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Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in Dec

Discussion in 'Political Discussion' started by Real World, Dec 26, 2012.

  1. Real World

    Real World Moderator Staff Member

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    Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795


    By Terence P. Jeffrey

    December 26, 2012

    Treasury Secretary Timothy Geithner (AP Photo)

    (CNSNews.com) - The Social Security program ran a $47.8 billion deficit in fiscal 2012 as the program brought in $725.429 billion in cash and paid $773.247 for benefits and overhead expenses, according to official data published by Social Security Administration.

    Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795 | CNS News

    Some key facts:

    * the number of workers collecting disability benefits hit a record 8,827,795 in December--up from 8,805,353 in November.

    * The overall number of Social Security program beneficiaries also hit a record in December, climbing from 56,658,978 in November to 56,758,185 in December.

    * for every 1.67 Americans who worked full-time in the private sector in 2011, there is now 1 person collecting benefits from the Social Security administration.

    * the U.S. Treasury “paid” the trust funds $112.398 in “interest” in fiscal 2012 on the historial surpluses in Social Security taxes that the Treasury siphoned off to cover other spending by the federal government.

    * The last time the Social Security program ran a “net cash flow” surplus was in fiscal 2009.

    Remember what I've been saying. There never was any federal budget surplus. The federal government counts those borrowed SS dollars it's paying interest on as "revenue". These SS numbers are only going to get worse too, as more and more people collect, with fewer and fewer people paying in to cover them.
     
  2. Patsfanin Philly

    Patsfanin Philly Experienced Starter w/First Big Contract

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    #95 Jersey

    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Maybe if they put the employee portion back at 6.2% rather than the 4.2% the last few years they wouldn't be robbing Peter to pay Paul. It would also add $80 Billion per year to the coffers...
     
  3. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Funny, I never heard Cons complaining about the surpluses the Social Security Trust Fund was running every year through 2009 (2009 was the first time that Social Security brought in less than it paid in benefits.)

    That's why there is a trust fund. It's the place Social Security put money all these years while it was bringing in more than it paid out.

    This is why we hear about projected dates when the trust fund will be exhausted (because it's big). On the date of trust fund exhaustion, Social Security will be able to pay (at present reckoning) about 75 cents on every dollar in benefits owed -- that's because it will continue to take in new revenues from those not yet collecting from Social Security themselves.

    But you make a good argument for increased immigration.

    PFnV
     
  4. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    I really looked askance at that one, Philly, until I read that the missing 2% was being made up by Treasury.
     
  5. Real World

    Real World Moderator Staff Member

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    What trust fund? Where's that money? There is no trust fund. There's only the general fund, since the SS money has been confiscated for paper IOU's that eventually have to be paid back. Paid back from where though? :confused:

    The point some of us have been trying to make all these years that we've been posting, is that the fund is in trouble, as are our nations finances overall. This isn't a partisan point either. This is simple math. What happens when the money either runs out?
     
  6. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Off by a letter, I suppose. It's simple myth.

    I'll quote at length, because I know for a fact that this SSA page is, by virtue of being a government info site, in the public domain:

    Social Security History FAQs Internet Myths

    PFnV
     
  7. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    By the way, the system is probably getting an unexpected (and relatively unwanted) jolt from early claiming right now. Comparatively few workers in their 60s become a big uptick in unemployment, yet they do leave the labor force itself, through early social security claiming.

    This is a short-term jolt to the money the system takes in. It may or may not be a long-term wash, depending on whether the big difference between early claiming and normal claiming -- age 62 vs. age 65 -- also includes a penalty outside of the actuarial adjustment. Just from having seen those numbers, I believe it does. If so, the system saves money on that misery in the long run -- or at least makes up the amount the early claimers don't pay in the next couple years' social security taxes.

    PFnV
     
  8. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Part of this is a byproduct of our insatiable thirst for war, as 52% of all returning veterans are applying for permanent disability.. in many cases it is the daily double, vets pension and SSI.. not to mention free healthcare forever..
     
  9. PatsFanInEaglesLand

    PatsFanInEaglesLand In the Starting Line-Up

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    #37 Jersey

    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Yeah they're so lucky. Get PTSD, win the lottery.
     
  10. Ilikehappyppl

    Ilikehappyppl 2nd Team Getting Their First Start

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in


    lol That huge check of $752.00 a month isn't wining the lotto, I hope your being sarcastic...;)

    Why should we have to cut bennies?
    Why should we have to up the age?
    Why should we even have to talk about reform of a system that shouldn't need reform?

    They borrowed from it, now its time to pay it back! You raise taxes, you make sure everyone pays into the system, I think atm its 250k and over don't have to pay into SSI. You stop borrowing from it to pay for wars and tax breaks....

    The system is fine, its the people running it that aren't...

    If I went into a bank and took all your money and left an IOU, I would get my ass thrown in jail....Why don't we hold others to the same accountability?

    I have no issue with war vet's collecting SSI, we need to setup a job market/fair for them though, so that the ones that can work, will work.
     
    Last edited: Dec 27, 2012
  11. PatsFanInEaglesLand

    PatsFanInEaglesLand In the Starting Line-Up

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    #37 Jersey

    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    No I was mocking Darryl and his outrage for every cent a soldier makes. And every other ******* like him.
     
