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Social Security Reserves Forecast To Be Empty By 2022

February 17, 2012 by  

Social Security Reserves Forecast To Be Empty By 2022

Social Security's bank account will be empty in 2022, the first time the program's combined trust funds will run a deficit, according to the budget that was recently released by President Barack Obama.

The Washington Times reported that not only will Social Security be empty by that date, but one of Medicare's trust funds will also be in the red for much of the next decade.

According to the numbers in the briefing book that the White House provided along with the budget, Social Security's trust fund will run a deficit of $2.6 billion in 2022.

The Times reported that Social Security has taken in less in taxes than it has paid out in benefits since 2010, but the shortfall has been covered by the government dipping into the leftover money in the trust funds from previous years.

The Washington Post reported that the proposed budget from the President included only modest trims to Federal healthcare programs and no changes to Social Security, which remain the biggest drivers of future borrowing. 

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  • Jewel Trail

    I recall reading some where that the federal government had borrowed 43 billion or 43 trillion from the social security accounts. They need to pay this money back to those of us that have been paying into this system

    • Steven B Coy

      Jewel we are the people who paid into the system and not the Government, we would have to pay ourselves in order for the Government to put the money back. Democommies raided our Social Security and put a voucher in there and said your “Government is good for this”. What they meant was We the People would have to double down on payments to replace the money they stole from us.

    • Tom

      Jewel you are right……. but pigs will fly first before that happens

      • http://yahoo ted

        you know what obamas tax cut was that was just extended? it was money going to social security. the democrates dont want to fund it and always blame the republicans for its demise. in 10 years the gov. will control all of us. i wish the press would finally see the light and report such things before it is to late.

      • WoundedKnee

        Una` ( Yes ) I agree with you Tom…But you know with Obummer in office it’ll
        never happen. The ????? is to busy ” Destroying Our Country ” as we once
        knew it to be. For we will not see ‘ One Red Cent ‘ of it as along as that ?????
        remains in office.

    • s c

      Jewel, consider my comment an explanation of the government’s true attitude concerning social justice, leadership and “character.” in 1960, the Supreme Court said that social security is NOT insurance. Soc Sec is NOT a contract. And, the American people have NO right to expect that Soc Sec will “be there” when the American people want it.
      That lawsuit is known as Flemming v. Nestor. A Communist sued to get “a slice of the pie.” Now, perhaps, you can understand why Obummer couldn’t care less about Soc Sec or doing his job. Having faith in Soc Sec or anyone like Obummer is akin to being adopted by headhunters. That is, you might get lucky, but I wouldn’t bet on it.
      Soc Sec is a twisted, sick joke on the American people. Most people think FDR created it. FDR used it like a drug to dumb-down generations, and Obummer is using the same technique. FDR was a con artist. Obummer is using the same book. See FDR for what he was. See Obummer for what he IS.

    • Glen

      We can thank Clinton for that!! I cringe evertime Newt talks about his hand in balancing the budget in that era!

      • http://naver samurai

        Don’t forget how LBJ raided Social Security for his programs. FOR GOD AND COUNTRY!

      • dfinch

        Lyndon Johnson used these funds to pay for the Vietnam War.

    • s c

      Jewel, Uncle Scam doesn’t ‘borrow.’ Uncle Scam STEALS.
      Uncle Scam tends to do whatever he wants. That’s just ONE of his many faults.
      By the way, Uncle Scam wouldn’t know how to ‘replace’ money if he had a reason to think about doing it. On his BEST day, Uncle Scam is a career criminal.

  • Jim

    Of course the thieves in Washington plundered the money that all us workers paid into. No one should get a cent of that money that did not work to pay into it. Why aren’t the occupiers down there protesting about this? Oh, I forgot, they don’t work, they don’t care.

  • T i m

    THIS ARTICLE IS SSOO WRONG . THE ONLY PROBLEM WITH SOCIAL SECURITY ………………WELFARE POPULATION . BACK DOOR AMNESTY IS GROWING THE WELFARE POPULATION BY 1 0 0 0 ‘S PER MONTH …………………GET WELFARE OUT OF IT . SOCIAL SECURITY WILL HAVE NO PROBLEMS . BETTER YET , RECORDED WAGE EARNERS …..STOP PAYING INTO SOCIAL SECURITY . STOP DIRECT DEPOSIT . HANDLE YOUR OWN BOOK KEEPING . CONGRESS DOES WHAT IT DOES BECAUSE WE PEOPLE CONTINUE TO PAY THEM . My name is T i m .

