General Discussion
In reply to the discussion: I am sick of hearing that deficits have exploded under Obama-even liberals have begun to believe it. [View all]John2
(2,730 posts)Out of that six Trillion Dollars, Obama is only responsible for one and George W. is responsible for five. Social Security is paid for through the Trust fund and pay roll taxes. Medicare is also paid for through pay roll taxes. They are both part of the budget.
The problem that Congress cites with Social Security and Medicare are from projections years away. What they are really talking about is the funding drying up years from now, basically because of the economy and the growth of benefits paid out, due to the oncoming Baby Boom retirees. This report changes from time to time based on projections about economic growth. They give three assessments that are optimistic, neutral or pessimistic.
This is not an accurate science when predicting the future of the economy or living rates. They don't account for Death rates either when they add in 41 million Baby Boomers from 1945. For, example, The Social Security Agency, paid out benefits to people that were deceased and stopped paying benefits to people that were not deceased. So there is waste in mismanagement in the system, which cost it millions of dollars. Their projection is based on 30-75 years out and how many people that they think will be working versus retired. I do not expect all baby boomers to be living 75 years from now and I do know many that have passed on since 1945. I know a lot of my friends have passed away, even some kids that died in school from accidents or violence. Even some famous ones like Michael Jackson. And if his kids are getting Social Security, I don't think they are after 18 years old? When my father died, I certainly didn't get his Social Security either and he was killed in his forties. My mother died when I was three years old, but I never saw any Social Security either. My grandmother and grandfather died in their early 60s.