In 2007, Medicare Part A benefit payments began to exceed the program’s tax revenue.
In 2011, the Medicare Part A Trust Fund begins to decline as benefits exceed payroll taxes and trust fund interest.
In 2017, Social Security benefit payments will begin to exceed the program’s tax revenue.
In 2019, Medicare Part A Trust Fund assets will not be enough to pay full benefits. Under current law, benefits would be reduced to 79 percent of scheduled benefits in 2019, declining to 29 percent by 2081.
In 2027, Social Security Trust Funds begin to decline as benefits exceed tax revenue and trust fund interest.
In 2040, federal debt held by the public will exceed the historical high of 109 percent of GDP.
In 2041, Social Security Trust Funds’ assets will not be enough to pay full benefits. Under current law, benefits for all retirees would be reduced to 75 percent of scheduled benefits in 2041, declining to 70 percent by 2081.
In 2080, total government cost will be more than three times revenue.
http://www.fms.treas.gov/frsummary/frsummary2007.pdf
You consider this great success?
What's even better, if I where to invest the amount I lost to SS last year (not including the amount my employer pays) into my company matched 401(k) and continue to do so until I retire and NOT account for any pay raises, I will have $1.5 Million in the account. How much will SS give me when I retire if it is even around? A few thousand a year?
Lets not forget the 'reform' we've gotten on SS over the years:
> Franklin Roosevelt, a Democrat, introduced the Social Security (FICA)
> Program. He promised:
>
> 1.) That participation in the Program would be Completely voluntary,
>
> 2.) That the participants would only have to pay 1% of the first $1,400
> of their annual incomes into the Program,
>
> 3.) That the money the participants elected to put into the Program
> would be deductible from Their income for tax purposes each year,
>
> 4.) That the money the participants put into the independent "Trust Fund"
> rather than into the General Operating Fund, and therefore, would only
> be used to fund the Social Security Retirement Program, and no other
> government program, and,
>
> 5.) That the annuity payments to the retirees would never be taxed as
> income. Since many of us have paid into FICA for years and are now
> receiving a Social Security check every month -- and then finding that
> we are getting taxed on 85% of the money we paid to the Federal
> Government to put away for our use upon retirement -- you may be
> interested in the
> following:
>
>
> Q: Which Political Party took Social Security from the independent
> "Trust Fund" and put it into the General Fund so that Congress could spend it?
>
> A: It was Lyndon Johnson and the democratically Controlled House and
> Senate.
>
> Q: Which Political Party eliminated the income tax deduction for
> Social Security (FICA) withholding?
>
> A: The Democratic Party.
>
> Q: Which Political Party started taxing Social Security annuities?
>
> A: The Democratic Party, with Al Gore casting the "tie-breaking"
> deciding vote as President of the Senate, while he was Vice President of the US.
>
> Q: Which Political Party decided to start giving annuity payments to
> immigrants?
>
> A: That's right! Jimmy Carter and the Democratic Party. Immigrants
> move into this country, and at age 65, began to receive Social
> Security payments! The Democratic Party gave these payments to them,
> even though they never paid a dime into it!
>
> Then, after violating the original contract (FICA), the Democrats
> turn around and tell you that the Republicans want to take your Social
> Security away! And the worst part about it is, uninformed citizens believe it!
Why on earth would I want these people running my healthcare?
Do you even live in the US?