SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Politics : Formerly About Advanced Micro Devices
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: RetiredNow who wrote (218393)2/9/2005 7:46:44 PM
From: RetiredNow  Read Replies (1) of 1574060
 
Definition of bankrupt:
bank·rupt n.
1. Law. A debtor that, upon voluntary petition or one invoked by the debtor's creditors, is judged legally insolvent. The debtor's remaining property is then administered for the creditors or is distributed among them.
dictionary.reference.com

For those of you who don't know what insolvent means, I listed that below:
insolvent adj.
1 : having ceased paying or unable to pay debts as they fall due in the usual course of business —compare BANKRUPT
2 : having liabilities in excess of a reasonable market value of assets held
3 : insufficient to pay all debts <an insolvent estate> —insolvent noun

Between 2042 and 2052 according to either the SSA or the CBO, the SS Trust Fund will be completely depleted. That means there will be no assets. However, by their own esimates the SSA will owe somewhere between $4-10 trillion in legal liabilities to the beneficiaries of SS, which is you and me who have been paying into the system our whole lives.

I'll spell it out for you John and Alighieri. Assets = $0. Liabilities = $4 trillion. SS Net Worth = -$4 trillion. The outflows will exceed inflows at that time. The SSA will be considered legally insolvent and unable to meet its obligation unless they are either bailed out by our government or unless they make a deal with the public to reduce benefits.

Ergo, SS will be bankrupt. Any of you who deny this are either 1) ignorant of the definition of bankrupt, despite this post's education
2) or are willfully ignoring the truth because you have become an ostrich and prefer to live in a lala land.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News