Tammy Bruce: The Myth of Social Security









According to some current projections based on the system's current revenue and benefit structure, expenses will exceed tax receipts beginning in 2020 or 2022. The Trust Fund is projected to continue to grow for several years thereafter because the analyses assume interest income from loans made to the US Treasury is available to cover the difference. The funds from loans made have been spent along with other revenues in the general funds in satisfying annual budgets. At some point, however, absent any change in the law, the Social Security Administration will finance payment of benefits through the net redemption of the assets in the Trust Fund. Because those assets consist solely of U.S. government securities, their redemption will represent a call on the federal government's general fund, which for decades has been borrowing the Trust Fund's surplus and applying it to its expenses to partially satisfy budget deficits. To finance such a projected call on the general fund, some combination of increasing taxes, cutting other government programs, selling government assets, or borrowing would be required.

The balances in the Trust Fund are projected to be depleted either by 2042 (OASDI Trustees' projection), or by 2052 (Congressional Budget Office's projection) assuming proper and continuous repayment of the outstanding Treasury Notes. At that point, under current law, the system's benefits would have to be paid from the FICA tax alone. Revenues from FICA are projected at that point to be sufficient to cover only about 73% of projected expenses if no change is made to the current tax and benefit schedules.


Greenspan dosnt know as much as youd think. Or he lies, most of the time.
Social security is bankrupting itself from over spending and the fact that social security just wasnt thought out that well in the beginning.



Furthermore, I still fail to see the simple solutions you offer for creating a non-profit insurance company. It will probably have the highest premioms, and if it isnt free, why would people choose it over other insurance companys, as is the case, competition lowers cost.

It would still need large contributions from private charity to run. You have to pay people to run it. The unexpected costs of inflation, and high rates of costly treatments.

Insurance is meant to cover costs for a monthly premium. IF you pay the costs of the medical care, its not realy insurance. I think your mixed up as to how insurance works.