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| Economy |
| COMPOSITE: Social Security in Red - Postal Service in Red - Fannie Mae in Red |
| 2010-08-06 |
| USPS Liquidity Fears "Given current trends, we will not be able to pay all 2011 obligations," said Joseph Corbett, the agency's chief financial officer. Social Security in the Red First Time Ever Social Security will pay out more this year than it gets in payroll taxes, marking the first time since the program will be in the red since it was overhauled in 1983, according to the annual authoritative report released Thursday by the program's actuary. Fannie Mae Seeks Another 1.5 Billion Fannie Mae, the mortgage-finance company operating under federal conservatorship, is seeking $1.5 billion in aid from the U.S. Treasury Department after a 12th straight quarterly loss. |
| Posted by:Snusoter Fillmore9811 |
| #15 "look at which party holds the governor's seat" Not sure about the other 2, Rambler, but in Virginia the House of Delegates (and therefore the Appropriations Committee) is also held by the same party. That matters. |
| Posted by: Barbara Skolaut 2010-08-06 21:59 |
| #14 And what is the common element in each of those three states? Hint - look at which party holds the governor's seat. |
| Posted by: Rambler in Virginia 2010-08-06 20:40 |
| #13 "I can't think of any government or state agency that isn't in the red right now" Virginia Texas |
| Posted by: Barbara Skolaut 2010-08-06 17:11 |
| #12 I can't think of any government or state agency that isn't in the red right now Indiana (thanks to Gov. Mitch Daniels) |
| Posted by: lex 2010-08-06 17:02 |
| #11 Ebbang Uluque6305 That's a difference? |
| Posted by: Redneck Jim 2010-08-06 12:33 |
| #10 I think there is a difference between Social Security and a Ponzi scheme. The Ponzi scheme relies on fraud to convince people to participate. Nobody holds a gun to your head, they just tell you all kinds of nonsense and if you are foolish enough to believe it then you have nobody to blame but yourself. Social Security uses the coercive power of the federal government to separate you from your money. They tell you the lies too but, really, you have no choice. The gun that is pointed at your head is real. |
| Posted by: Ebbang Uluque6305 2010-08-06 12:03 |
| #9 But not as "Red" as our current president. Al |
| Posted by: Frozen Al 2010-08-06 11:17 |
| #8 I can't think of any government or state agency that isn't in the red right now. |
| Posted by: DarthVader 2010-08-06 10:34 |
| #7 I think Social Security has *always* been a pay-as-you-go Ponzi scheme. It's just reaching the point where intake is less than the outflow. Look for it to 'reform' by refusing some of its obligations - probably by not paying out to anyone who has a certain amount of additional income (i.e. Anyone who planned ahead). |
| Posted by: CrazyFool 2010-08-06 08:55 |
| #6 It's starting. Latin America North, here we come. |
| Posted by: lex 2010-08-06 08:14 |
| #5 The decision to remove Social Security from it's protected status and move it to the general fund was made by the Democrats during the Lyndon Johnson administration. The decision to give Social Security bebefits to everyone, even if the person never paid in or just got here off the boat was made, again by the Democrats, during the Bill Clinton administration with Al Gore as President Pr-tem of the Senate casting the deciding vote. |
| Posted by: Deacon Blues 2010-08-06 07:28 |
| #4 I'm very glad to see more people realising that low house affordability is not a sign of a strong economy. |
| Posted by: Bright Pebbles 2010-08-06 07:15 |
| #3 So THIS is what peak government looks like. |
| Posted by: no mo uro 2010-08-06 06:00 |
| #2 The USPO is obligated to PRE-PAY its retirees future health benefits, $5 billion this year, unlike every other governmental & private company. Something to do with making the federal deficit look smaller. This is a huge amount of money. Congress is opposed to the PO cutting its losses by ending Saturday deliveries although it does not provide any funding to the PO. Fannie Mae was just delisted from the NYSE due to very low share values. Its basic reason for continuing is to support mortgage lending & to prop up inflated housing prices, a long-standing government goal. |
| Posted by: Anguper Hupomosing9418 2010-08-06 02:48 |
| #1 Social Security in the Red First Time Ever Whose brilliant idea was it to change this to a pay-as-you-go fund? Did this happen during the Reagan administration, or was it someone before him? |
| Posted by: gorb 2010-08-06 01:53 |