Thursday, January 27, 2011

GIVE SOCIAL SECURITY TO ILLEGALS - Mexico Demands! THEY ALREADY HAVE MILLIONS OF STOLEN SOCIAL SECURITY NUMBERS ANYWAY!

MEXICANOCCUPATION.blogspot.com


*

Go to http://www.MEXICANOCCUPATION.blogspot.com and read articles and comments from other Americans on what they’ve witnessed in their communities around the country. While most of the population of California is now ILLEGAL, the problems, costs, assault to our culture by Mexico is EVERYWHERE. copy and pass it to your friends.



*

TO INDUCE EVEN MORE ILLEGALS TO JUMP OUR BORDERS AND THEREFORE JOBS, THE LA RAZA DEMS, OBAMA, FEINSTEIN, PELOSI, WAXMAN, LOFGREN, AND THE LA RAZA FASCIST IN CONGRESS, Reps. Becerra, Sanchez Gang, Baca, Gutierrez PUSH FOR SSI TO ILLEGALS… EVEN AS THEY PLAN TO CUT IT FOR LEGALS TO PAY FOR OBAMA’S BANKSTER DONORS’ CRIMES ON WALL ST!





New projection shows Social Security funds drained by 2037

The Congressional Budget Office says the system will run deficits every year until it has no money. The struggling economy and baby boomer retirements are among the factors.

From the Associated Press

1:37 AM PST, January 27, 2011

WASHINGTON

Social Security's finances are getting worse as the economy struggles to recover and millions of baby boomers stand at the brink of retirement.



New congressional projections show Social Security running deficits every year until its trust funds are eventually drained in about 2037.



This year alone, Social Security is projected to collect $45 billion less in payroll taxes than it pays out in retirement, disability and survivor benefits, the nonpartisan Congressional Budget Office said Wednesday. That figure swells to $130 billion when a new one-year cut in payroll taxes is included, though Congress has promised to repay any lost revenue from the tax cut.



The massive retirement program has been feeling the effects of a struggling economy for several years. The program first went into deficit last year, but the CBO said at the time that Social Security would post surpluses for a few more years before permanently slipping into deficits in 2016.



The outlook, however, has grown bleaker as the nation struggles to recover from the worst economic crisis since Social Security was enacted during the Great Depression. In the short term, Social Security is suffering from a weak economy that has payroll taxes lagging and applications for benefits rising. In the long term, Social Security will be strained by the growing number of baby boomers retiring and applying for benefits.



The deficits add a sense of urgency to efforts to improve Social Security's finances. For much of the past 30 years, Social Security has run big surpluses, which the government has borrowed to spend on other programs. Now that Social Security is running deficits, the federal government will have to find money elsewhere to help pay for retirement, disability and survivor benefits.



"It means that Social Security is increasingly adding to our long-term fiscal problem, and it's happening now," said Eugene Steuerle, a former Treasury official who is now a fellow at the Urban Institute think tank.



It's a bad time for the nation to be hit with more financial problems. The federal budget deficit will surge to a record $1.5 trillion flood of red ink this year, congressional budget experts estimated Wednesday, blaming the slow economic recovery and a tax cut law enacted in December.



A debt commission appointed by President Barack Obama has recommended a series of changes to improve Social Security's finances, including a gradual increase in the full retirement age, lower cost-of-living increases and a gradual increase in the threshold on the amount of income subject to the Social Security payroll tax.



Obama, however, has not embraced any of the panel's recommendations. Instead, in his State of the Union speech this week, he called for unspecified bipartisan solutions to strengthen the program while protecting current retirees, future retirees and people with disabilities.



Senate Republican leader Mitch McConnell of Kentucky said he is ready to work with Obama on Social Security and other tough issues.



"I take the president at his word when he says he's eager to cooperate with us on doing all of it," McConnell said.



Social Security experts say news of permanent deficits should be a wake-up call for action.



"So long as Social Security was running surpluses, policymakers could put off the need to fix the program," said Andrew Biggs, a former deputy commissioner at the Social Security Administration who is now a resident scholar at the American Enterprise Institute. "Now that the system is running deficits, it simply becomes clear that we need to act on Social Security reform."