  • Effie Powers

    The social security is owed 2.2 trillion dollars. Yeah! We want our money back. Also, Barack took $500 Billion from the medicare program. We need to see that money is all returned.

    • ToeTagTunny

      How can THEY ‘pay it back’..? Out of THEIR pockets? Hell, WE pay their salaries, they have no money other than the welfare that our taxes pay them with.. If you want these coffers replenished then you must vote for higher taxes THEN earmark the raise to pay (ourselves) back exclusively.. THEN have an option that when it’s finally paid back, the tax raise will end.. Do you think any one of these stipulations will be carried out? Raising the taxes will only make them drool for the windfall they can loot.. We screwed ourselves the MOMENT we trusted any politician with their word, even in small business procedure it stipulates that the only legitimate binder is the written contract no matter what had been stated to achieve it.. Our failure was not demanding it IN WRITING”.. Now we have to pay for others’ treachery (no different than welfare and food stamps).. Best move is to (1) demand this ‘debt’ be wiped out thus not be part of this corrupt deficit.. (2) Make it a National crime to EVER dip into programs paid by it’s citizens with punishment equal to incarceration THEN when freed, absolute deportation and (3) Lick our wounds then proceed to refurbish the S.S. as it should have always been used for.. Not for welfare, not for disability (those should be via a national fund through individual donations) but for retirement as it was created for. And another thing! Every year we (are asked to) donate one dollar to the election fund on our tax form.. Just where is this money going to if the candidates are raising millions through volunteer donations in order to win a nomination then more millions to win the seat their seeking? You must realize that not all participate in this volunteer’ donation but none the less it adds up to Multi-Millions if not billions of extra dollars (within those two to four year periods) and NOBODY is telling us where it’s going!! We need an over-all audit disclosure of the feds AND these (hidden) political windfalls.. What about the surplus from the lottery? It was to pay for our school system yet they keep saying it’s going bankrupt.. Before the lotto profits, schools operated normally, Now their under-paid? We NEED Ron Paul 2012..!!!

  • Sirian

    Hummm, a Ponzi scheme run afoul. Really? No, they’d never pull a Madoff on us would they? Like hell! This has been going on for decades and they’re starting to copy Madoff’s grief. Standby folks, we ain’t seen nothing yet!

  • http://BobLivingston Joe

    If I remember correctly the congress is to vote this morning to extend the payroll reduction (SS withholding) till the end of the year, And our President went to which school for his degree in FISCAL RESPONSIBILITY DEGREE?

    • Marty S.

      He is just trying to get re-elected using this chump change payroll tax relief gimmick. The whole system is on the verge of crashing in no uncertain terms and we the tax slaves are paying for it. This is just coming to a head finally and the greatest Ponzi scheme in the history of the world is about to be exposed. Hang on folks we are about to experience some major turbulence, a nasty free fall and crash landing. The American dollar (a debt instrument) is doomed as it now only worth 5 cents.

      • dfinch

        Remember when Rick Perry said that SS is a ponzi scheme. He was villified by the republicans and democrats. It is a ponzi scheme and more and more others are finally seeing it. This tax break is just something else to add to it.

  • Richard Norton

    And this is news how, and whatis the idiot in the whitehouse doing about it, lets collect less in FICA taxes to make the dumb voters think they re getting something, that my frends is where this tax holiday is coming from, the social security taxes not being collected. What an idiot the people that voted for him elected, this is evidence that peole under age of 40 should not be allowed to vote, they supported this jackass, well he is a dumbocrap.

    • independant thinker

      If he is re-elected the people will be even bigger idiots. I have to believe he is deliberately trying to ruin SS and most of the idiots in congress are going along with it. Anyone who votes for the continuation of the reduced SS taxes should be voted out of office.

