Monday, August 3, 2015

Social Security Is 'Unofficially" Broke

The trustees of the Social Security Administration just published their annual report and are claiming that Social Security will be solvent through 2034... but THAT'S NOT WHAT THE REPORT ACTUALLY SAYS...

(NewsMax) The so-called "trustees" of the Social Security Administration published their annual report last week and the stenographers of the financial press dutifully reported that the day of reckoning when the trust funds run dry has been put off another year: until 2034.

So, take a deep breath and kick the can. That’s five presidential elections away! Except that isn’t what the report really says.

On a cash basis, the Old-Age, Survivors and Disability Insurance funds spent $859 billion in 2014 but took in only $786 billion in taxes, generating $73 billion in red ink.

By the trustees' own reckoning, the OASDI funds will spew a cumulative cash deficit of $1.6 trillion from 2015 to 2026. Measured by the only thing that matters — hard cash income and outgo — the social security system has already gone bust...

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Posted By: Chris Carmouche