Why did NBC just report Social Security has a 45 billion dollar deficit.

[Skink]

Do they just make stuff up now?

[EFerrari]

1. Yes?

[Hardrada]

2. They've been making up stuff all along.

[DJ13]

3. the BIG lie

Despite the chattering of the elites who are desperate to pay for their tax cuts on the backs of the elderly and the disabled, SS has nothing to do with the deficit and has over TWO TRILLION DOLLARS in their account.

[emulatorloo]

4. Because they are full of shit. Who presented that "fact"? n/t

[HockeyMom]

5. scare people

into thinking SS is in it's death throes and we should all "invest" in 401K and the market.

[SharonAnn]

6. That means that current outgo is more than current income. It draws from the surplus.

That's why we built up the surplus, so that we couldn't have to increase Social Security taxes or cut Social Security benefits when we Baby Boomers retired.

It's working just like it's supposed to.

Of course, they could've reported that Social Security has begun drawing on its enormous surplus. But then they'd have to explain that it has a $2.6 trillion surplus.

[SharonAnn]

8. And using that logic, my IRA is now running a deficit since I'm beginning to withdraw

from the money I saved for my retirmeent.

Silly me. I thought it was supposed to work that way.

[Hannah Bell]

19. except current outgo *isn't" more than income.

[theophilus]

7. The CBO has put out some data that doesn't really mean what NBC and others say it means.

This is understandable due to the economic conditions and can be readily fixed. Those who know more about this will make it clear, I'm sure. I saw this on Yahoo and it is negatively spun.

[Rex]

9. So their corporate paymasters can move forward with their agenda

of killing off the middle class? Just my 2cents.

[sarcasmo]

10. That left wing media at it again :) .

[texshelters]

11. The wealthy owners at GE

want to get their hands on the SS trust fund because it's one of the only places Americans have any money left.

Peace,
Tex Shelters

[WCGreen]

12. I think they are talking about current receipts vs, current outlays....

It's because we are at least at 9.4% employment and all those people that are on Social Security is increasing.

[katty]

13. gee, you mean our leaders got their fingers in the lockbox?

[TBF]

14. Now? nt

[elehhhhna]

15. Because it's time to stop warrin' and pony up for the "lockbox", muthafukkahs!!1!

[KansDem]

16. NBC = 'Nother Bullshit Corporation nt

[madinmaryland]

17. It's a real shitty way of saying that SS will take in $45billion less this year,

because of the payroll tax deduction.

Teh stupid never stops.

[SoCalDem]

18. Less people getting paychecks means less people paying FICA

sounds like a no-brainer to me

[Skink]

23. Has that payroll tax holiday started cause I can't tell.

maybe employers have adjusted for it.

[wishlist]

20. That report ignores the interest on trillion dollar + surplus built up over the years

Focusing just on the current year projected deficit not only ignores the huge surplus but the interest due this year on the trillion plus trust fund.

[BlueCheese]

22. Do you have an authoritative source on that?

I also noticed they only say that payroll taxes won't keep up, but the conclusion makes it sound like interest is taken into account. I wouldn't be surprised if the people who write these articles aren't aware of the difference, so it's kind of ambiguous.

[BlueCheese]

27. You're right.

I posted a new thread about this. Journalistic malpractice of the first order.

[BlueCheese]

21. What the articles say is that

starting this year, payroll taxes will not be enough to pay for SS benefits. This wasn't supposed to happen until 2016. This is independent of the payroll tax holiday.

As with much reporting these days, it is ambiguous--SS currently takes in not just payroll taxes, but also interest on the trust fund. I'm guessing that the interest is taken into account too, though none of the articles I've read mention that.

[BlueCheese]

25. Correcting myself.

It looks like that interest is NOT taken into account, which is of course silly. I'll post on that downthread. Sorry for the confusion.

[Skink]

24. I figured it out.

I took a loan against my 401k. I am now paying it back with interest. I got like 2 months before starting to pay it back. Our politicians keep taking loans from social security but haven't started paying them back cause they think they won't have to.


Uh Uh.

[mstinamotorcity]

26. We know its a lie!!!!!

But there are those who believe it to be true. We must make sure that we always say the truth. Social Security is fine!!!!Social Security has a 2.6 Trillion dollar trust. They see the money sitting there and Wall Street wants a part of it. They want to get there Grubby little hands on your Social Security. Social Security Can pay out a 100% until 2037 and adjust to 75% after that. Given that the economy stays at its current rate . But if more people work the more people who pay into Social Security which will prolong its life. One reason for holding out on the jobs to force the issue. So Wall Street can get paid off taxpayers AGAIN (TARP).