by: Diane Benjamin
If you know Mark, please send him a link. Facts evidently don’t matter when he writes Letters to the Editor.
Since many of you don’t get the Pantagraph, here’s a recap of his letter:
Social Security was opposed by Republicans went it was proposed in the 1930’s , but hey it’s now a wonderful program everybody loves and it hasn’t bankrupted the county as predicted.
Ditto with Medicare.
He claims that America won’t collapse under Social Security and Medicare and it won’t under ObamaCare either.
Hey Mark, let’s read the Social Security Administration website: http://ssa.gov/pressoffice/pr/trustee13-pr.html
The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined assets of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2033, unchanged from last year, with 77 percent of benefits still payable at that time. The DI Trust Fund will become depleted in 2016, also unchanged from last year’s estimate, with 80 percent of benefits still payable.
In the 2013 Annual Report to Congress, the Trustees announced:
- The combined trust fund reserves are still growing and will continue to do so through 2020. Beginning with 2021, the cost of the program is projected to exceed income.
- The projected point at which the combined trust fund reserves will become depleted, if Congress does not act before then, comes in 2033 – the same as projected last year. At that time, there will be sufficient income coming in to pay 77 percent of scheduled benefits.
- The projected actuarial deficit over the 75-year long-range period is 2.72 percent of taxable payroll — 0.05 percentage point larger than in last year’s report.
“The Social Security Trust Funds’ projected depletion dates have not changed, and three-fourths of benefits would still be payable after depletion. But the fact remains that Congress needs to act to ensure the long-term solvency of this vital program,” said Carolyn W. Colvin, Acting Commissioner of Social Security. “The projected year for Disability Insurance Trust Fund depletion remains 2016, and legislative action is needed as soon as possible to address this financial imbalance.”
Now for Medicare:
From the Government Medicare Trustee’s report: http://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/ReportsTrustFunds/downloads/tr2012.pdf
See a problem Mark? Expenditures go up faster than income.
Part D has similar results. Read the entire 285 page report if you care.
But it’s so much worse The government is not going to discuss the total unfunded liabilities we are throwing at future generations. So I will:
Yes Mark, let’s add ObamaCare. We are writing our own death warrants. Thanks for the totally uniformed talking points as issued by the head leaders of destruction. Luckily, not that many people read the Pantagraph.