More than 54 million people receive retirement, disability or survivor benefits from Social Security. Monthly payments average $1,076.



The program has been supported by a 6.2 percent payroll tax paid by both workers and employers. In December, Congress passed a one-year tax cut for workers, to 4.2 percent. The lost revenue is to be repaid to Social Security from general revenue funds, meaning it will add to the growing national debt.



Social Security has built up a $2.5 trillion surplus since the retirement program was last overhauled in the 1980s. Benefits will be safe until that money runs out. That is projected to happen in 2037 -- unless Congress acts in the meantime. At that point, Social Security would collect enough in payroll taxes to pay out about 78 percent of benefits, according to the Social Security Administration.



The $2.5 trillion surplus, however, has been borrowed over the years by the federal government and spent on other programs. In return, the Treasury Department has issued bonds to Social Security, guaranteeing repayment with interest.



Social Security supporters are adamant that the program will be repaid, just as the U.S. government repays others who invest in U.S. Treasury bonds.



"It's an IOU that is backed by Treasury bonds and the faith and credit of the United States government," said Sen. Bernie Sanders, I-Vt. "It is the same faith and credit that enables us to borrow from rich people and from China and from other countries. As you well know, in the history of this country, the United States has never defaulted on one penny owed to a creditor."

*

MEXICANOCCUPATION.blogspot.com



MEXIFORNIA

CREATED BY LA RAZA BARBARA BOXER AND DIANNE FEINSTEIN… working hard to expand Mex supremacy every day!

California : Boxer (D) Feinstein (D)





senators who voted to give illegal aliens Social Security benefits

The following are the senators who voted to

give illegal aliens Social Security benefits.



They are grouped by home state. If a state is

not listed, there was no voting representative.



Alaska : Stevens (R)

Arizona : McCain (R)

Arkansas : Lincoln (D) Pryor (D)

*

California : Boxer (D) Feinstein (D)

*

Colorado : Salazar (D)

Connecticut : Dodd (D) Lieberman (D)

Delaware : Biden (D) Carper (D)

Florida : Martinez (R)

Hawaii : Akaka (D) Inouye (D)

Illinois : Durbin (D) Obama (D)

Indiana : Bayh (D) Lugar (R)

Iowa: Harkin (D)

Kansas : Brownback (R)

Louisiana: Landrieu (D)

Maryland : Mikulski (D) Sarbanes (D)

Massachusetts : Kennedy (D) Kerry (D)

Montana : Baucus (D)

Nebraska : Hagel (R)

Nevada : Reid (D)

New Jersey : Lautenberg (D) Menendez (D)

New Mexico : Bingaman (D)

New York : Clinton (D) Schumer (D)

North Dakota : Dorgan (D)

Ohio : DeWine (R) Voinovich(R)

Oregon : Wyden (D)

Pennsylvania : Specter (D)

Rhode Island : Chafee (R) Reed (D)

South Carolina : Graham (R) South Dakota : Johnson (D)

Vermont : Jeffords (I) Leahy (D)

Washington : Cantwell (D) Murray (D)

West Virginia : Rockefeller (D), by Not Voting

Wisconsin : Feingold (D) Kohl (D)



THE ENTIRE POPULATION OF THE UNITED STATES NEEDS

TO KNOW THIS INFORMATION.....



UNLESS THEY DON'T MIND SHARING THEIR SOCIAL

SECURITY WITH FOREIGN WORKERS THEY LET IN ILLEGALLY TO TAKE OUR JOBS, WELFARE AND FREE BIRTHING!

*

Those in favor of sending U.S. Social Security benefits to Mexican citizens argue that crushing poverty in Mexico demands some form of U.S. assistance to that country's aged. While poverty in Mexico truly is deplorable and saddening, the fact remains that Congress has no constitutional authority to enact what is essentially another foreign aid program.