  • http://yoursavings.isacoach.ca/JSS/getpaid.htm Gerald

    $89 Billion of US taxpayers money is going to Egypt, as a result of President Obama and Hillary Clinton. Even republicans are not blocking this. Government is so corrupt the people will have to take up arms to save their nation, but that will be difficult, because all the guns are being taken or registered for quick pickup. Ammunition I read cannot be sold in some parts, so then who needs the guns if there is no ammunition.

    Men and women are disparate and families are collapsing along with the churches as there now is no one to provide protection. No sense running for the hills, there is nothing there either.

    News media are bought and paid for, they are manipulated to continue to threaten the people. Get into a rural area, grow what you can and shut off all the news. Enjoy life.

    • eddie47d

      Egypt and Israel each receive 4 billion every year and have for over a decade. Where did you get your 89 billion figure? Why would we be giving the Egyptian military even more when they are worse than Murbarak himself? Please come back with more facts.

    • s c

      Call me a pessimist, Gerald, but Egypt may be one of those mysterious, ‘new,’ 7 extra states that Obummer talks about.
      Perhaps Obummer got his money advice from Bubba and Billary.
      Add Obummer to that duo and you have an instant formula for disaster. As usual, America gets to pay the bills for their collective arrogance and world-class stupidity.
      For what it’s worth, Arkansas doesn’t want Bubba or Billary ‘back,’ while Shecawger probably can’t wait to induct another plastic politician into its Freedom-Hating Hall of Infamy.

  • don

    this stupid ass we have for president did it again. taking less out of our paychecks. how in the hell does he expect social security to keep going. what the government supposedly borrowed is gone and never will be paid back. it could have supported itself if it would have been left alone over the years. now how is it going to be done after 2022 obunhole probly figures that this country will borrow money to finance it to. the endles debt is going to bite us in the end. when this country goes belly up after all the sabotage he did and others before done him and all his nwo buddies will have a good life while the rest will live a living hell. vote this fool out no romney santorum or newt. they belong to the same club as o bunhole. paul is just about our only hope. we know he is not a member of their club. check out the” obama deception” online. they have a peice at the beginning how our leaders are chose. it pissed me off as it probly most of you.

    • eddie47d

      Did you drink all the kool aid Don? Look SS up and most sources say it will be solvent until 2036. (some say 2035/2041). It’s on shaky ground and fixes need to be made fast but facts will produce a better result don’t you think.

  • Elz

    Obama seeks re-election. After having raped our economy for 3 years, he wants to ramp up people’s income to make them feel good about the future, so as to be willing to take on more debt. Everything is being timed as to hit the fan right after the voting in November. We are all living on borrowed time. The reality is that the country is broke, our bad debt rating is getting worse, we are spending like crazy to push the stock market and some inflation as well. We currently see six countries having broken away from using the dollar for international settlements, more are considering following. The political influence of the military industrial complex is so strong, any republican but ron paul will simply be another Obama. Look at how Romney influenced the Maine vote count, each day being more fully realized you simply pay enough and you win…..you simply register other candidate’s vote as having been for you, and if another candidate is very strong in one area, you delay their votes by calling off the election, or postponing the election in those counties, and call yourself the winner. Obviously, the election process is rigged, just riddled with corruption, and money talks louder than truth. The only honest candidate we have is Ron Paul, we need to be sure his votes are counted correctly in the tabulations in all states, and try for treason, these arrogant jackasses who want to deny us our just due. America has become too soft, and voter violence has been left to attorney’s to argue for hour after hour at a prevailing rate of pay that is rediculous. Lynching wrongdoers would be appropriate, this whole system is about stealing our freedoms. Social Security is an agreement (contract), not an entitlement, as is Medicare. Insurance companies want this to end, they want everybody to pay them for partial coverage, by law. After the government has fixed high rates of pay for medical professions through a corrupt educational system, we have let ourselves all be victimized. Don’t fall for the “happy times” crap the feds are feeding all of us. Save, don’t spend. Store some food, canned food with extended shelf life. Store water as well, but make sure it has no fluoride in it. Get and learn to use, a water filter system to make most creek water drinkable. Have a propane grill to cook on. Learn to plant a garden. If you prepare for what’s coming, you will survive well. Money? Even if you have less, you will find self-suffiency is as good or better than worrying about how you must continually make more and more of it. In inflation, the government make more than you do, so quit trying to outsmart a loaded deck.