  12. Real World

    Real World Moderator Staff Member

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Myth? LOL. More like willfull ignorance. The government info page....:rolleyes: ahahahahaha....

    I like how they mention what President Roosevelt promised a couple of lifetimes ago, as if it has meaning now. Take note on their own info page they lay out the very fact that what he promised, had been ursurped by the Johnson Administration. There is no money in any fund. It's all been spent. In it's place there are only paper IOU's. That's fine in years where the SS taxes collected are greater than the benefits paid out, but when they aren't, those IOU's get paid back through the general fund, with the interest. This really isn't anything but basic math. I don't get why people are so reluctant to accept what is simply reality. This isn't a partisan issue by any means either. SS, just like our country, has serious financial problems that it's going to have to remedy in the near future.

    This isn't any "short term jolt" to the system. First of all Baby Boomers are begining to collect, which I'm pretty sure will push SS to a point where it's paying out the largest number of recipients ever. Where we once had what I believe was 16 workers paying in for every beneficiary, we now have 1.67 full time employees paying in for every check being handed out. Combine that to the fact that people live longer, and disability claims have skyrocketed over the years, and you have anything but a short term problem. Look below for example. The fund has paid out $7.4 trillion in benefits in its entire history. Yet it paid out $778 Billion last year alone. Think about that.


    Some fun facts courtesy of CNN:

    As the debate over how to save Social Security continues, we look at the program by the numbers:

    7.8 million - Number of elderly people in the United States in 1934. Approximately 50% of them lacked enough income to support themselves. Only 5% of retired people were receiving pensions.

    1935 -- Social Security is signed into law by President Franklin D. Roosevelt. The first payroll deductions begin in 1937.

    222,488 -- Number of Americans receiving Social Security benefits in 1940, less than 1% of the total population.

    $22.71 -- The average monthly benefit for a retired worker in 1940, the first year that benefits were paid monthly.

    56 million -- Number of Americans receiving Social Security benefits in 2011, approximately 18% of the total population.

    36 million -- Number of those receiving Social Security in 2012 who are retired workers. The other 20 million are surviving spouses, disabled people and dependents.

    $1,234 -- The average monthly benefit for a retired worker in 2011.

    $1,323 -- The average monthly retired worker benefit for a man in 2010.

    $1,023 -- The average monthly retired worker benefit for a woman in 2010.

    12% -- Percentage of retired worker Social Security beneficiaries who were women in 1940.

    49% -- Percentage of retired worker Social Security beneficiaries who were women in 2010.

    86% -- The percentage of single people over 65 who received Social Security benefits in 2009.

    43% -- The percentage of single people over 65 who relied on Social Security for 90% or more of their income in 2009.


    $778 billion -- Expected amount that Social Security will pay out in benefits in 2012.

    $8.7 trillion+ -- Amount of money that has been paid into the Social Security Trust Fund since its inception.

    $7.4 trillion+ -- Amount of money that has been paid out in benefits since the 1930s.

    2036 -- The year Social Security Trust Fund will no longer have enough money to fully pay out scheduled benefits.

    $22,888.92 -- Amount of Social Security benefits received by Ida Fuller of Vermont. She was the first person to receive monthly benefits, beginning in 1940. She died in 1975 at the age of 100.

    $24.75 -- The amount Ida Fuller paid into Social Security during three years of work in the late 1930s.


    [​IMG]
     
  13. Real World

    Real World Moderator Staff Member

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Billy Madison - Ultimate Insult (Academic Decathlon) - YouTube
     
  14. Ilikehappyppl

    Ilikehappyppl 2nd Team Getting Their First Start

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    I don't know why anyone would be angry for the wage most soldiers see....They should be paid well and treated well, they risk their lives and go places no one else would go.

    I think the Army and other branches should pay from the bottom up, not the top down, most of these higher ranking officers don't do much as much as soldiers at the bottom but get paid so so so much more...That makes me angry, people on the front lines should make the MOST.

    I'm with Darryl though when it comes to the size an scale of our national forces, we spend a little too much in defense....like 400 billion a year to much give or take a few billion.
     
  15. Ilikehappyppl

    Ilikehappyppl 2nd Team Getting Their First Start

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Still using the old youtube video? Your so original and hip!:bricks:Chump....Why don't you debate what I say, rather then post the same stupid video over and over again? Its been like what before the election you were using it?

    Hey how about that Obama win? hahahahahaha!:rocker:
     
  16. Patsfanin Philly

    Patsfanin Philly Experienced Starter w/First Big Contract

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    #95 Jersey

    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Do you have a link because this is the first that I heard of it.. Still it is just a shell game.....
     
  17. Real World

    Real World Moderator Staff Member

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Cuz what you type is utter incoherent nonsense.
     
  18. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    All I know is my Soc Sec quarterly statement still says if I work until I'm 70, I'll be getting $28,000 annually in SS payments.

    So I'll hold them to that PROMISE.

    We need to tax 100% of everyone's earnings the 6% for Soc Sec. Today, we're taxed until we earn around $110k at which point they stop taking it out.

    Tax ALL earnings for social security.
     
  19. IllegalContact

    IllegalContact Pro Bowl Player

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    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    LOL....you missed the fine print where they say they can pull the rug out right from under you......

    I am angling for a retirement career of growing medical marijuana
     
  20. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Re: Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in

    Prolly not a bad idea....make tons of brownies dude.
     

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