"Vic Smith" wrote in message
...
On Thu, 09 Nov 2006 02:10:55 -0500, wrote:

On Wed, 08 Nov 2006 21:15:34 -0600, Vic Smith
wrote:

Using current projections, the SS bonds will need to be drawn upon in
about 20 years

That is 10 according to the 2006 trustee's report. SSA.GOV

You're right.
You said and I said it. Fix it. The fix is right there in the
conclusion posted below. It's right there in black and white.
Pick any suggested method. I'm fine with any of them.
None will even show a blip on the economy.
Let's see if the Dems get it legislated.
Then everybody can quit crying about the "Looming SS Crisis" and how
it's a Ponzi scheme for the next 75 years and start worrying about
Medicare instead.
Or maybe they'll just keep whining about SS "because it's there."
.

http://www.socialsecurity.gov/OACT/T...s.html#wp76460
quote
Conclusion

Annual cost will begin to exceed tax income in 2017 for the combined
OASDI Trust Funds, which are projected to become exhausted and thus
unable to pay scheduled benefits in full on a timely basis in 2040
under the long-range intermediate assumptions. For the trust funds to
remain solvent throughout the 75-year projection period, the combined
payroll tax rate could be increased during the period in a manner
equivalent to an immediate and permanent increase of 2.02 percentage
points, benefits could be reduced during the period in a manner
equivalent to an immediate and permanent reduction of 13.3 percent,
general revenue transfers equivalent to $4.6 trillion (in present
value) could be made during the period, or some combination of
approaches could be adopted. Significantly larger changes would be
required to maintain solvency beyond 75 years.

The projected trust fund deficits should be addressed in a timely way
to allow for a gradual phasing in of the necessary changes and to
provide advance notice to workers. The sooner adjustments are made the
smaller and less abrupt they will have to be. Social Security plays a
critical role in the lives of this year's 49 million beneficiaries,
and 162 million covered workers and their families. With informed
discussion, creative thinking, and timely legislative action, we will
ensure that Social Security continues to protect future generations.
end quote

--Vic

Let's see. 2.2% actually 4.4% increase as both the employer and the
employee pay. Plus where is the 4.4 trillion dollars from the General
Revenue fund to come from? That is about $58 billion a year for 75 years.
And this is with a 13.3% cut in benefits. And what happens when we legalize
10 million illegals and they their and dependents come here and collect SS
and SSI? Plus where is the $8 trillion in Medicare drug benefits to come
from?