*





Home » News

In 15 of Last 25 Months, Treasury Needed to Borrow Money to Pay Social Security Benefits

Wednesday, October 20, 2010

By Chris Johnson



Retired beer truck driver Frank Ferrira, 90, talks about social security on Thursday, Oct. 15, 2009 at a senior center in Pembroke Pines, Fla. (AP Photo/J Pat Carter)

(CNSNews.com) - The U.S. Treasury has needed to borrow money to pay Social Security benefits in 15 out of the last 25 months on record because the Social Security system was in deficit in those months, with the cost of monthly benefit payments exceeding the Social Security tax revenues flowing into the Old Age, Survivors and Disability Insurance trust funds, according to data published by the Social Security Administration.

Because the overall federal budget was in deficit during this entire period, the surplus revenues Social Security earned in the remaining 10 months of the last 25 was used during those months to pay ongoing general government expenses and was not saved to pay future Social Security benefits.

The government gave the Social Security trust funds IOUs for this money.





Prior to August 2008, the Social Security system usually—but not always—ran monthly surpluses, and surplus Social Security taxes were always used by the government to cover deficits in the general federal budget with a promise by the Treasury to eventually pay the money back to the Social Security trust fund when the funds were needed to cover anticipated shortfalls in Social Security revenue. Surplus Social Security tax revenue was never actually set aside to cover these anticipated deficits in Social Security. It was always immediately spent.

In August, the latest month on record, the Social Security system was $8.621 billion in the red, according to the Social Security Administration. That was the fifteenth month since August 2008 in which the system posted a monthly deficit. Back in August 2008, the Social Security system dipped into deficit by $118 million.

For more than decade prior to August 2008, however, the Social Security system ran up an unbroken string of monthly surpluses. The last time before August 2008 that the system posted a deficit in any given month was November 1997, when it ran a $154 million deficit. November was the only month in 1997 that the Social Security system ran a deficit.

In the 259 months from January 1987 to August 2010, according to data published by the Social Security Adminisrtation, Social Security ran deficits in 22 months, or about 8 percent of the time. In the 25 months since August 2008, Social Security has run deficits 60 percent of the time.

In a summary of their annual report released in August, the Social Security trustees predicted that the Social Security system would run an annual deficit in 2010 for the first time since 1983, and that it would also run an annual deficit in 2011. After that, the trustees predicted, Social Security would run “small surpluses” in 2012, 2013 and 2014, and then, barring changes in the system, lurch permanently into the red as the bulk of the Baby Boom moved into retirement and began collecting benefits.

“Social Security expenditures are expected to exceed tax receipts this year for the first time since 1983,” said the trustees.

“The projected deficit of $41 billion this year (excluding interest income) is attributable to the recession and to an expected $25 billion downward adjustment to 2010 income that corrects for excess payroll tax revenue credited to the trust funds in earlier years," the trustees said. "This deficit is expected to shrink substantially for 2011 and to return to small surpluses for years 2012-2014 due to the improving economy. After 2014 deficits are expected to grow rapidly as the baby boom generation’s retirement causes the number of beneficiaries to grow substantially more rapidly than the number of covered workers.”

Mark Lassiter, a spokesman for the Social Security Administration, told CNSNews.com that the recent shortfall was “due, in part, to more beneficiaries coming onto the rolls than originally anticipated due to the economic downturn.”

“There is no significant distinction between OASI and DI in terms of the additional beneficiaries. But the bigger impact is less revenue coming into the system than anticipated due to unemployment,” he said.



*

CUT SSI FOR LEGALS, BUT ADD THE ILLEGALS! NO WONDER THE MEXICAN ARE OUT THERE WAVING THEIR MEX FLAGS IN OUR FACES! THE POLITICIANS THEY ELECTED WORK HARDER FOR LA RAZA ‘THE RACE” THAN THEY EVER WOULD US, THAT IS UNLESS YOU’RE A BANKSTER!

*

Social Security cuts are part of deficit plan

By ANDREW TAYLOR, Associated Press 48 mins ago

WASHINGTON – Divisions remain within President Barack Obama's deficit commission on politically explosive budget cuts and slashes in Social Security benefits, even as the panel's co-chairmen go public with a revised plan to tame the runaway national debt.

The new plan by co-chairmen Erskine Bowles and Alan Simpson, to be unveiled Wednesday, faces an uphill slog. Resistance is certain, not only because of the idea of raising the Social Security retirement age, but also because of proposed cuts to Medicare, curtailment of tax breaks and a doubling of the federal tax on a gallon of gasoline.

