Austerity Proposed In Congress: Social Security Cuts…

1957-2014 (Top portion, cutout) Disability Insurance Trust Fund in millions
The image is a cutout of the Social Security Administration's official website Disability Insurance Trust Fund, 1957-2014 [In millions]
The image above is a cutout of the Social Security Administration’s official website Disability Insurance Trust Fund, 1957-2014 [In millions].
Note what I highlighted and the negative trend of loses since 2008.
Curiously, a negative trend also happened during the early 1960s as well, but then a recovery…
1960 to 2015 M2 money There is no sign of “Recovery” since 2008…

The Social Security Fund is losing $ Billions each quarter of the year.
http://www.socialsecurity.gov/cgi-bin/ops_series.cgi
Reports that:
“The Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund comprise the Social Security Trust Funds.”

The Disability Trust Fund stood at $50.8 billion as of the end of June 2015.
Projections of the “Disability Insurance Trust Fund” negative trend indicate the fund could be empty in 2017!

The Disability Insurance Trust Fund is losing money and will be exhausted in the not too distant future…

  • The Disability Trust Fund lost $4.1 billion in the second quarter of 2014
  • The Disability Trust Fund lost $3.5 billion in the second quarter of 2015
  • The Disability Trust Fund lost $10.4 billion first half of 2014
  • The Disability Trust Fund lost $9.4 billion first half of 2015
  • The Disability Trust Fund lost $29.2 billion in the past four quarters

… Obviously the data could be spun in a favorable perspective that the negative trend is decelerating, which could be seen as a good thing, however these are huge negatives ($Billions Lost) each quarter for over six consecutive years!
The 1960s negative trend was only four years…

Policy makers say, absent reform, Social Security benefits will be cut across the board by 23 percent in 2035:

Social Security ran a $39 billion deficit in 2014, closing out five years of consecutive cash-flow deficits as the program’s revenues from the payroll tax and the taxation of benefits are falling short of benefit payments. Absent reform, Social Security benefits will be cut across the board by 23 percent in 2035. Action should be taken today to protect Social Security’s most vulnerable beneficiaries from such drastic cuts without burdening younger generations with massive tax increases or unsustainable debt. Lawmakers should immediately replace the current cost-of-living adjustment with the more accurate chained consumer price index; raise the early and full retirement ages gradually and predictably; phase in a universal, flat benefit; focus Social Security benefits on those who need them most; and enable more Americans to save their money in private retirement accounts.

Understand that economic & financial events could worsen (or become better) calling for more urgent reforms.
Remember the Social Security Trust Fund holds “Special Issues” Bonds and if the Bond Markets fall…

Want to know more about the Social Security operation then read a very interesting report from the Heritage Foundation, written by Romina Boccia; and then read the dire warning report from zerohedge.com written by Simon Black.

“Late last week, several dozen members of Congress introduced the “One Social Security Act”, HR 3150, to solve this problem.
And let me tell you, their solution is bold. Fearless. And brilliant.

HR 3150 attacks the looming insolvency of Disability Insurance by eliminating the fund altogether.
So instead of having two separate funds for two distinct purposes of Social Security, the legislation aims to combine them into one unified fund.

That way, with just one fund, there won’t be any separate reporting about DI’s insolvency.

It’s genius! They make the problem go away by eliminating the requirement to report it.
There’s just one small issue. Legally, they have a word for this. It’s called fraud.

You and I would go to prison if we commingled funds like this. But in the hallowed halls of Congress, this is what passes as a solution.
This is so typical– solving problems by pretending that they don’t exist and destroying any element of transparency and accountability.” -Simon Black

.
RELATED:
http://www.socialsecurity.gov/OACT/TR/2015/tr2015.pdf
http://www.cbo.gov/sites/default/files/cbofiles/attachments/45519-QFR_Hatch.pdf
https://ronmamita.wordpress.com/2014/05/09/a-spreading-epidemic-hidden-tax-increases/
https://ronmamita.wordpress.com/2014/07/26/all-workers-need-to-know-this/
http://www.zerohedge.com/news/2015-07-29/congress-proposes-fraudulent-new-law-fix-social-security
What every worker needs to know:

To keep the Ponzi scheme going – keep raising taxes on Everyone is a certainty.

