Media refuses to show data from Soc Sec Trustee Report - Assets to 2042 OK

[papau]

Borrow $2 Trillion over next 10 years to avoid borrowing in 2043 - WHY?
http://www.ssa.gov/OACT/TR/TR04/lr6F10-2.html

OASDI Combined
Calendar Income Cost Balance
year
2004 $565 $500 $64
2005 605 518 88
2006 635 538 96
2007 667 563 104
2008 702 594 108
2009 735 632 104
2010 772 670 102
2011 812 712 100
2012 851 760 90
2013 889 812 77
2014 930 867 64
2015 973 927 46
2016 1,018 992 26
2017 1,064 1,062 2
2018 1,112 1,136 -23 here $23 Billion of Trust Fund assets is sold
2019 1,162 1,215 -53
2020 1,214 1,299 -85
2021 1,267 1,388 -120
2022 1,323 1,480 -157
2023 1,380 1,576 -196
2024 1,439 1,677 -238
2025 1,501 1,782 -281
2026 1,566 1,892 -326
2027 1,633 2,005 -372
2028 1,703 2,122 -419
2029 1,776 2,241 -465
2030 1,852 2,364 -51
2031 1,932 2,491 -560
2032 2,015 2,623 -608
2033 2,101 2,757 -656
2034 2,191 2,893 -702
2035 2,285 3,032 -747
2036 2,383 3,175 -791
2037 2,486 3,320 -834
2038 2,592 3,468 -876
2039 2,703 3,620 -918
2040 2,818 3,778 -960
2041 2,938 3,941 -1,003
2042 3,063 4,112 -1,048
2043 3,193 4,288 -1,095 Here the last of the Trust fund assets are sold and the retirement age must move from Reagan's 67 to age 70, reducing the anount paid out to new retires only - the new amount paid for a returement at age 62 is 70% of what was paid to the new in 2042 retires that retired at age 62 in 2042- unless we choose to borrow the money needed or choose to raise the wage cap above which payroll taxes do not affect the rich, or we choose to increase the payroll tax rate.

[PROGRESSIVE1]

1. ..............

[madrchsod]

2. this is the fight that needs to be waged

by the democrats across this country..there are tens millions of us "old folks" that are really pissed and this issue effects democrats and republicans the same. i for one am going to start my letter writing to the newspapers in fat denny`s district. if we are serious about 2006 this is the issue.

[papau]

3. I agree :-)

:-)

[stevebreeze]

4. What is missing is the dollar amount in the Trust Fund

The Trust fund of course represents all the OVERPAYMENT of payroll taxes by working people. why is it not in the list of tables? The amount should be around $2.4 Trillion that's Trillion with a "T"
What happens to that under Bush's plan? Does it go back to the working people who paid it? Don't hold your breath! This is the biggest con job ever! We should give up %2 Trillion? Then borrow $2 Trillion to cover the transition costs? How do they sleep at night?