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“The open group unfunded obligation for OASDI over the 75-year period is $8.6 trillion in present value and is $2.1 trillion more than the measured level of a year ago,” said the trustees’ report. “If the assumptions, methods, starting values, and the law had all remained unchanged, the unfunded obligation would have risen to about $7.0 trillion due to the change in the valuation date. The remaining increase in the unfunded obligation is primarily due to updated data and economic assumptions.”
The trustees point out that a major legislative change that increased the unfunded obligation of Social Security was the cut in the Social Security payroll tax that had been advocated by President Obama. This payroll tax funds the Social Security program.
“In 2011, Social Security’s cost continued to exceed both the program’s tax income and its non-interest income, a trend that the Trustees project to continue throughout the short-range period and beyond,” the report said. “The 2011 deficit of tax income relative to cost was $148 billion, and the projected 2012 deficit is $165 billion. The sizes of these deficits are largely due to a temporary reduction in the Social Security payroll tax for 2011 and 2012.
Originally posted by jtma508
As is always necessary to point out: No, I'm not an Obama supporter. Ron Paul in '08 and Gary Johnson in 2012.
That said...
You can almost smell the pants-wetting by the giddy Romney devotees. But before you folks get too worked-up into a deification you might want to begin dissecting what was actually SAID rather than focus entirely on the kabuki theater we all watched last night. Others already have begun the post mortem:
Green Energy Claim
Oil and Gas
Senior Drug Costs
Job Creation
Donald Trump
Originally posted by jtma508
reply to post by tkwasny
Well if you even bothered to read the links you'd see that CNN provided the source of the fact checking. I'm sure it would be hunky-dory if it was on FOX. You'd also see that Obama gets dinged as well.
Social Security is structurally sound. It’s going to have to be tweaked the way it was by Ronald Reagan and Democratic Speaker Tip O’Neill. But the basic structure is sound.
I did look through them and can post you other sites where the numbers are in the exact opposite direction in every case.
Originally posted by HostileApostle
reply to post by jibeho
I think you don't understand what "structurally sound" means. And you also are leaving out an importan part of Obama's statement.
news.yahoo.com...
Social Security is structurally sound. It’s going to have to be tweaked the way it was by Ronald Reagan and Democratic Speaker Tip O’Neill. But the basic structure is sound.
Structurally sound does not mean that it is perfectly funded or financially sound for the future. It means that the basic idea, the concept of social security is sound and we don't need a new system.edit on 4-10-2012 by HostileApostle because: (no reason given)
Originally posted by jtma508
But before you folks get too worked-up into a deification you might want to begin dissecting what was actually SAID rather than focus entirely on the kabuki theater we all watched last night.
Originally posted by jibeho
reply to post by HostileApostle
Easy on the Kool Aid... Look at the numbers... Sure the premise of Social Security sounds great.... That's about it... It's called reality.... Welcome to reality!!!!