_________________________________________________

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8 comments on “Austerity Proposed In Congress: Social Security Cuts…
  1. RonMamita says:

    Social Security office closures

    The Social Security Administration posts reports on Emergency Preparedness and Office Closures at : http://www.ssa.gov/agency/emergency/

    Massachusetts’ Chelsea local office are closed until further notice

    Michigan’s Benton Harbor local office are closed until further notice

    New York’s Hunts Point local office are closed until further notice

    Puerto Rico’s Carolina local office are closed until further notice

    Texas’ Big Spring local office are closed until further notice

  2. RonMamita says:

    Thank you Doreen for sharing your comments.

    I have been sharing Walter Burien’s (and other similar researchers on the world wide government CAFRs) for almost a decade now.

    All People on Earth should be aware of the governments’ fraudulent revenue streams that bleeds citizens dry of money.

  3. RonMamita says:

    WHEN TRUTH is labelled Treason and governments fervently pursue truth tellers and whistleblowers, then we will know the end of government tyranny is near… ~Ron

    TREASON & Exposing the Truth About Government

    German-Atty-General

    The German Attorney General has notified two German bloggers that they could be charged with TREASON for exposing the German involvement in collecting data along with the USA’s notorious NSA. Meanwhile, Oliver Stone has produced a movie on Edward Snowden due to be released by the end of the year.

    What is most interesting is the new definition of TREASON. That is committed by anyone who exposes that the government is acting illegally. These people have completely destroyed our future. There now appears to be no other choice on the horizon by the full blown Crash & Burn. What they have created to sustain their power, has no possible end-game.

    And more bluntly, everyone can understand what governments are:

  4. RonMamita says:

    Wealth Protection In An Economic Madhouse

  5. Any risk of Social Security deficit could be immediately erased by eliminating the cap on earnings taxed for social security purposes. At the moment, rich people only pay social security tax on income up to $118,500. Any income beyond that is untaxed.

    Talk about deceptive mind-fucking. When it comes to Social Security, rich people have always been taxed at a lower percentages of their total income than poor people – something our corporate media never reports.

    All I can say is good luck to any Republicans who vote to reduce Social Security benefits. Their primary voting block is people 65 and over – they tend to be conservative, they always vote and they have an extremely powerful lobby (AARP).

    • RonMamita says:

      The U.S. gov has already over spent their allocated funds/budget for fiscal year 2015 (deceptively, after reaching the legal debt limit, they froze the debt/spending reports again, but the debt clock is frozen at over 18 billion.
      Congress takes a month long vacation starting tomorrow, leaving the fuse burning for the fall fireworks, budget crisis (again) with threat of government shutdown…

      Govern By Crisis & False Flags.
      Fall and Winter is forecasted to have turbulent events to end 2015, not only for the U.S. but the world as well with the IMF/World Bank October 9-11 and G-20 summits scheduled 15 Nov. Oh my, how convenient for emergency enforcements!

      Our discussion groups know what to expect.

  6. RonMamita says:

    U.S. Treasury Secretary extends debt-limit measures

    “Lew informs Congress he extending debt-limit measures” By MARTIN CRUTSINGER
    AP Economics Writer

    Buy AP Photo Reprints

    WASHINGTON (AP) — Treasury Secretary Jacob Lew told Congress on Wednesday that he will extend for another three months the authority he is using to take emergency measures to keep from breaching the nation’s borrowing limit.

    In a letter to congressional leaders, Lew said he will extend the current debt-suspension period, which was set to expire Friday, through Oct. 30. He said he believes the emergency measures he is using may be sufficient to keep the government operating for a brief period after Oct. 30.

    Since March 16, Lew has been employing a variety of bookkeeping maneuvers such as removing investments from government pension funds to keep from breaching the current debt limit of $18.113 trillion. The debt currently stands $25 million below that figure.

    The Congressional Budget Office has estimated that the bookkeeping maneuvers should keep the government’s borrowing below the new limit until October or November. In his letter, Lew once again urged Congress to pass a new debt limit “without controversy or brinksmanship.”

    A 2011 standoff over the debt limit led to the first-ever downgrade of the nation’s credit rating by Standard & Poor’s, while a 2013 battle over the budget led to a 16-day partial government shutdown.

    The declaration of a debt suspension period allows Lew to take investments out of certain pension and disability funds for government employees. Under law, Lew must restore all investments removed from the government pension funds once a new debt ceiling is established.

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