    • http://Yahoo Carolyn Hamilton

      Ron Paul is good, but erratic. Romney will get us out of debt or close to it. Get your head screwed on.

  • jopa

    The two people you can thank for social security running out of money are Ronald Reagan and Alan Greenspan.Reagan gave huge tax cuts for the rich and when the budget wasn’t sufficient to cover operating cost of the governmaent he had the Social Security trust fund become part of the general fund..Reagan increased the SS tax and that resulted in a huge surplus that he then plundered.Just facts easy to find.

    • independant thinker

      If the documentation is so easy to find why did you leave off your sources and links?

      • ChristyK

        The president doesn’t control spending. Only the House can initiate spending. It would be the Democrat Congress that spent too much and raided SS. The president doesn’t have the authority to do it.

    • http://naver samurai

      Care to cite a source jopa? Or is this another attempt to bask a good president (Reagan) and support the Community Organizer of the United States (Obama bin Laden)? Reagan, baaaaa! Greenspan, baaaaa! The rich, baaaaa! Obaaaaamaaaaa bin Laaaaaden! Chaaaaange! Always the sheeple. FOR GOD AND COUNTRY!

    • s c

      So, j, a typical utopian wants to quote chapter and verse about “facts.” Since when do Haavid and Chicago qualify as infallible information sources? Do you believe EVERYTHING those utopian ho bags tell you?
      For a refreshing change, j, go to a public library, talk to a reference librarian, and then have your head surgically removed from your nether regions. Then, you can breathe (for a change), and you can see and maybe be able to THINK.
      And, don’t forget to tell your parents that you’ve been a utopian suck-up for years and that your conscience has been dormant since the time when Peanuts Carter disgraced the White House.
      Facts? From what I see almost daily, you never learned how to exhale, separate fact from fiction or have an opinion that didn’t come from one of your round-heeled, utopian ‘gods.’

  • David Rice

    As the Governments Responsibility to They’re National Duty and Oath of Office, Ethical and all Moral Cannons of Law. The Federal Government Under Color Of Authority took money’s from the American People under False Pretenses and Fraud. They should be held accountable to the fullest extent of the Law. The Law States that they have to give back what they took out and make restitution to the American People. Where is the Law when you need Law? Just like saying. Where is a Cop when you need one and just who is it that holds the Federal Attorney General’s Office? Shouldn’t he be held accountable for knowing of this action and failing to act upon the perimeters of the Law. [offensive word removed] it, I want JUSTICE in this COUNTRY RIGHT NOW! Just as Deliberately as they committed these CRIMES.

  • http://williambaylor.com/index.html William F. Baylor Jr.

    Gee, I’m 73 and guess what! All my life you people have been saying the social security is going to run out of money! Guess what, it never did! Hmmmm You see, it’s like this, the government will add more money just like any company does for inflation etc.. I had to make 1 year budgets, 5 year budgets and 10 year budgets for my department when I worked for Campbell Soup and all staff managers had to do this every year based on projected revenues for the next year! Duh, what planet do you morons come from!

    • s c

      W, so you’re a 73 year old utopian. In those 73 years, did you ever learn what America’s #1 inflation engine is? Did you live long enough to own your own home and NOT see its value go DOWN? How’s your retirement doing?
      In those 73 years, did you learn that politicians can’t be trusted? Are you one of the many sheeple who vote based on raging, hormone-driven emotions?
      Did you educate yourself and learn what a criminal FDR was? Do you recognize the many similarities that FDR and Obummer share?
      Frankly, for someone who’s lived long enough to be retired, you seem to be someone who never learned the difference between b s and shinola. You sound like an ad for Obummer and Big Government on steroids.
      I hope you’re smarter than your comments, W. Did your kids grow up and become conservatives or useless utopians? Hang on, W. If we get hosed with Obummercare, your precious Soc Sec won’t mean a damned thing, and we’d love to see the expression on your face when you finally WAKE UP and that ‘light’ comes on and you won’t know where to aim your suppressed wrath.

