Social Security: Sustaining The Unsustainable

INCREASING BENEFITS INTO OBLIVION …  By FITSNEWS ||  Social Security – the federal government’s ongoing Ponzi scheme – will raise benefits in 2015 by 1.7 percent, meaning the average retired worker will see their monthly check from Uncle Sam rise from $1,306 to $1,328 (or $15,936 a year). Good luck…


By FITSNEWS ||  Social Security – the federal government’s ongoing Ponzi scheme – will raise benefits in 2015 by 1.7 percent, meaning the average retired worker will see their monthly check from Uncle Sam rise from $1,306 to $1,328 (or $15,936 a year).

Good luck with all that, retirees … oh, and good luck to all the current workers paying the extra payroll tax who will never see a dime from this program.

Anyway, Social Security benefits increased 1.5 percent this year – down from a 1.7 percent increase in 2013 (and way down from 3.6 percent increase in 2012).  These aren’t arbitrary decisions, mind you.  Social Security payments are tied to the consumer price index – which showed a 1.7 increase for the fiscal year ending in September.

Now, we’re from South Carolina (like Alan Greenspan) but we do know how to use a calculator.

And according to our calculator (which we checked twice), 58 million recipients multiplied by an average annual benefit of $15,936 equals $924,288,000,000 – or $924.3 billion.  If you extend that benefit to 64 million recipients, you wind up with an annual nut of $1.02 trillion.

Ouch, right?

Don’t worry, though … CNN didn’t do the math.  Nor did CNBC.  Nor did The Wall Street Journal.  In fact CNN says the bump will impact 56 million recipients, while the WSJ says it’s 64 million.

Who cares what this stuff actually costs, right?

It’s just the bankrupting of our country …

For those of you keeping score at home, the latest Social Security trustees report revealed something politicians in Washington, D.C. have known for decades: That the light at the end of the tunnel is an oncoming train.

The Social Security disability program (chronically abused as it is) will run out of cash in 2016.  The combined program will exhaust its surplus in 2033.

“Neither Medicare nor Social Security can sustain projected long-run program costs in full under currently scheduled financing, and legislative changes are necessary to avoid disruptive consequences for beneficiaries and taxpayers,” the report stated.

Yeah … the letters you’re looking for are S.O.L.

Don’t worry, though … Barack Obama and his allies have a plan.


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Correction October 22, 2014 at 11:39 am

Greenspan is from NYC. Bernanke is from Dillon, SC.

tomstickler October 22, 2014 at 11:42 am

The usual Libertarian alarmist nonsense about Social Security.

The funding is from current payroll taxes, and any future projected shortfalls may easily be funded by the simple raising of the cap on contributions. If carried interest and capital gains were also taxed, funding would last forever.

I sincerely doubt whether raising that cap impacts Will or any other denizen of this comment section.

Saint Reagan did not hesitate to increase both the cap and the rate.

Jackie Chiles October 22, 2014 at 11:49 am

Seems like the cap should’ve been pegged to inflation.

RogueElephant October 22, 2014 at 12:02 pm

This is one of the few places I part with my conservative friends. I think the same rate should apply all the way up. Why should someone who maxes out be let off the hook ? The few times I maxed out during my working life it didn’t make that much difference. But everyone taken together it could help.

Jackie Chiles October 22, 2014 at 12:08 pm

Yeah, it doesn’t make a lot of sense. Apparently they estimate increasing the cap would increase SS funding by $50 million a year. With a $41m per yer shortfall, seems like that would solve that problem.

nitrat October 22, 2014 at 12:32 pm

The cap needs to be eliminated.
Every American should have to pay on 100% of their wages just like the poor saps who make under $117,000.
And, the ‘carried interest’ of the hedge funders and private equity maggots, like Mitt, needs to disappear and be called and considered wages for work – which it what it is – and, have FICA deducted.

TSIB October 22, 2014 at 1:58 pm

It probably wouldn’t affect Folks, but it might affect the people who pay him.

idcydm October 22, 2014 at 11:47 am

“Now, we’re from South Carolina (like Alan Greenspan) but we do know how to use a calculator.”…did your calculator tell you Greenspan was from SC?

nitrat October 22, 2014 at 12:27 pm

Hey, one Jew at the Fed is the same as another Jew at the Fed to some numb skulls.

Deo Vindice SC October 23, 2014 at 4:08 pm

Calculate Nikki Haley !

Richard Hertz October 22, 2014 at 11:54 am

Sen. Tim Scott is all in for Social Security. In fact, he says he’s for raising the SS retirement age so people will have more time to prepare for retirement. Psssh, nobody tell him it isn’t a mandatory retirement age.

SC Political Digest October 22, 2014 at 12:28 pm

And just think when all those newly-government-sanctioned gay brides (w/ mustaches) get entitlement to their husband’s SSI bennies…And how many illegals, when Obama legalizes them, will move to the head of the line for a handout, not earned???

Forcing your MORALITY for me to pay for…how Democrat…how Liberal-Tarian…

Rocky Mourns for Canada October 22, 2014 at 12:59 pm

Our when the publisher of SC Political Digest suddenly decides he wants his SS cash – he’ll be the first in line. He probably is already there – blogging from his iPhone.

Big(o)T Needs A Punch October 22, 2014 at 4:40 pm

So, it’s fine for everyone but gay people?

SC Political Digest October 22, 2014 at 5:13 pm

It’s time for MARRIED people, who meet the DEFINITION of established marriage!!!…Not tiny, but always-b!t*hing political special interest groups, who think civil rights should be based on sexual preference.

Big(o)T Needs A Punch October 22, 2014 at 5:26 pm

Get used to it, Bigot, it’s going to be the law.

SC Political Digest October 22, 2014 at 6:22 pm

Homosexuals have been getting married for years. Some of them even in “churches” and by “ministers” …I had NO problem with it as a secular pursuit. And even if i did, it would not matter. …People can love whomever they want.

You’re just a F*#king liar about it…and I would not be so sure it’s written in stone. A lot of resistance is taking place in NC.

9" October 22, 2014 at 5:48 pm

In a fairy tale libertarian world,like Pete Pan,you never grow old.
“Old age is the most unexpected of all things that happen to a man”
Leon Trotsky

CNSYD October 22, 2014 at 7:59 pm

Social security payments will increase by 1.7% to “cover the increase in the cost of living”. Health costs are going up an average of 3.8%. Hows that math suit you Sic Willie?


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