Though the plan appears unlikely to win enough bipartisan support from the panel to be approved for a vote in Congress this year or next, Bowles has already declared victory, saying he and Simpson have at least succeeded in initiating an "adult conversation" in the country about the pain it will take to cut the deficit.

The plan faces opposition from many commission members. House Republicans appear uniformly against tax increases, while liberal Democrats like Jan Schakowsky of Illinois appear unlikely to be able to accept big cuts in federal programs for seniors.

Obama named the commission in hopes of bringing a deficit-fighting plan up for a vote in Congress this year, but it appears to be falling well short of the 14-vote bipartisan supermajority needed.

A new version of the plan, obtained by The Associated Press on Tuesday, makes mostly minor changes to a draft that whipped up enormous controversy when unveiled earlier this month. Some domestic spending cuts are modestly higher than previously proposed, and health care savings from overhauling the medical malpractice system would reap less than proposed earlier this month.

Unlike their original proposal, Bowles and Simpson stop short of calling for caps on medical malpractice awards. Instead they recommend changes in how awards are made.

But other proposals remain the same. Among them are a gradual increase in the Social Security retirement age to 68 by 2050 and 69 by 2075, using a less generous cost-of-living adjustment for the programs and increasing the cap on income subject to Social Security taxes.

The plan also retains a 15-cent-a-gallon increase on gasoline, a three-year freeze on federal worker pay and the elimination of 200,000 workers from the federal payroll through attrition.

The proposal obtained by the AP was a draft that was still undergoing changes Tuesday evening.

Other recommendations:

• Eliminate congressional pet spending projects known as "earmarks."

• Reduce the corporate income tax rate to 28 percent from 35 percent and stop taxing the overseas profits of U.S.-based multinational corporations.

• Overhaul individual income taxes and corporate taxes, giving Congress the choice of reducing the top rate to as low as 23 percent and no higher than 29 percent. The lower the rate, the fewer the tax credits and deductions that would be available to taxpayers.

Under one scenario proposed by Bowles and Simpson, taxpayers would face three tax brackets of 12 percent, 21 percent and 28 percent. Taxpayers would still be able to claim an earned income tax credit and child tax credit as well as all standard deductions and exemptions. Capital gains and dividends would be taxed at ordinary income tax rates. Taxpayers could claim a mortgage interest deduction up to $500,000, but only on their primary residence.

If Congress does not undertake a comprehensive overhaul of the tax system by 2013, the plan calls for a "fail-safe" provision that would trigger across-the-board reductions in tax breaks, designed to raise revenue by $80 billion in 2015 and $180 billion in 2020.

Bowles was White House chief of staff when former President Bill Clinton negotiated a balanced budget plan in 1997; Simpson is a former GOP senator from Wyoming.

Only Bowles and Simpson are guaranteed to support the plan when the panel votes. None of the 12 House members and senators named by Obama have committed to the proposals, though Bowles and Simpson could pick up support from nonelected deficit hawks like Democrat Alice Rivlin and Honeywell International's chief executive, David Cote, a Republican, who won't have to defend themselves to voters. Republican senators seem more likely to vote for the plan than their rigidly anti-tax increase House counterparts.

"I don't know if we're going to get two votes or five votes or 10 votes or 14 votes," Bowles told reporters. "There are enough reasons to vote `no' in this plan for anybody to vote `no.'"

A supermajority of 14 of the 18 panel members would have to approve recommendations for a possible vote in the lame-duck session of Congress. That seems out of reach, but Bowles says it's just as important to have jump-started a national debate on what it'll really take to bring the deficit under control.

"Our goal in this whole process has been really simple," Bowles said. "It's basically been to start an adult conversation here in Washington about the dangers of this debt and the deficits we are running."

He added, "The era of deficit denial in Washington is over."

*

MEXICANOCCUPATION.blogspot.com

*

Go to http://www.MEXICANOCCUPATION.blogspot.com and read articles and comments from other Americans on what they’ve witnessed in their communities around the country. While most of the population of California is now ILLEGAL, the problems, costs, assault to our culture by Mexico is EVERYWHERE. copy and pass it to your friends.



*

No comments: