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Social Security fund now seen to be empty by 2037

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posted on Jan, 26 2011 @ 08:20 PM
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Social Security fund now seen to be empty by 2037


news.yahoo.com

WASHINGTON – Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates.

The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016

This year alone, Social Security will pay out $45 billion more in retirement, disabili
(visit the link for the full news article)




posted on Jan, 26 2011 @ 08:20 PM
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Well its a good thing i never planned on retiring
I've worked for 20 years in iron/aluminum foundry/extruding business.Being that i'm only 39 years old i have a long way too reach any type of retirement.It just saddens me that I'll have paid into a system my entire life that i wont benefit any from.O well if everything goes south soon guess it's all a mute point

news.yahoo.com
(visit the link for the full news article)



posted on Jan, 26 2011 @ 08:28 PM
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I didn't read the article but is this saying that anyone born after 2037 will not ave a SS?



posted on Jan, 26 2011 @ 08:46 PM
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People who get payroll checks should check a stub from 2010 versus 2011.

Your Federal Income Tax Withholdings have gone up.

Your Net Check (take home pay has gone up though in 2011)

How was this done?

For the first time in years they have lowered Social Security Taxes by a lot!

So even though you are now paying more taxes, you don't notice it because your take home pay went up.

Typically the rate of Social Security and Medicare never change.

Medicare tax stayed the same, Social Security Tax went way down, clearly they are planning on phasing out Social Security, and clearly in part, so you can affort to pay more Income Taxes!



posted on Jan, 26 2011 @ 09:02 PM
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So if social security is broke by the time I retire, can I get a refund check for the total amount I paid into it all these years? So the government gets away with the same kind of Ponzi scheme they put Bernie Madoff in jail for. Who says our government officials are not above the law?



posted on Jan, 26 2011 @ 09:30 PM
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Its a good thing I never plan on retiring, whenever I find work. Refund checks are not a bad idea, but I fear this is just wishful thinking.

Hopefully the economy will have completely collapsed by that point, so by then, none of this will matter



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