  • http://comcast maykee

    The republicans are all for themselves. They are being exposed as greedy selfish people that don’t want to pay their fair share of taxes. Who exposed them but our president the you people are so hot to blame for something that has been going on for years. It is to bad they didn’t micro manage Bush when he was in office then this mess wouldn’t be happening. The president isn’t your source and if you don’t know who your source is try getting up on Sunday morning and going to your source.

  • jopa

    Independant or should I say dependant on someone else to do your searching?Just Google Reagan and Greenspan and and choose the forum you wish to read.Simple as that.

    • http://naver samurai

      You posted what you said to be facts, so you have to cite a source. No one has to do your homework for you. FOR GOD AND COUNTRY!

    • independant thinker

      I would say jopa that since you will not provide sources you have no sources for what you claim. Just like certain others of a liberal bent posting here your only source is in your rather fertile imigination.

  • Marlene B.

    The ultimate goal of Obama’s demand for payroll tax (Social Security) reduction is the ultimate defunding of Social Security until it has no money left in it. He’s right on schedule with this ploy of his to hurt seniors who worked hard for many years to fund this program – 46 years in my case. Every time the decrease is okayed, it cuts the throats of seniors, current and future. I wonder which of Pbama’s backers dreamed this up? George Soros, most likely, because he hates Americans even more than Obama and his monkey-mate.

  • 2¢ worth…

    I say, if the Country falls, suck it up as there won’t be any military to protect the rich, THEN we can arm and go after these pecker heads, string’um up by their scrawny necks, TAKE their riches and re-start a NEW STRONGER AMERICA!! Anyone agree? (by the way things are looking, it’s gonna happen anyway so why not focus our attention on the wealthy who started it all, who took our country and manipulated it for their sake).. Forget about enemies abroad.. Focus on these criminals and once other countries see how we deal with treachery thet’ll be content to steer clear of our accumulated wrath..

    • gumba

      Already armed to the teeth.

    • Marty S.

      Across the generations we have only ourselves to blame for the mess we are in for allowing so much corruption to take hold in the government and in the private sector. Now we are going to experience a system reset like no other since the fall of Rome.

      • hitthedeck

        Get off blaming ourselves and put the blame on where it belongs. The thieving politicians and every thing they do to cover the crap they create to blame others and tell us they are going to fix it. They go after gun control to protect their own guilt. They go after the rich to cover their own wealth. They go after religion because it tells us what they are doing is wrong. They divide the people into groups because its easier for them to control with special entitlements and vote baiting. Put the blame on them and start prosecuting them with determination.

  • hitthedeck

    I thought Obama solved the SOCIAL SECURITY problem on page 1,639 in the Obama care program. You have to have social security to be healthy.

    • hitthedeck

      Oh yes isn’t that the page that has the death panel on it!

    • TML

      “You have to have social security to be healthy.”

      I thought that to maintain good health, one only needs to eat what you don’t like, drink what you don’t want, and do what you’d rather not. ;)

      • hitthedeck

        And spend what you don’t have!

  • jopa

    Samurai;In America we use the Internet mainly to find our facts but you have to be careful there also and use your better judgement, or mine if you feel unqualified.In Japan if you use the library that is also a good source however the main thing is if you seek wisdom feel free to ask and I will be there for you.Have a Good one.

    • http://naver samurai

      My wife and I are both American citizens. Neeeeed to be making that popping sound. FOR GOD AND COUNTRY!

  • James

    When the feds say the Social Security Trust Fund will be broke in 2022, they are basing that on the amount of Social Security Act taxes that have been collected since the Act was passed. Such a Trust Fund was never established by law, but that doesn’t stop many congressmen from referring to it as though it does exist. S.S. taxes flow into the U.S. Treasury like all federal taxes, and have never been set aside for payment of S.S. benefits. There is no S.S. Trust Fund, the money that is supposed to be there is the amount of S.S. taxes minus the S.S. benefits that have been paid out. That money has been spent by Congress long ago but it is still referred to as being there.
    Since then this so-called Trust Fund has been ‘invested’ in U.S. Treasury bonds, and now comprises 17.9% of the national debt ($2.54 trillion). In other words, it is a debt that the feds owe the S.S. Trust Fund, which can only be paid by more federal taxes.

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