Wednesday, November 30, 2011

Do you have plans to retire after 2037?

For much of the past 30 years, Social Security has run big surpluses, which the government has borrowed to spend on other programs. Social Security has built up a $2.5 trillion surplus since the retirement program was last overhauled in the 1980s.
Now that Social Security is running deficits, the federal government will have to find money elsewhere to help pay for retirement, disability and survivor benefits.
The $2.5 trillion surplus, however, has been borrowed over the years by the federal government and spent on other programs. In return, the Treasury Department has issued bonds to Social Security, guaranteeing repayment with interest.
Social Security supporters are adamant that the program will be repaid, as one of the tendencies here is what officials and former officials say now:

"It means that Social Security is increasingly adding to our long-term fiscal problem, and it's happening now," said Eugene Steuerle, a former Treasury official who is now a fellow at the Urban Institute think tank.

"So long as Social Security was running surpluses, policymakers could put off the need to fix the program," said Andrew Biggs, a former deputy commissioner at the Social Security Administration who is now a resident scholar at the American Enterprise Institute.

Basically all researchers up to date agreed that we should not make any plans to receive retirement paycheck after 2037 because there will be no money by that time in fund which was suppose to be our safety net for the time we no longer able to work.
Money suppose to be our and not government to spent on supporting some third world countries.
What will happens if any of you borrow money from the bank and can not re-pay?
Correct, default followed by calls and visits by collection agencies. Who will collect our money from the government for us?

Mister President, stop wasting money on third world countries who hate us anyway and especially because we help them.

Stop making widows and start creating JOBS!!
Here is some more info on this matter

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