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Social Security could face default within two years

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posted on Aug, 19 2009 @ 07:57 AM

“Social Security could face default within two years,” U.S. Rep. Spencer Bachus predicted here Tuesday. “The situation is much worse than people realize, especially because of the problems brought on by the recession, near depression.

“That’s not been on the board — people don’t seem to know that,” Bachus, the ranking member of the House Committee on Financial Services, said in a wide-ranging interview with the Tuscaloosa News Editorial Board. “What this recession has done to Social Security is pretty alarming.

“We’ve known for 15 years that we were going to have to make adjustment to Social Security, but we still thought that was seven or eight years down the road,” he said. “But if things don’t improve very quickly, we’re going to be dealing with that problem before we know it.”

The solvency of Social Security, which provides pensions for people over 65, has not played a major role in the current debate over health care in Congress and Bachus, a Vestavia Hills Republican who represents part of Tuscaloosa County, said it will not likely be addressed in any health care bill the House eventually passes, although if a Social Security bail out is needed, it will invariably impact government health care programs.

The collapse of the social security system finally rears it's head.

Recovery? What recovery?

posted on Aug, 19 2009 @ 08:38 AM
I've been telling my cousins and other relations that they need to make there own financial arrangements and forget about social security because it will not be there when they retire in 20 years.

Thanks Warren, I have some more ammo for the next time I talk to any of them.

posted on Aug, 19 2009 @ 09:09 AM
Yeah, I have been keeping an eye on this...I live on social security disability, my only real income for right now. This all started right after Korea, repatriations had to be made to Korea, the government was short, so they "borrowed" from the S.S. fund. this became a common practice ever since. I figure if the government paid back to us all the money they have borrowed, plus simple interest, me, and everyone else on the program would be making about $2000 a month. The fact is, there is not enough money in the world to begin to pay back the American people! Look at all of the trillions spent on illegal wars, "police actions," black projects, the fake space program, deep underground bases, and weapons of war. All at taxpayer expense. Let me see....did we the taxpayer order these things? Did we even ask for them? Were we asked if TPTB could have them? This is called "Taxation without Representation." Hmmm, haven't I heard that before in some old book?

I think the government better step back and take a real good look at all of the millions who depend on social security, and what would surely happen if those checks stopped coming. Are you paying attention here, President Obama? And one more thing, I am not on SSI, I worked and paid into MY fund for many years, it is mine, it is my money. My job? repairing cars for working people and hauling and delivering food products so people could eat.

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