What an asinine statement.How much of the 16 trillion in debt is due to SS and medicare ? SS has brought in over 3 trillion then it has paid out
National Debt Hits $16,000,000,000,000
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What an asinine statement.How much of the 16 trillion in debt is due to SS and medicare ? SS has brought in over 3 trillion then it has paid out
22% of the federal budget is healthcare entitlements. 12% is welfare entitlements. Combined, more than a 1/3 of the budget.
Looks to me like SS isn't doing so well.
http://www.ssa.gov/oact/trsum/index.html
" The long-run actuarial deficits of the Social Security and Medicare programs worsened in 2012, though in each case for different reasons. The actuarial deficit in the Medicare Hospital Insurance program increased primarily because the Trustees incorporated recommendations of the 2010-11 Medicare Technical Panel that long-run health cost growth rate assumptions be somewhat increased. The actuarial deficit in Social Security increased largely because of the incorporation of updated economic data and assumptions. Both Medicare and Social Security cannot sustain projected long-run program costs under currently scheduled financing, and legislative modifications are necessary to avoid disruptive consequences for beneficiaries and taxpayers.
Lawmakers should not delay addressing the long-run financial challenges facing Social Security and Medicare. ...Social Securityââ¬â¢s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period..."
SS and Medicare payroll taxes brought in 841 billion in 2012, over 1/3 of government revenues.Unlike bushs polices it is mostly paid for.Medicare has gotten more expensive partly because of Bushs unfunded medicare drug program though.At least when LBJ added medicare he paid for it
" The long-run actuarial deficits of the Social Security and Medicare programs worsened in 2012, though in each case for different reasons. The actuarial deficit in the Medicare Hospital Insurance program increased primarily because the Trustees incorporated recommendations of the 2010-11 Medicare Technical Panel that long-run health cost growth rate assumptions be somewhat increased. The actuarial deficit in Social Security increased largely because of the incorporation of updated economic data and assumptions. Both Medicare and Social Security cannot sustain projected long-run program costs under currently scheduled financing, and legislative modifications are necessary to avoid disruptive consequences for beneficiaries and taxpayers.
Lawmakers should not delay addressing the long-run financial challenges facing Social Security and Medicare. ...Social Securityââ¬â¢s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period..."
SS has brought in over 3 trillion then it has paid out.It can be fixed with simple solutions like a combination of increased payroll taxes and raising the retirement age
Medicare is more of a problem but Bush adding his unfunded drug program certainly didn't help
You're talking ancient history in an attempt to rationalize your irrational feelings toward all things Republican. I'm talking about the here and now.
" The long-run actuarial deficits of the Social Security and Medicare programs worsened in 2012, though in each case for different reasons. The actuarial deficit in the Medicare Hospital Insurance program increased primarily because the Trustees incorporated recommendations of the 2010-11 Medicare Technical Panel that long-run health cost growth rate assumptions be somewhat increased. The actuarial deficit in Social Security increased largely because of the incorporation of updated economic data and assumptions. Both Medicare and Social Security cannot sustain projected long-run program costs under currently scheduled financing, and legislative modifications are necessary to avoid disruptive consequences for beneficiaries and taxpayers.
Lawmakers should not delay addressing the long-run financial challenges facing Social Security and Medicare. ...Social Securityââ¬â¢s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period..."
I don't know where you are getting that info but according to wikipedia: http://en.wikipedia.org/wiki/Social_Security_Trust_Fund, SS was owed about 3T as of last year, meaning that money has been blown elsewhere. I'm sure you will say its on the wars but who really knows. Also, the 'borrowing' from the SS/Medicare funds (called "intergovernmental debt") amounts to 4.8T of the national debt. LOL.
Oh and since we are just counting the debt by the term of each Pres then what do u have to say about obama? When he came into office debt was 10.7T now it is 16T. Guess walter and you are wrong any which way we slice it.
Yes Bush and other presidents have raided the excess income that SS has brought in to pay for stuff like wars,increaseing the defense budget 300 billion to 700 billion,unfunded tax cuts etc.That doesn't change the fact that SS has brought in 3 trillion more then it paid out
Obamas stimulus added around 816 billion to the 16 trillion in debt(The stimulus would not have been needed if not for the economy Bush left).Obamacare is projected to cost around 170 billion a year but it hasn't added much to the debt yet.That is much less then Bushs policies and programs
You're right, I'm wrong about SS itself. Still Reps are NOT responsible for ALL of the 16T debt. Still that is an asinine statement.
Most federal programs have been enacted by dems. Ricter and I were talking about this the other day.. if dems pass a program, like obamacare, then when taxes get lowered by reps usually, they get blamed for the debt. That is unfair as they did not necessarily increase spending. Obviously taxes can't just go up forever, it hurts the economy and won't be tolerated at a certain point. Plus these federal entitlements are not authorized by the Constitution, they should be left up to the states.