Social Security gone in 2041, Medicare gone in 2020

[totalmotorcycle]

Well, that's just great news for many young and middle age Americans.

It's the same type of news in Canada. Our Social Security (called the Canada Pension Plan) will be gone by the time many of Canada's young will be at the age to collect it. The bad thing is all working Canadians pay CPP in their wages, but they won't get anything either when they get older. Canada has not yet relased "run out" dates for CPP like the USA has.

But I would not be happy over this issue if I was a young American.

Mike.




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US Social Security fund exhausted in 2041-trustees
Wed Mar 23, 2005



WASHINGTON, March 23 (Reuters) - The U.S. Social Security trust fund will exhaust its assets in 2041 instead of 2042 as forecast last year, while the Medicare trust fund will be depleted in 2020, rather than 2019, the funds' trustees said on Wednesday.

In addition, the trustees projected Social Security outlays would outstrip tax income in 2017 instead of 2018 as previously forecast.

When the program's trust fund is exhausted in 2041, tax revenues would still be sufficient to fund 74 percent of the benefits, the trustees said in their annual report on the finances of the programs.

The trustees are Treasury Secretary John Snow, Labor Secretary Elaine Chao, Health and Human Services Secretary Michael Leavitt, Social Security Commissioner Jo Anne Barnhart and two members appointed by former President Bill Clinton in 2000 who are not part of the government.

Medicare, the government's program to provide health care to the elderly, is expected to pay out more in benefits in 2005 than it receives in tax revenues, as it did in 2004, the trustees said in their annual report on the programs.

The financial health of the programs, in particular Social Security, has moved center stage in U.S. politics as a wave of retirement looms for the aging U.S. population and as health care costs mount.

In December 2004, 47.6 million people were receiving benefits under Social Security programs and 41.7 million were covered under Medicare, the trustees said.

[9000white]

i dont envision a problem with social security in the usa.with what our politicians steal outright ,and financial support from big business lobbyists bribing them handsomely,the outlook for their future monetary needs looks very promising.now...who else matters?

[oldnslo]

That, in my never humble opinion, is a total, fabricated piece of propaganda whose intent is to scare all who might be affected by such a situation into supporting George's makeover of SS. Ought to offer a little insight as to how low they will go, but outright lying is certainly one of the basic operating tools of the administration.
Remember the WMD's? This is just another one, in disguise. Believe at your peril. Pure crapola.
However, protracted wars started by George may "force" the govt to rob SS to fund them, thereby making this a true story. Stay tuned.

[jjhotrods]

Last time I checked there was no SS trust fund. Gore proposed something similiar and every analyst said it was a big show that wasn't a reality. The SS budjet and Medicare budget are set every year when congress passes the proposed federal budget.

Second both systems are and have been failures. They are based on a bad pyramid theory. For it to actually work people can't live as long. As people get older they become a higher cost to the public. It was a quick fix pushed through by FDR that never should have been allowed. All its done is strain the economy and private citizen. You can't collect enough from each person and still leave them enough to live on. Unless you decide to cut all military and intellegence spending. Which the constitution calls for the government to be involved in.

It should be converted to private accounts or abolished. Let people take care of themselves. This country has gotten fat and lazy expecting someone else to plan and think for them. Waiting for gov't to fix their problems. Ya I know I am a dummy and have my head on backwards.

[oldnslo]

www.ssa.gov/OACT/ProgData/funds.html

Sure looks like trust funds to me......

[oldnslo]

The president has been on an extended sales binge trying to make everybody see the light re his redo of SS, with little success. Most citizens, young and old alike, do not like the president's plan. I imagine he will eventually have to handle it like he did Iraq, and just shove it up our collective a**es. Or down our throats, take your pick. There will be no choice.
Once George has issued his democratic decree, all of you who are eligible and willing will need to hook up with a financial advisor, at your own expense, of course, whose mission will be to do their level best to see to it you don't fritter your money away. They charge fees, paid by you, the investor, and the govt. will probably charge you for hooking you up with them, too. These fees will be called "transition fees", and analysts say they will run into the trillions of dollars in coming years, all paid by you, the investor.
There may be some inaccuracies here, but this is basically my understanding of it. I am concerned about George ignoring the will of the people, as he usually does. He is doing nobody any favors. Somewhere, it has to benefit him, or it means nothing.

[ronboskz650sr]

I seem to recall the year 2005 being used the same way about twenty years ago...hmmm.

[9000white]

Last time I checked there was no SS trust fund. Gore calls for the government to be involved in.

It should be converted to private accounts or abolished. Let people take care of themselves. This country has gotten fat and lazy expecting someone else to plan and think for them. Waiting for gov't to fix their problems. Ya I know I am a dummy and have my head on backwards.

i certainly agree with you--i have never understood why someone working for minium wage and supporting a family doesnt invest heavily in the stock market and lay in a good supply of gold bullion as a hedge against inflation.oil stocks look particularly lucrative at this time.so why dont they take advantage of this?????

[oldnslo]

They just never seem to listen.....

[Ladymx]

People with the power are only lining theirown pockets and dont care about the rest of us or the services that are suppose to be for us after years of payment.
I dont know why I pay Health care or extended health care, as it hasnt covered anything, for me with the accident I had, leaving me to pay the medical bills. Great system, if you dont get hurt or ill. Maybe better off not payingi t so I could have some money to pay for some services.