. President Ronald Reagan. Encouraging to see the democrats (after 34 years) have become Reagan believers. If not believers, clandestine political exploiters.
Things that make you go "Hmmmmm......"
[PacificPundit] Today, Fusion GPS employee Rinat Akhmetshin today confirmed his attendance at a meeting with Donald Trump Jr, Paul Manafort, and Jared Kushner along with Russian lawyer Natalia Veselnitskaya.
Accusations have arisen that the meeting was part of a wider setup to achieve a FISA warrant to wiretap phones of the Trump campaign during 2016. President Trump himself has accused the FBI under Loretta Lynch of wiretapping his campaign.
Now, a former Trump campaign official reports that Paul Manafort’s phone was subject to FISA wiretap during the infamous meeting.
If true, this FISA warrant would have been carried out under Loretta Lynch, Attorney General to Barack Obama. Former FBI Director James Comey has testified under oath to instances of collusion between AG Lynch and the Clinton campaign during 2016, as well as obstruction of justice in the Clinton investigation.
Yesterday, multiple news agencies and President Trump all stated that Veselnitskaya was granted special permission to enter the US by Attorney General Lynch after her visa had been initially blocked.
FISA transcripts of the meeting in June 2016 may have also served the basis of the FBI’s investigation into the Trump campaign’s ties to Russia, now headed by Bob Mueller.
Other senior members of the Trump campaign may have participated in the meeting via conference call.
Update: This would have been illegal, as FISA court denied Obama’s June 2016 request.
In May, Reuters reported the FBI was investigating 18 undisclosed meetings between individuals associated with the Trump campaign and individuals who may be associated with Russia.
Also in May, Jack Posobiec broke the news that one of these meetings took place with a member of the Trump family who was not Jared Kushner. This turned out to be Donald Trump Jr.
Nothing at Drudge or Fox on this yet. Lots of circular reporting in Fringelandia.
The Bottom Line is the Dims want full centralized control of the elections.
1) have total centralized control of the election process under the DOJ 2) which Jeh Johnson did try to access an election system but was caught and deflected by the firewall in place in 2016 3) by trying to frame a "corrupt" election on Trump and the Russians 4) by framing Trump Jr, Jared, Manafort claiming they assisted the Russians of accessing the election systems 5) by saying that the voting results were modified by the Russian hacking to favor a Trump win...
which after 6 months NO EVIDENCE OF ANY OF THIS HAS BEEN FOUND. (but if only they could still pull this whole charade off Trump is impeached, the Dims and the establishment Republicans are back in control, the DOJ can now demand control of the elections and non-establishment Pubs would rarely ever win a key election again.
This is how retched and corrupt the Dims and the BSM (bull shit media) have become.
Quite an interesting comment and fact string at FP's #1.
I'm now nearly 2/3 of the way thru Martin Meredith's 'The Fate of Africa.' As Meredeth takes the reader through a 'deep-dive' of the past century and each African despot's near universally tragic political tenure, the single-party corruption and brutal tribal theme is painfully similar. One cannot escape the parallels to our own pre-Trump political process, e.g., corrupt beltway party, and the current attempts by democrats of a political coup d' etat, to include the violence, requisite threats of violence, and mysteriously unexplained deaths.
Go to the center of America and its a good one thousand miles in any direction to any Border. And all those people have Guns.
We are NOT EUroweenies. And the "inside the Beltway" gang can give an Order to America and have it just roll off their desk and hit the floor and go bump.
Enough of that and you will need an armored Car to Order the American people around a second time.( And after dark guess who controls the countryside and all the cows.) Washington DC can be ignored or worse if necessary. You abuse the American people, they WILL abuse you back. We don't all live in Hollywood and watch "the View".
As much bravado as we all feel, MSM has proven they have the controls, and under the guidance/pressure of the dark govt. they will shape what little minds think. Tell me anything that proves at least 80% of our populace isn't as ignorant as a goat and I may be inspired to hope. Meanwhile I will continue to prepare as if I lived in middle america, although I'm on the fringe. Watch your back folks and never ever telegraph your position.
[Breitbart] The liberal HuffPost website has announced a 23-city bus tour to find out what it means to be American today.
The tour, named “Listen to America,” seems to admit that the site has little idea what is going on beyond the liberal coastal elites. It also suggests that HuffPost operates to some degree as a political organization: the trip mirrors the listening tours that some Democratic leaders and potential candidates have undertaken since the 2016 election. Yes, Brethren and Sistern! It's a Magickal Mysery Tour! Don't believe your lying watches! It's 1968 gain!
The site, which attached a disclaimer attacking then-candidate Donald Trump to every story about him during the 2016 race, suffered a rude awakening on Election Day. The trip aims to address the site’s knowledge gap about the country between the coasts, as well as to repair its image as the sounding board for the wealthy liberal gentry.
Hillary Clinton sits behind the resolute desk in the Oval Office, pulling out a large blue binder and a jar of hot peppers—her typical snack as the leader of the free world. It’s 9:30 p.m., and madam president spent the day successfully rallying House Republicans and Democrats behind a health care bill that will improve upon her predecessor’s landmark initiative, the Affordable Care Act. The bill passed an hour ago, but she isn’t anywhere near done fulfilling her duties to the American people.
“I won’t be taking any more calls,” Clinton tells senior adviser Huma Abedin, who is walking toward the door near the grandfather clock. “I want to look through these Russian sanctions one more time. Tell Bill not to wait up for me.”
Abedin, leaning on the half-open door to one of the most powerful rooms in the world, gives one last look at the president before leaving the White House. “You did a good job today, Madam President.”
Dan Rather Resurrects Disgraced Career As Trump Critic [Daily Caller] Dan Rather ...a former ancherperson, the man who put the BS in CBS News. In 2004 he put on a news story that highlighted dissatisfaction with Lt. George W. Bush in the Texas Air National Guard during the Vietnam war. This was almost casually--but gleefully--debunked by the Blogosphere at large. Rather's face was rubbed in journalistic mud, four of his staff were fired, and within a short time his 43-year (about the same length as Muammar Qadaffi's) career had settled to the bottom... , the former CBS News anchor who resigned in disgrace following a retracted hit piece on George W. Bush, has resurrected his career in the Trump era as a consistently harsh critic of the president.
Rather, once again a recurring figure on television, is often found making grave statements about Trump’s Russia ties and battles with the media. Much like the president, Rather has had success at grabbing headlines with emotional and often alarmist social media posts. Rather regularly (sometimes multiple times a day) crafts emotional, anti-Trump Facebook posts that go viral thanks in part to a tense media environment centered around the president.
In August 2016, roughly four months before the election, Rather went on what USA Today described as an "epic Facebook rant" after Trump said the "Second Amendment people" would keep Hillary Clinton ... former first lady, former secretary of state, former presidential candidate, sometimes described by her supporters as the smartest woman in the world, usually described by the rest of us as a crook... from abolishing the Second Amendment. Many in the media portrayed that comment as a threat. Rather’s Facebook post -- in which he urged journalists to abandon objectivity in covering Trump -- received approving coverage in the media.
Hello, are you one of the real Americans, the ignorant, racist, sexist,transphobic, mouth breathing, paste eating, obese, opioid addicted., cousin loving, Bible Thumping, white trash, alt-right, nazi fascist, trump suckers?
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.