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50 thoughts on “Obama Admits That Medicare and Social Security Are Going Bust

  1. John Littlefield says:

    Keep your fg hands off my medicare and social security.

  2. Real leadership, which we haven't seen in many years, is looking ahead past the next election to the long-range consequences of a course of action and, if the portents are negative, a true leader would work to stop or avoid disaster. But instead we get the DC nitwits who just ride the engine right over the cliff. Balloon heads in overdrive.

  3. No,
    We don't have time for that, we take Air Force One out as much as possible to play golf and send his kids and their friends on cheap vacations with a separate airplane for the dog and his poorly paid handler, LOL. Plus look for more ways to waste taxpayers money while the people he is suppose to protect and serve have to dig deeper in their pockets to get change, because their Dollars are gone. They call him Mr. President!

  4. Entitlement programs contribute greatly to our growing national debt, which is a serious problem. The Left wants to solve this problem by increasing taxes, which the GOP won't do.

  5. Bill Smith says:

    Entitlement programs are just another government construct. Can you think of ANY government program that wasn’t just growing like cancer and didn’t have the same effect as cancer?

  6. albertmaslar says:

    Fix HealthCare by replacing ObamaCare with the following from the"Plan To Fix It All" available from albertmaslar2@gmail.com
    36. Institute a 3% National Sales Tax (NST) with NO exceptions for resale, charity, non-profits, religious, education, or government. The many cannot be continually supported by the diminishing few. A 3% NST might raise as up to $7 Trillion annually, double the current budget, reduce national debt, spread tax burden to all residents, legal or not. Allocation should be the 1st 1% toward Budget, the 2nd 1% toward debt reduction, the 3rd 1% for Universal Medicare (identical to Medicare plus monthly) for all legal U.S. residents.

    37. The 1% NST collections is dedicated to Universal Medicare and automatically eliminates most State Medicaid benefit requirements, costs, and overhead. State Medicaid mandated costs would be virtually eliminated, reducing State budget shortfalls and tax requirements.

    38. According to a 7/6/10 analysis by attorney Lanny Davis published in The Hill, there were $755 Trillion in total transactions in the U.S. in 2008; $443 Trillion if exempting stock transactions. Accordingly NST on stock market transactions should be set at 1/2 of 1%, beating the International movement toward the inevitability of this type of tax. This 1/2% stock market transaction tax will inhibit the negative and controversial effects of High Frequency Trading (HFT) that causes artificial volatility as traders execute trades in milliseconds capitalizing on penny spreads and transaction speeds in the blink of an eye, not available to ordinary investors. HFT operates in a betting parlor atmosphere that is more gambling than investing, and may eventually be the vehicle to collapse the market as it already has on one fateful day when HFT was a contributing factor in the flash crash of May 6, 2010. Reuters reported that a computer-driven sale worth $4.1 billion by money manager Waddell & Reed Financial Inc. triggered the May flash crash that set off liquidity shocks that created havoc, instantly wiping out substantial stock market values before anyone knew what happened and why. A report exposed the relationship between E-Mini Standard & Poor's 500 futures and S&P 500 “SPDR” exchange-traded funds detailing how HFT algorithmic trading saps liquidity and rocks the marketplace.
    Memo: The US government receives an estimated $200 billion a month in revenue, $2.4 Trillion annually, and spends about $320 billion a month, $3.84 Trillion annually, creating a $1.4 Trillion annual deficit.

    39. There should be no exemption for sales of any product or service whether for Resale, Church, Government, Education, Private or Public organizations; Imports, Cash, or assets transferred out of the country, including corporate transfers to foreign subsidiaries; Tax On-Line sales and sellers, EBay, Private sellers, Barter, PayPal and Credit Card Companies. Payment Clearing Banks would be depositories for NST, similar to deposits of payroll taxes while Government 3% tax payments are to be used for that particular government debt reduction.

