Borrow $2 Trillion over next 10 years to avoid borrowing in 2043 - WHY?

[papau]

http://www.ssa.gov/OACT/TR/TR04/lr6F10-2.html

OASDI
Calendar Income Cost Balance
year


2004 $565 $500 $64
2005 605 518 88
2006 635 538 96
2007 667 563 104
2008 702 594 108
2009 735 632 104
2010 772 670 102
2011 812 712 100
2012 851 760 90
2013 889 812 77
2014 930 867 64
2015 973 927 46
2016 1,018 992 26
2017 1,064 1,062 2
2018 1,112 1,136 -23 here $23 Billion of Trust Fund assets is sold
2019 1,162 1,215 -53
2020 1,214 1,299 -85
2021 1,267 1,388 -120
2022 1,323 1,480 -157
2023 1,380 1,576 -196
2024 1,439 1,677 -238
2025 1,501 1,782 -281
2026 1,566 1,892 -326
2027 1,633 2,005 -372
2028 1,703 2,122 -419
2029 1,776 2,241 -465
2030 1,852 2,364 -51
2031 1,932 2,491 -560
2032 2,015 2,623 -608
2033 2,101 2,757 -656
2034 2,191 2,893 -702
2035 2,285 3,032 -747
2036 2,383 3,175 -791
2037 2,486 3,320 -834
2038 2,592 3,468 -876
2039 2,703 3,620 -918
2040 2,818 3,778 -960
2041 2,938 3,941 -1,003
2042 3,063 4,112 -1,048
2043 3,193 4,288 -1,095 Here the last of the Trust fund assets are sold and the retirement age must move from Reagan's 67 to age 70, reducing the anount paid out to new retires only - the new amount paid for a returement at age 62 is 70% of what was paid to the new in 2042 retires that retired at age 62 in 2042- unless we choose to borrow the money needed or choose to raise the wage cap above which payroll taxes do not affect the rich, or we choose to increase the payroll tax rate.

[Eric J in MN]

1. The bad news is that it's not just 2 trillion over the next 10 years

But much more over the next 10 after that, when more workers are having the Social Security taxes diverted to Wall St.

[stevebreeze]

2. This is a pure attack on the incomes of working people

Simply for the benefit of wall street and the economic elite.

[quaoar]

3. This Social Security privatization is needed

So that Bush can dump a huge load of cash on Wall Street to invest in more companies that outsource our jobs.

[HawkerHurricane]

4. It's bullshit.

Social Security is NOT bankrupt... it just needs the U.S. government to pay back the money that it owes.

My Social Security money paid for the USS Ronald Reagan. Now they want to tell me that they aren't going to pay it back.

[punpirate]

5. It's about killing the system.

And paybacks to Wall Street. Period. End of story. Anyone who believes otherwise is smoking some weird shit. Hell, if we taxed everyone at the same rate on all income, the overall rate could drop 30% and we would still have enough to last into the calculable future. But, then, why should the wealthiest in society pay for an equitable society? It's not like those ordinary workers contributed to their wealth and their ease? They earned their fortunes the old-fashioned way--they inherited them....

One of the better books to come out regarding this scam (and others) is David Cay Johnston's Perfectly Legal. If everyone making under $50,000/yr in this country read that book, they'd throw out every politician in Washington on their ears.

[Up2Late]

6. The "Red State " Pod People would never read a Book like that

Because they have all been Brainwashed. The GOP has become a "Mind control" Cult. :crazy:

Check out <http://www.howcultswork.com/>
and/or <http://www.cultwatch.com/index.html>

See how many Cult-like Mind control techniques the GOP used and are still using on the Freeper Pods. :evilgrin:

[punpirate]

7. Have no fear...

... I understand this. That's why I said "if...." I read the granddaddy of all books on cults a long time ago.

Cheers.