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

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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.

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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.

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LIGHTER SIDE

 

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JUST IN->  Pelosi Announces House Resolution To Condemn Trump’s ‘Racist, Xenophobic Tweets’

House Speaker Nancy Pelosi (D-CA) announced Monday that Democrats will offer a resolution condemning President Donald Trump’s “racist” tweets against Reps. Alexandria Ocasio-Cortez (D-NY) and Ilhan Omar (D-MN).

Pelosi wrote a letter to House Democrats announcing that they will draft a resolution to condemn Trump’s “racist” tweets against progressive Democrats.

“This weekend, the President went beyond his own low standards using disgraceful language about Members of Congress,” Speaker Nancy Pelosi wrote.

“This morning, the President doubled down on his attacks on our four colleagues suggesting they apologize to him,” she added. “Let me be clear, our Caucus will continue to forcefully respond to these disgusting attacks.”

President Trump taunted the “squad” of far-left first-term progressive Democrats on Sunday, telling them to go back and fix the places they came from before telling the rest of the country what to do.

Trump’s tweets caused an uproar amongst the media and Hollywood celebrity classes, and now, Rep. Sheila Jackson Lee (D–TX) hopes to capitalize on the president’s message by condemning them in Congress.

Lee said she will draft a resolution of condemnation.

“Congresswoman Sheila Jackson Lee will be drafting a Resolution of Condemnation for the words used by President Trump about four members of the House of Representatives over the weekend,” Jackson Lee’s office wrote:

Sheila Jackson Lee  @JacksonLeeTX18

Congresswoman Sheila Jackson Lee will be drafting a Resolution of Condemnation for the words used by President Trump about four members of the House of Representatives over the weekend.

Donald J. Trump  @realDonaldTrump

So interesting to see “Progressive” Democrat Congresswomen, who originally came from countries whose governments are a complete and total catastrophe, the worst, most corrupt and inept anywhere in the world (if they even have a functioning government at all), now loudly......

Donald J. Trump  @realDonaldTrump

So interesting to see “Progressive” Democrat Congresswomen, who originally came from countries whose governments are a complete and total catastrophe, the worst, most corrupt and inept anywhere in the world (if they even have a functioning government at all), now loudly......

Donald J. Trump  @realDonaldTrump

....and viciously telling the people of the United States, the greatest and most powerful Nation on earth, how our government is to be run. Why don’t they go back and help fix the totally broken and crime infested places from which they came. Then come back and show us how....

Donald J. Trump  @realDonaldTrump

....and viciously telling the people of the United States, the greatest and most powerful Nation on earth, how our government is to be run. Why don’t they go back and help fix the totally broken and crime infested places from which they came. Then come back and show us how....

Donald J. Trump  @realDonaldTrump

....it is done. These places need your help badly, you can’t leave fast enough. I’m sure that Nancy Pelosi would be very happy to quickly work out free travel arrangements!

President Trump’s remarks seemed particularly directed at Rep. Ilhan Omar (D-MN), who is a former Somalian refugee.

Omar said Friday that the president “shouldn’t be in office” and told an audience of high school students that America was failing to uphold its promise to be a just society.

Rep. Omar said Trump was “stoking white nationalism” after he tweeted that some progressive congresswomen should “go back” to where they came from.

“You are stoking white nationalism because you are angry that people like us are serving in Congress and fighting against your hate-filled agenda,” Omar wrote:

Ilhan Omar  @IlhanMN


As Members of Congress, the only country we swear an oath to is the United States.

Which is why we are fighting to protect it from the worst, most corrupt and inept president we have ever seen. https://twitter.com/realdonaldtrump/status/1150381394234941448 

Donald J. Trump  @realDonaldTrump

So interesting to see “Progressive” Democrat Congresswomen, who originally came from countries whose governments are a complete and total catastrophe, the worst, most corrupt and inept anywhere in the world (if they even have a functioning government at all), now loudly......

Ilhan Omar  @IlhanMN

You are stoking white nationalism bc you are angry that people like us are serving in Congress and fighting against your hate-filled agenda.

“America's answer to the intolerant man is diversity, the very diversity which our heritage of religious freedom has inspired.” -RFK

Rep. Ocasio-Cortez claimed Monday that President Trump’s remarks serve as the “hallmark language of white supremacists.”

President Trump tweeted Monday that Democrats need to apologize for the “foul language” and “terrible things they have said”:

Donald J. Trump @realDonaldTrump

When will the Radical Left Congresswomen apologize to our Country, the people of Israel and even to the Office of the President, for the foul language they have used, and the terrible things they have said. So many people are angry at them & their horrible & disgusting actions!

Donald J. Trump  @realDonaldTrump

If Democrats want to unite around the foul language & racist hatred spewed from the mouths and actions of these very unpopular & unrepresentative Congresswomen, it will be interesting to see how it plays out. I can tell you that they have made Israel feel abandoned by the U.S.

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