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The Social Security trust fund will start going bankrupt in 2013
The 2012 Social Security Trustees Report—the authoritative source on the program’s finances—states that the program’s “trust fund assets” will “continue to grow” through 2020, a claim that has been repeated by numerous sources as varied as US News & World Report, the AFL-CIO, and the American Academy of Actuaries. However, as revealed by data buried deeper in the 252-page Trustees Report, this assertion disregards the effects of inflation, which are projected to overrun any expected trust fund gains and contribute to an accelerating decline that will start in 2013.
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1. In 1936, the government told Americans the following:
The taxes called for in this law will be paid both by your employer and by you. For the next 3 years you will pay maybe 15 cents a week, maybe 25 cents a week, maybe 30 cents or more, according to what you earn. That is to say, during the next 3 years, beginning January 1, 1937, you will pay 1 cent for every dollar you earn, and at the same time your employer will pay 1 cent for every dollar you earn, up to $3,000 a year. Twenty-six million other workers and their employers will be paying at the same time.
After the first 3 year–that is to say, beginning in 1940–you will pay, and your employer will pay, 1.5 cents for each dollar you earn, up to $3,000 a year. This will be the tax for 3 years, and then, beginning in 1943, you will pay 2 cents, and so will your employer, for every dollar you earn for the next 3 years. After that, you and your employer will each pay half a cent more for 3 years, and finally, beginning in 1949, twelve years from now, you and your employer will each pay 3 cents on each dollar you earn, up to $3,000 a year. That is the most you will ever pay.
Clearly, given that Americans pay 12.4% of their income into Social Security (including 6.2% from employers) up to $110,800, this has not proven consistent.
Originally posted by stirling
Oh and those without any assets or the means to aquire them.
Aye theres the rub....and thats who the ammo is for..............................s
Originally posted by AwakeinNM
That debt is vaporware - it doesn't need to be paid back. It was created from thin air, to thin air it shall return. The only difference in the equation is the party holding the guns.
Originally posted by thehoneycomb
The US national debt, is now 16 trillion. There is no reasonable hope of it ever being payed back.
Originally posted by thehoneycomb
reply to post by AwakeinNM
Correct, but even if it did need to be paid back. It will fall on the thieves who had a part in it. Not the American people. They know this, thats why they are getting armed.
Originally posted by iwilliam
If someone tried to come to my residence to execute me, I hope for their sake, that god is really on their side.
I write it this way to be painfully clear. I am not a dissident or a threat. But try to take my life or that of one I love, and may god have mercy on you, because I will not.
Originally posted by thehoneycomb
reply to post by tracehd1
Yes, but the elite are also not very good at taking care of themselves. They need little worker slaves. I think the overpaid union workers would do quite nice in the labor camps.