President Barack Obama Message Board

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Politics : President Barack Obama

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To: RetiredNow who wrote (104135)	11/12/2011 1:41:10 PM
From: Alighieri	Read Replies (1) of 149317

Because we've tripled our debt in 10 years, mostly due to the financial crisis and the lead up to it and the next financial crisis in 12-24 months will be an order of magnitude worse. The next one will bankrupt this country and result in many of our social programs getting reneged on. That's why the dramatic remarks. I understand your frustration, but is not a well reasoned argument. This is the trustee's summary in their 2011 report...the US government would have to default for anything worse than the following to happen...do you think that the US will default in the next five to ten years? Al Social Security Social Security expenditures exceeded the program’s non-interest income in 2010 for the first time since 1983. The $49 billion deficit last year (excluding interest income) and $46 billion projected deficit in 2011 are in large part due to the weakened economy and to downward income adjustments that correct for excess payroll tax revenue credited to the trust funds in earlier years. This deficit is expected to shrink to about $20 billion for years 2012-2014 as the economy strengthens. After 2014, cash deficits are expected to grow rapidly as the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers. Through 2022, the annual cash deficits will be made up by redeeming trust fund assets from the General Fund of the Treasury. Because these redemptions will be less than interest earnings, trust fund balances will continue to grow. After 2022, trust fund assets will be redeemed in amounts that exceed interest earnings until trust fund reserves are exhausted in 2036, one year earlier than was projected last year. *Thereafter, tax income would be sufficient to pay only about three-quarters of scheduled benefits through 2085.*

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