Social Security Trustee: Unfunded Obligations At $24 Trillion

At Tuesday’s Ways and Means Subcommittee on Social Security hearing, Dr. Charles Blahous of the Social Security and Medicare Boards of Trustees testified that Americans owe $24 trillion in unfunded liabilities to those already in the Social Security system.

Congressman Jim Renacci (R-OH), a CPA, asked Blahous what the impact would be on the Social Security trust fund if all unfunded liabilities needed to paid out. Blahous said that they usually highlight the 75-year “open group obligation” which is currently $10.6 trillion, but said the “actual amount of unfunded obligations within the Social Security system is actually substantially higher than that. ” According to Blahous, the reason is that the shortfall does not play out gradually over time. “It’s actually something that is on the books now. There is an excess of benefit obligations over contributions for people who are already in the system. And that’s actually about $24 trillion. And that’s about 4.4% of future wages going forward,” Blahous said

POLL: .Do you support immediate deportation of illegal aliens?

Actually, it’s even worse to that, according to the Social Security Trustees’ 2014 Annual Report to Congress. Tucked way in the back in Table VI.F1 in the appendix we find, “The excess of the present value of cost for past and current participants over the present value of dedicated tax income for past and current participants produces an unfunded obligation for past and current participants of $26.1 trillion.” (But what’s a of couple trillion here or there?)

Asked by Renacci if Social Security taxes this year will be adequate to fund current benefit obligations, Blahous explained that there will be a shortfall of around $80 billion this year alone.

Renacci wanted to know where the money will come from to make up the difference.

“Well, when the payroll taxes fall short of benefit obligations, the difference has to be made with payments from the general fund. Right now they’d be in the form of interest payments from the general fund to the trust fund and a large share of those interest payments would go out the door immediately to pay beneficiaries,” said Blahous. He added that $80 billion would be added to the federal deficit this year as a result of the shortfall.

read more:

http://pjmedia.com/tatler/2014/07/30/social-security-trustee-unfund...

Views: 490

Reply to This

Replies to This Discussion

I think Congress  and senate should have to make it up out of their pockets .Their the ones that stole it.

LOL

Don't you worry now you will get every "DOLLAR" you have coming to you from Social Security!

However those dollars ?

Worth less than good toilet paper

At least with TP you can wipe yer butt!

End the FED

You blame Congress, what about Obama spending money like its belongs to HIM.. He now wants 4 Billion to help with the Invasion by, hiring Attorneys and judges for Illegals.. How do they rate before we the American people.

Who do you think approves all the money that Obama gets. He just doesn't dip into the piggy bank, Congress must approve any money he gets his hands on .

Take the money out of all the Democrats money they have.   They have stolen the money from Social Security to line their pockets. They have stolen trillions of dollars out of Social Security and when and if these idiots are Impeached they ought to be made paid every penny they have stolen from the American people.  There is a deficit but it is because of the Democrats and RINO'S who are Republicans in name only.  Tfime for Impeachments immediately.  Okay American people contact Boehner every day all day long if it takes it to have these evil corrupt communist Impeached.  As much money as these morons have given other countries could have had our economy and more jobs than you can shake a stick at, but no trillions of dollars have gone to these foreign countries for what?

Demand that CONGRESS repay ALL the money that has been STOLEN from Social Security since Lyndon Johnson put the funds in a "general funds" account, making it fair game.

WELL THERE YOU HAVE IT, OBAMA'S PERFECTLY PLANNED TOTAL FINANCIAL "DESTRUCTION OF AMERICA!""                          GAME SET AND MATCH!   THE KENYAN BORN ILLEGAL ALIEN "MANCHURIAN CANDIDATE" MARXIST MUSLIM COMMUNIST  BARRY SOETORO/BARACK OBAMA, THE "DICTATOR" OF "AMERI"K"A" IN TOTAL VICTORY!!                                                                     THE CONSERVATIVE CHRISTIAN "CONSTITUTIONAL" AMERICA GONE, DEAD, TOTALLY DEFEATED!  BARRY SOETORO CAN NOW STAND BEFORE THE KENYAN GRAVE OF HIS DRUNKEN LEGLESS "MUSLIM/COMMUNIST" FATHER IN PRIDE AND TRUTHFULLY STATE: " I DID IT FATHER! I TOTALLY DESTROYED AMERICA SIMPLY BY USING THEIR OWN STUPID LAWS, RULES , REGULATIONS, THE "CRIMINAL COMPLICITYY" OF A "PROGRESSIVE SOCIALIST" ( COMMUNIST ) DEMOCRATIC CONGRESS, "THE PROMISE OF CHANGE" TO A DUMBED DOWN IDIOTIC MASSES OF YOUNG PEOPLE, BLACKS AND ILLEGAL ALIENS IN AMERICA!                       THE CONSTITUTIONAL AMERICA IS DESTROYED! NO MORE!         ALLAH BE PRAISED! WHEN I DIE I WILL BE A "MARTYR!"                                                                                                             AND THE SAD PART IS THAT HE STILL HAS "TWO MORE YEARS" TO GO IN HIS RELENTLESS SYSTEMATIC INTENT TO MARCH EVER SO MERRILY ONWARD IN YET "MORE" DESTRUCTIVE UNOBSTRUCTED SCHEMES TO BRING AMERICA TO HER KNEES, BRINGING HER EVER ONWARD INTO BECOMING A COMPLETELY "MUSLIM/COMMUNIST"  THIRD WORLD BANANA REPUBLIC "DEFEATED" NATION!      "ALLAH ACKBAR ( GOD IS GREAT!)!!

