Social Security To Go Into Red Due To Stimulus Plan

[Apocalypse]

WASHINGTON, Jan. 29 /PRNewswire-USNewswire/ -- The Congressional economic stimulus plan would place the Social Security Trust Fund into deficit for the first time ever next year, if the current economic stimulus package is passed by both Houses of Congress.


Social Security is funded by payroll taxes that employees and their employers pay into the system. Money that comes into the Social Security Trust Fund is used to pay the Social Security checks retirees receive each month, and since the creation of the Trust Fund in 1983, the program has always had more money coming in than going out.


However, that may change as soon as next year, due to a proposed refundable payroll tax credit which would offer workers a refund on their portion of Social Security taxes, meaning there would be insufficient cash to pay benefits. The $145.3 billion refundable payroll tax credit proposal would give individual workers up to $500 and couples up to $1,000.

http://news.yahoo.com/s/usnw/2009012...ever_next_year

[djones520]

Let it. This is what America voted for. Let America reap what it sowed.

[ironhorsedriver]

My pension should be safe, so far.

[snuglet]

Well, I can look forward to working until I'm on death's door. Even my investments are going south now.

THANKS, GOVERNMENT A-HOLES!

[tacitus]

Rob Peter to pay Paul creates two losers.

The administration hasn't been in power 2 weeks and the socialists are screwing everyone except themselves, since they are exempt for SS.

[marinejcksn]

I never planned on using SS to retire anyway. I just turned 25; that pyramid scheme will be broke LONNNNNG before I'm old enough to retire.

[ReaganForRus]

My pension should be safe, so far.

LOL, have you seen the state that pension funding is in? There are only two solvent pension programs in the nation, Prudential and General Electric....the rest are in the crapper. Wait until the Governator asks the elightened one to bail out the California retirement fund for public employees.........People are going to end up hunting down politicians, Dems and repubs alike, with pitchforks and torches.:mad:

[lacarnut]

LOL, have you seen the state that pension funding is in? There are only two solvent pension programs in the nation, Prudential and General Electric....the rest are in the crapper. Wait until the Governator asks the elightened one to bail out the California retirement fund for public employees.........People are going to end up hunting down politicians, Dems and repubs alike, with pitchforks and torches.:mad:

Most people do not realize how much debt our government hides by using smoke and mirrors by putting programs off budget or by never mentioning them. The Federal Government Pension plan is broke. This program is designed to pay pensions to those large and med. companies who declared bankruptcy. The airline's bankruptcies crippled this fund. A bankruptcies by the big 3 automakers would drive a stake in it, and the taxpayers would be paying pensioners of those companies.

The Social Security System was supposed to be a fund in which there was actual money. However, the Democrats decided over 40 years ago to rob, steal and spend it. There are only IOU's, worthless paper, in that fund. This is the biggest fraud ever perpetrated on Americans that pay S.S. taxes.

Buddy Roemer, ex- Governor and a Repub. convert, wanted to take all the money out of the LA Retirement System's Fund, spend it and put IOU's in it. Thank goodness, the legislature voted that crap down. The sorry bastard then tried to put one over on NY bankers/bond rating by telling them that 1 per cent of the sales tax was going to pay down the debt. The money was going in the front door and coming out the back into his slush fund. That did not work either cause I wised them up when they called for information. The state's bond ratings did not improve with his little crooked plan. I guess I could have gotten fired for that. My opinion of all politicians is about as low as you can go.

[SaintLouieWoman]

LOL, have you seen the state that pension funding is in? There are only two solvent pension programs in the nation, Prudential and General Electric....the rest are in the crapper. Wait until the Governator asks the elightened one to bail out the California retirement fund for public employees.........People are going to end up hunting down politicians, Dems and repubs alike, with pitchforks and torches.:mad:

That's what they're doing in Iceland now. I despise all politicians and are disgusted with those people who believed they'd be getting ponies and rainbows. :mad:

[SAMSPADE]

WASHINGTON, Jan. 29 /PRNewswire-USNewswire/ -- The Congressional economic stimulus plan would place the Social Security Trust Fund into deficit for the first time ever next year, if the current economic stimulus package is passed by both Houses of Congress.


Social Security is funded by payroll taxes that employees and their employers pay into the system. Money that comes into the Social Security Trust Fund is used to pay the Social Security checks retirees receive each month, and since the creation of the Trust Fund in 1983, the program has always had more money coming in than going out.


However, that may change as soon as next year, due to a proposed refundable payroll tax credit which would offer workers a refund on their portion of Social Security taxes, meaning there would be insufficient cash to pay benefits. The $145.3 billion refundable payroll tax credit proposal would give individual workers up to $500 and couples up to $1,000.

http://news.yahoo.com/s/usnw/2009012...ever_next_year

Now if Obama can get all the illegals to become legal they all can increase the money in the social security program.

Face it California is "under water" because of those illegals who pay nothing into the system and the refusal of those in control to do anything against them. The state is in the red because of the services it provides in which they do not have the money to pay for.