  7. "The Left wants to solve this problem by increasing taxes"

    The US government could raise taxes to 100%, and it still won't solve the problem. There isn't enough funds on the planet to meet $230 trillion of obligations.

  8. G. Kuhns says:

    Obama’s goal all along has been a single payer medical insurance plan. Obamacare is so screwed up (perhaps by design), plus the looming fiscal wreck of Medicare and SS, that people will be screaming for socialized medicine within the next few years. Don’t tell me Obama isn’t clever – and don’t tell me voters aren’t gullible.

  9. grumpy old man says:

    I want my social security keyed to the same index that the congressmen have their salary keyed to!

  10. Who cares what Obama says… when it comes to economics, he is a s dumb as a box of rocks. So the policy of this administration is to add 40 million criminal aliens on to the system? You're going t be stuffed before you start, Food Stamp.
    Sieg Heil

  11. David Rooney says:

    The chained CPI attacks current retirees. All of the plans I have seen from the Republicans looks at future retirees. If a plan is put into place to reduce the cost of SS and Medicare, would you rather cut from current recipients or future recipients? Future recipients would at least have a chance to plan for either reduced benefits or longer wait for the benefits to kick in.

  12. Everyone needs to understand that the "ruling class" in D.C. don't enhance their power by "fixing" things, rather they gain personally by creating problems for the rest of us. They have things very carefully constructed to cause the exact amount of pain necessary to encourage the dumb citizen to cry out for changes and those changes will ALWAYS cause more problems and more pain to the very same people. If we don't make the effort to stop playing their game, we are fools to expect any improvement in this system.

  13. I am on social security. I tried to withdraw 40 years ago was not allowed by the House Ways and Means committee. I have paid and paid dearly.
    When one senator came up with reworking ss and starting with 55 year old people and down nobody would agree. I guessit is not acceptable because they want to take it from everyone.
    If we had a forward looking government when it was instituted social security would not exist today. Because they would have seen that it would eventually destroy itself. It has. Do we have anyone with the balls to do something about it. I mean to change it where it would be self sufficient. No I don't think so.

  14. Did you ever think how Hitler was called "Der Fuhrer" (which is translated as "the leader") and the N. Korean dictator is "Dear Leader"? We don't need "leaders" in a republic, we need representatives. The president is supposed to be the executive, whose only legitimate role is to see that laws duly passed by Congress are enforced. He is NOT supposed to be "leading" us anywhere, setting policy, or proposing budgets. The whole system has become corrupted and out of whack.

  15. Carl D Sedillo says:

    The Dems. are at it again. As you know, President Obama took $173,000,000,000.00 from MEDICARE and is planning on using it on Obamacare. Reason, he added million of individuals not on MEDICAIDE to the rolls of those that will receive free healthcare. When we add those that have lost their job and aren't looking for work and aren't paying any taxes on government insurance health and unumployment coverage the entirety of the system is reeling. You can't screw around with the economy and our Government the way this administration has been doing and not go broke—-and so we are. Have a nice day.

  16. Edward Shick says:

    This program would be OK if LBJ would not of wanted more Money to be In Vietnam !!,, I started working at 14 worked till retired last sept at 80 , My wife worked for about Thirty Years , got Lupus and died after some very large Medical Bills !! From what I understand an Illegal can cross the border and if he is retirement age make more than I do ,,When Do we stop Foreign Aid to 153 nations in UN,, Let's get out of UN , UN should be in Kenya !!

  17. bull_rider says:

    I don't get it. If all the money printing the government is doing is harmless as they say, why not just print the extra money to cover the social security obligations? I'm being facetious of course. But seriously, they should first start by looking at how much a person has paid in before deciding who to cut. People who moved here from other countries and never paid in, cut them. Illegal aliens? Cut them entirely. Make people on disability really prove that they are disabled; my cousin went on disability in his early 50's and announced that he had 'retired from a career in retailing' (WalMart cashier) and got a big raise in the process.

