Thursday, January 27, 2011

Yeah!!! We Did Nothing For SS ... And Now

In 2006, Congressional Democrats wildly cheered their obstruction of Social Security reform at President Bush’s State of the Union Address -- They were so proud: That was in 2006 when George Bush was president.

Yesterday the congressional budget experts(CBO) announced that Social Security will run a deficit this year.

The AP reported:
Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates.

The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016

This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors’ benefits than it collects in payroll taxes, the nonpartisan Congressional Budget Office said. That figure nearly triples — to $130 billion — when the new (Obama) one-year cut in payroll taxes is included.

Congress has promised to replenish any lost revenue from the tax cut, but that’s hardly good news, either, adding to the federal budget deficit. In another sobering estimate, the congressional office said government red ink this year will increase to $1.5 trillion, the most in U.S. history.
Yeah!!! Democrats were so proud in 2006. And so happy when Obama got the one year cut in SS taxes included in the budget deal which allowed taxes to remain at Bush levels.

Now the Social Security Actuary says the annual deficit will continue into the foreseeable future ... So lets crack open that lock box, hey wait there is nothing in there but IOUs, the money has long since been spent by the elected Washington scam artists.

Yesterday the Medicare Actuarry reported in on health care:

Chief Medicare Actuary on President's health care claims: "I would say false, more so than true"

Richard Foster, the the chief actuary of the Centers for Medicare and Medicaid Services, the guy in charge of crunching the Medicare's numbers, testified before the House Budget committee this morning . Foster reconfirmed his earlier reports which said that Obamacare would not suppress healthcare costs and would not allow people to keep their present providers.  And as a further knock at the progressive voodoo economics had expressed a higher degree of confidence in Paul Ryan’s plan to reform entitlements driving down health-care costs than Obamacare.

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