No, the destruction of America was not planned by Muslims. It was planned by the world bankers and globalists around 1900. Muslims at that time could do nothing, except play in the sand with their camels and goats. 
1913: World bankers get the Federal Reserve Act and income tax placed on the American People.

Since then, Americans have been deliberately enslaved to government benefits. Now the globalists want the globe and America to collapse in bankruptcy and chaos. And out of that chaos, hardship, and death, Americans will ask the world bankers to save them, thus the opportunity for one world government arises. 

Past generations failed to prevent government dependency. When the dollar becomes worthless, all those on government pensions, welfare, and Social Security will be left to fend for themselves. It won't be pretty!

The money you gave government for social security is gone. Your government spent it on other wasteful things... Idiots governing idiots doesn't work!

I TOTALLY AGREE WITH YOU RUSS!   NOW THE BIG QUESTION IS:   WHAT ARE "WE THE PEOPLE" GOING TO DO ABOUT IT, AND "WHEN," "IF EVER???"

Separate social security from those welfare programs such as SSI (Suplimental Security Income) for a start. Please do not confuse SSI with justified disability benefits. They are NOT the same.

The Social Security Administration should be dealing with its original mandate, not expanded to include those who paid not one single penny into it.

You do not see the big picture Diane

   Gee! What ever happened to Gore's little lock box…. IT NEVER EXISTED AND THE GOV. SINCE THE LYING TEXAN JOHNSON STOLE IT FOR GOODIES FOR THE WAR ON POVERTY.

RSS

LIGHTER SIDE

 

Political Cartoons by Michael Ramirez

Political Cartoons by Lisa BensonPolitical Cartoons by Steve Breen

ALERT ALERT

YUP: President Trump Signs Great And Beautiful Trump Border Wall During Tour In San Diego

Embedded video

President Donald Trump visited the San Diego border on Wednesday to show off a newly constructed portion of the wall after a fundraising trip in California.

“It’s an amazing project,” Trump said, pointing to the 30-foot high barrier constructed with steel and concrete, noting that it also went six feet underground.

“If you think you’re going to cut it with a blow torch, that doesn’t work, because you hit the concrete, and then if you think you’re going to go through the concrete, that doesn’t work because we have very powerful rebar inside,” Trump said.

The president traveled via motorcade after a fundraiser to Otay Mesa, a community outside San Diego on the United States -Mexico border to review the latest constructed physical barrier.

He pointed out the new wall structure to the press, which was 24 miles of primary and secondary wall at the border.

“We have it covered underground, we have it covered overground,” Trump said.

The president was joined by acting Department of Homeland security Kevin McAllen and several other border security officials.

He said that over 44,000 bollard panels had been set up for the wall, which was then filled with concrete and rebar.

Trump admitted that he envisioned a solid concrete wall when he campaigned for president, but he was told by border officials that they preferred a wall constructed by concrete-filled bollards so they could see through it.

“It’s hardened concrete, very powerful concrete,” Trump said, pointing to the structure.

He added that the steel wall was designed to retain heat, making it harder to climb, plus having an anti-climbing system at the top.

“You can fry an egg on that wall,” he said. The president also acknowledged to reporters that he wanted the wall to be painted black and have spikes but said it was cheaper to let it remain naturally rust-colored.

“We can paint it later,” he said.

The president discussed his growing understanding of border barriers, noting that the Southern border would not need much more than 500 miles of wall to secure the border. He cited the existence of natural mountain and river barriers that prevented criminals from crossing. He did not rule out building additional barriers in the future but said it would depend on whether it was needed.

One border patrol agent spoke about the importance of the border wall to all of the agents, thanking the president for pushing forward on construction.

Trump said he met with Border Patrol prior to constructing the wall, picking the most effective structures to protect the border.

One border security official scoffed at the idea that the wall was a “vanity” project for the president.

“There’s a false narrative out there that this wall is the president’s vanity wall,” he said. “I’m here to tell you right now that that is false.”

He thanked Trump for listening to border patrol agents during the planning and construction process.

“You listened to the agents and you gave them exactly what they asked for,” he said.

One official with Trump confirmed that the structure was funded with regular Congressional appropriations in the FY 2017 and FY 2018 and that that the new wall replaced an inferior structure.

Trump said that he still considered the situation on the border a national emergency, but as more wall went up he could withdraw military forces.

“I hope you’re impressed,” he told reporters as he took questions about the project.

One worker told Trump of a tradition of workers signing the wall if they worked on the wall.

“I’ll sign it,” Trump said, and went to the wall and signed the steel barrier with a marker before encouraging other officials present to do the same.

© 2019   Created by Steve - Ning Creator.   Powered by

Badges  |  Report an Issue  |  Terms of Service