Social Security Ran $47.8B Deficit

[Pete]

Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795

http://cnsnews.com/news/article/social-security-ran-478b-deficit-fy-2012-disabled-workers-hit-new-record-december

"(CNSNews.com) - The Social Security program ran a $47.8 billion deficit in fiscal 2012 as the program brought in $725.429 billion in cash and paid $773.247 for benefits and overhead expenses, according to official data published by Social Security Administration.............."

While overall an interesting story I found something else more interesting.....

".......In 2011, according to the Bureau of Labor Statistics, there was an average of 112.556 million full-time workers in the United States, of whom 17.806 million worked full-time for local, state or federal government. That left an average of only 94.750 million full-time private sector workers in the country............."

There was a story floating around not too long ago that the biggest jobs gain the last quarter was in government jobs.

Yes, Yes, I know government workers pay taxes also - but they pay them with money collected from private sector workers.

Private sector folks are getting squeezed to fund both government workers and social programs. This ain't gonna' end well.

[Badger52]

While overall an interesting story I found something else more interesting.....

".......In 2011, according to the Bureau of Labor Statistics, there was an average of 112.556 million full-time workers in the United States, of whom 17.806 million worked full-time for local, state or federal government. That left an average of only 94.750 million full-time private sector workers in the country............."

There was a story floating around not too long ago that the biggest jobs gain the last quarter was in government jobs.

Yes, Yes, I know government workers pay taxes also - but they pay them with money collected from private sector workers.

Private sector folks are getting squeezed to fund both government workers and social programs. This ain't gonna' end well. Interesting as we got the ALARACT RE sequestration this AM and I happened across a BLS stat that indicated something like 23% of Fed jobs across the board are USPS. Anyone know an irrelevant non-postal agency that's been created in the last 10-12 years that could be eliminated to yield some serious pocket change?

[craigepo]

Social Security-Disability is the new welfare. If you want to really be disgusted, go to a local criminal docket at your courthouse, and listen to how many tell the judge that they are waiting on their disability to do something. Disability feeds the mouths of lots of criminals.

[ddoering]

Anyone know an irrelevant non-postal agency that's been created in the last 10-12 years that could be eliminated to yield some serious pocket change?

Dept of Homeland Security?
TSA?

[Badger52]

TSA?Winnah!
A good focused effort. Now you can go to recess and let someone else play.
:D

[cbtengr]

The fact that Social Security is running a massive deficit comes as no surprise to me. If you will all recall back in Jan. of 2011 the following occurred. Having paid into Social Security for more than 40 years now I am less than optimistic that I will ever see a dime of my money or my employer’s money ever come back to me. Please do not get me wrong I am not opposed to keeping more of my own money but this is not sustainable especially with the influx of so many new freeloaders I mean folks with disabilities being added to the rolls.

http://www.irs.gov/uac/Payroll-Tax-Cut-to-Boost-Take-Home-Pay-for-Most-Workers%3B-New-Withholding-Details-Now-Available-on-IRS.gov

Payroll Tax Cut to Boost Take-Home Pay for Most Workers; New Withholding Details Now Available on IRS.gov
IR-2010-124, Dec. 17, 2010
WASHINGTON ― The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011.
Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.

[Sdiver]

I'm 46 y/o and have already resigned the idea that I'll ever see any Social Security benefits when it comes time for me to retire.

I know I'll be working until the day I die. So I better start practicing now ..... Ahem ..... "Welcome to Wal-Mart, now get your shit and get out."

[mark46th]

Remember- The Democrats under the leadership of Lyndon Baines Johnson, decided to put Social Security taxes into the general fund, rather than its own account. Talk about going over a fiscal cliff Or should I say Black Hole....

[Guy]

The "ponzi" tax will probably not be there for a lot of us.:mad:

The "free" ride that a lot Americans are taking advantage of needs too be curtailed. Politicians are breaking the backs of those that work hard to fund the life-style of those that do nothing but scheme & scam for the next "free" benefit is bullshit!:confused: