Curse

Winterclaw · Mar 27, 2008, 11:33 PM // 23:33

Warning: politics and economics

Got this from CNN. If it is correct, the US is in a world of hurt in 10 years. Question is, is it accurate and will anyone in government do anything about it?

I read this report from the social security administration. I can't confirm the 53 trillion dollar part, but as far as I can tell, medicare will be out of money in 10 years, and social security will follow in a few decades.

Dev121 · Mar 28, 2008, 12:14 AM // 00:14

Its just like V For Vendetta. Rwar!!! Dont worry, the U.K will most likely folow soon, were sucking just as hard.

October Jade · Mar 28, 2008, 01:43 AM // 01:43

The SSA is not going to run out of money. The crisis is easily averted by pushing back the eligibility age, so that there are more people paying in to the system and fewer drawing out. There is an equilibrium point somewhere; we just have to find it.

The only reason this hasn't happened already is that the AARP is firmly entrenched against it. However, given the choice between waiting a few more years for their money or having it evaporate entirely, I suspect that eventually they will relent.

**cosyfiep** · Mar 28, 2008, 04:27 AM // 04:27

When I was in the market back in the '90s we said that social security would be dead in 20 years, guess we were pretty close on that one (we had a chart that showed the amount we were paying in vs the amount that people got to figure it out).
Yes the usa is in a big deep hole of its own doings (yes I am american)....I say we have been in a recession since Regan was president and just no one sees it but me----everyone has been wearing those funky rose classes....and now that they have been broken people are beginning to see the bigger bad picture.
Is Canada still open?????

Winterclaw · Mar 28, 2008, 12:35 PM // 12:35

October, when they first created Social Security, the average man lived till 63 and the average woman until 65. So the age they picked was one when half the people were dead by then anyways. However they didn't key it to the average death age and people have started to live longer.

They could push back the minimum age, but that would be political suicide as all those baby boomers are about to retire.

MrSlayer · Mar 28, 2008, 05:34 PM // 17:34

Quote:

Originally Posted by Dev121

Its just like V For Vendetta. Rwar!!! Dont worry, the U.K will most likely folow soon, were sucking just as hard.

Actually I think our biggest problem is the US problem. We are still repaying them for their aid in WW2. Sadly. It's a LOT of money we owe them, and when they suddenly need this 50 trillion or however much it is, they'll call on our debt.

**cosyfiep** · Mar 28, 2008, 07:43 PM // 19:43

the baby boomers are already retiring. Just not getting ss yet.