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SENATOR: PRESIDENT, CONGRESS MUST ACT QUICKLY OR FACE DRASTIC CONSEQUENCES
A report by the Social Security Trustees Tuesday said that retirement and health entitlement programs for the elderly and disabled will run out of money much sooner than previously expected.
And South Carolina’s Senior U.S. Senator is taking the lead to encourage Congress and President Barack Obama to take action.
“The day the Trust Fund begins to pay out more in benefits than it collects in taxes is the beginning of the end for Social Security,” Graham said. “Due to the long and deep recession our nation is mired in, that day is now closer than anticipated.”
Graham added that with “decisive action by the Congress and President we can make adjustments to repair the system in a permanent fashion. These adjustments would be done gradually over time.”
By 2016, Social Security will hit a point where it is paying out more in benefits than it collects in taxes, the report found. That is one year earlier than the projection in last year’s report.
At that rate, the Social Security trust fund would be exhausted by 2037.
Graham, who sits on the Budget Committee, said that any solution by the federal government must protect individuals currently receiving Social Security benefits or near-term retirees.
“Congress and the President must act quickly and in a comprehensive manner to save Social Security from impending bankruptcy,” Graham said. “The sooner we take action the less drastic the solution. The longer we wait the more draconian.”
Social security is already dead. (Along with medicare)
The model is completely unsustainable and should be abolished in an unpleasant but rational and controlled manner, one that evenly spreads the pain out over time.
The alternative to that is for it to destroy itself as we take all the pain at once in a sudden, chaotic, and traumatizing disaster.
All these entitlements (along with the national debt that has been expanding for decades) are an immoral theft of wealth from younger generations to older ones.
On behalf of the young generation, for all the terrible policies you have supported that will cripple our future, I’d like to tell old people to go to hell. The sooner the better. Perhaps medicare and social security collapsing would help with that?
“On behalf of the young generation, for all the terrible policies you have supported that will cripple our future, I’d like to tell old people to go to hell.”
On behalf of all “old people”, including my elderly retired Mom. . .I’d like to tell this meathead….YOU GO FIRST!!!
Social Security was PRIVATIZED at FIDELITY INVESTMENTS prior to the year 1991.
SENATOR GRAHAM IS AWARE OF THIS****
Fidelity is owned by FMR LLC. FMR also owned Enron, WorldCom and Tyco.
FMR also owns by statement of beneficial ownership the following: Countrywide Mortgages, Fannie Mae and Freddie Mac, Circuit City, GM , Chrysler, and yes of course, they own 5% of AIG.
FMR also owns all Medicare Part D companies with the possible exception of Envision Rx.
FMR owns Unum Provident Insurance Company therefore Colonial Life as well as Pennlife, that’s three huge disability insurance carriers.
Senator Graham, why don’t you tell your constituents these things?
I want to save Social Security. You want to continue to give it to FMR.
The question is WHY WHY WHY?
I have been abused beyond words and measure for knowing these things.
THEY ARE TRUE
Social Security is a Ponzi scheme. The only way to sustain it is eliminate the payroll tax and enact the FairTax and a unified budget. Where is Sen. Graham on the only real solution?
Does your mother enjoy using the state as a weapon to steal from me?
Bill A…..Are the last 6 letters in your name sshole?
If the US government would just repay all the money plus interest it has “borrowed” for years and years from Social Security, then the problem would be solved. Same goes for the highway “trust fund”. For all you old timers, the beginning of the downfall of social security was Fannie Foxe. When Wilbur Mills was caught with her the protector of the social security system was lost.
Primary problem: People live and consume resources for 17% longer than they did in 1935, yet the age they stop producing resources does not change.
Sensible solution that won’t happen: Index retirment age to life expectency.
What will actually happen: Retirment age will be arbitrarily cut back but not by enough, benefits arbitrarily lowered, payroll taxes increased, and the money that does get distributed up will be ravaged by inflation.
The elderly will once again have to live with and be taken care of by their families. It was good enough for every other society that has ever existed, and soon we’ll return to that way of life ourselves. If you can’t stand the thought of taking care of your own parents then you’d better get over the “inconvenience” of it within 10 years or so.