With all the problems, Social Security reminds me of the movie, The Bad News Bears. It is common knowledge that Social Security is in financial trouble. Do the math. Social Security spent $49 billion more in 2010 than it took in as tax collections. When 2011 ends, Social Security will have outspend collections by another $46 billion. At this rate, the "Trust Fund" is expected to be depleted by 2036. Without that fund, expect benefits to fall to about three-quarters of current promised levels.
To attempt to offset massive obligations, tax rates have risen repeatedly. What commenced as 2% of the first $3,000 of income (half paid by you, half by your employer) is now scheduled to be 12.4% of the first $110,100 of income in 2012. Furthermore, "full retirement age" is moving up from 65 to 67. Even with the increasing of taxes and the cutting of benefits, Social Security's destruction appears inevitable.
Again, do the math. People are living longer and having fewer children. While the American birthrate has fallen from 18.7 live births per 1,000 population in 1935 to 13.8 per 1,000 in 2009, so has the work force as the percentage of the working age population actually working is down to 63.9% as of November 2011. Just a decade earlier, 66.6% were working. As Social Security no longer pays surplus funds to the Treasury, the Treasury not only loses that source of revenue but it also needs to make up the amounts being redeemed. Consequently, the revenue deficit will continue to mushroom.
So just like the childhood nativity of the lovable kids in The Bad News Bears, Social Security won't last forever. in its current form. The key questions are "What will change?" and "When will it happen?"
Speaking of bad Bears, the Chicago Bears continue their slide both on and off the field. Of course many know of Brian Urlacher's civil controversies LINK. However now, criminal charges against a wide receiver are further perpetuating the team's downward spiral. In fact, as of Thursday, Sam Hurd was in jail after authorities accused him of trying to set up a drug distribution network in the Chicago. Sam was arrested after he allegedly agreed to buy a kilogram of cocaine from an undercover agent.The federal complaint contends Hurd told an undercover agent that he was interested in purchasing five to 10 kilograms of cocaine and 1,000 pounds of marijuana with an intent to distribute.
To attempt to offset massive obligations, tax rates have risen repeatedly. What commenced as 2% of the first $3,000 of income (half paid by you, half by your employer) is now scheduled to be 12.4% of the first $110,100 of income in 2012. Furthermore, "full retirement age" is moving up from 65 to 67. Even with the increasing of taxes and the cutting of benefits, Social Security's destruction appears inevitable.
Again, do the math. People are living longer and having fewer children. While the American birthrate has fallen from 18.7 live births per 1,000 population in 1935 to 13.8 per 1,000 in 2009, so has the work force as the percentage of the working age population actually working is down to 63.9% as of November 2011. Just a decade earlier, 66.6% were working. As Social Security no longer pays surplus funds to the Treasury, the Treasury not only loses that source of revenue but it also needs to make up the amounts being redeemed. Consequently, the revenue deficit will continue to mushroom.
So just like the childhood nativity of the lovable kids in The Bad News Bears, Social Security won't last forever. in its current form. The key questions are "What will change?" and "When will it happen?"
Speaking of bad Bears, the Chicago Bears continue their slide both on and off the field. Of course many know of Brian Urlacher's civil controversies LINK. However now, criminal charges against a wide receiver are further perpetuating the team's downward spiral. In fact, as of Thursday, Sam Hurd was in jail after authorities accused him of trying to set up a drug distribution network in the Chicago. Sam was arrested after he allegedly agreed to buy a kilogram of cocaine from an undercover agent.The federal complaint contends Hurd told an undercover agent that he was interested in purchasing five to 10 kilograms of cocaine and 1,000 pounds of marijuana with an intent to distribute.
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10 comments:
As for SS…they have been raiding the fund for over 20 years to pay for other projects. More like money laundering using public funds to pay their privet contractor friends. This is why they want to kill the program…the Federal Government owes it to much and a proper audit will expose this.
“Brian Urlacher's civil controversies”…The link did not work and I have not heard of this. As for Sam Hurd…WTF is the matter with him. Does he not make enough $$$ now as an NFL player? Not to mention the prestige that is associated with such a title.
Or maybe he supplies the team as they play as if the coke buz wears off in the 4th quarter and all they want to do is get into the locker room to do some more. What they really need is an offensive line…and better corner backs, and…a lot of luck! It is better to be lucky than good…Denver is a good example of this saying.
Never thought of Bears and Soc Sec in the same breath.
Maybe this is what the song means...bare down Chicago Bears.
I heard on the news that this Sam Hurd told the undercover agent he could move $700.000 worth of coke and pot a week…This appears to be more than a substance abuse problem, and apparently does pay better than his NFL salary.
Sounds like he wanted to be a big time operator
Video Guy: Link for Urlacher is fixed.
Bears lose again. Not a good omen for Social Security which seems to be tracking the Bears downward spiral.
The Bears could play Samsonite Luggage and lose, (remember that commercial?). Their problem is McCaskey as he runs the team like a profit driven corporation. He knows that the Chicago market that he has a monopoly in will bring in high revenues as long as he keeps a few big name talented players. Good players use the Bears as a proving ground to then be traded for a better salary. When the Bears won the 85 Super bowl they were the lowest paid team in the NFL. If McCaskey could outsource the team he would and use child labor from the Marianas and suit them up. Not a true expression of what a sports team is all about. I’ll bet the Bears offensive line is the lowest paid line in the NFL. No wonder the players sell drugs to compensate their income!
As for the Urlacher dilemma…LOL, I seem to remember something about that but do not concern myself about such matters. As a younger man I became involved with such things and learned my lesson, trying to be a mediator is a recipe for disaster as both will turn on you when they make-up. Did he send the TEXT’s? Probably, that woman sounds like a real bitch…but who knows what else is going on there. I don’t believe he dressed his son in pink diapers and blue nail polish…i think he is way to proud of his child to do such a thing.
This is why the divorce lawyers make such a killing…when things blow apart, it gets really nasty and revenge rears its ugly face.
Well played Video Guy! I think I laughed remembering the Samsonite commercial so hard that I inhaled my coffee down the wrong pipe. :)
Recently a teacher in San Diego asked the kids, "Who here is a Charger's fan?"
One little girl yelled "Hell no!! I am a Broncos fan and proud of it!"
The teacher asked, "Mary, why would you be a Broncos fan when you live in San Diego?"
Mary said "My mom is a Broncos fan and so is my dad, so I am a Broncos fan too!"
"Well." said the teacher, "that's no reason for you to be a Broncos fan. What if your mom
was a prostitute and your dad was a drug addict and a car thief, what would you be then?"
Mary said, "A Colts fan."
LOL..happy holidays to my Indiana Internet friends. I hope none of you got hurt at the stampeding for the "Air Jordan's"
Lol video guy.
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