    Those who have paid in for decades will be told 'sorry' because the Democrats have spend the funds buying votes from illegals and as many others as they can get hooked on government money. Romney was RIGHT about that 47%.

  18. bull_rider says:

    Anywhere you go in this world, where they are having economic disaster it is because the government has promised to give everything away in exchange for the votes to keep them in power. Then when the inevitable happens and the money runs out, those in power blame the 'greed' of those who produce.

  19. Bay0Wulf says:

    Well … how interesting …

    First off, the things they are calling "entitlements" (Social Security & Medicare & Unemployment … only 28 weeks worth however) actually ARE "entitlements". I paid into the system my entire life (OK, since I started working at 8 … don't tell me they don't collect taxes at 8 they did and, I'm sure still do). Every paycheck I ever got had a space on it clearly showing the deductions. As a sometime employer, I also had to "chip in" my share of my employee's payment. These were all called "Insurance" for a reason. If an insurance company tried to back out of paying me I would sue them. I PAID for this stuff I am entitled to it. Don't give me any mealy mouthed BS about how the Government spent it on other things. THEY used my money to pay for other stuff … BULLY FOR THEM! They did it without consulting me so they can go hang … YEAH! I know that attitude won't solve the problem but WHAT WILL??? They haven't stopped throwing around money like it was growing on trees … or as if they had a printing press.

    Now they are looking carefully at finding a way to convert, limit or stop IRA's, 401k's and similar because they "just realized" they need access to that money. I mean, really, its just sitting around doing nothing and they are SO much better at watching over Our (YOUR) finances! I knew that this was going to happen from day one … said so repeatedly … people told me I was crazy.

    I STILL don't hear them doing anything about Welfare, Medicaid, Financing Other Countries, Tons of Pork Barrel Projects, Restricting Unemployment back to 28 weeks, Social Projects of one type or other … instead they want to get into ever more risky ventures … like getting Big Financial Companies to lend out sub-prime loans AGAIN, like taking over Student Loans …

    This is NOT a Democrat / Liberal illness. This is NOT a Republican / Right illness. This is a POLITICIAN of EVERY STRIPE illness.

    SOMEHOW we have to enact Campaign Finance Reform (EVERYONE gets a relatively small budget to work with and NO more from anyone) SOMEHOW we have to Eliminate Lobbyists (NO MORE back door Deals & Bribes which ultimately line THEIR own pockets & steal from the People). SOMEHOW we need to decide that Worldwide Social Charity BELONGS AT HOME FIRST! SOMEHOW we have to make being a "Lifetime Politician" something less than a way of life (fun & profit).

  20. larrylunts says:

    This article is pure fiction, people. The Social Security Trust Fund is fully funded for years to come. There is NO PROBLEM with Social Security in the short run, and any problem with Social Security in the long run due to changing demographics can be easily fixed by removing the income cap on FICA contributions. Social Security does not contribute one penny towards national deficits. It is a retirement insurance program, entirely financed by FICA taxes that you paid all during your working life. The only reason Republicans are pushing "entitlement reform" with regard to Social Security is that they are trying to pull off the theft of the century, by privatizing and seizing the insurance premiums that you have already paid for, so that Wall Street can gamble them away. Don't let them get away with it.

  21. Thanks to ole barry the LIAR in chief!!!!!!!!!

  22. larrylunts says:

    To paraphrase the NRA, when it comes to Social Security, you'll only take it away "from my cold, dead hand." Social Security is not in trouble, and anyone who tries to tell you differently is a thieving POS who probably already has a hand in your pocket.

  23. Are you serious? I am now 66, and hope to not need social security (welfare for seniors) for many years now. If I could die without taking SS, it would be a point of pride to me. What on earth are you talking about? "Cold dead hands???" You must be joking.

    Look, SS is not "ours" but rather it is a transfer of money from poor young working people to us fat old geezers who shouldn't be retiring in the first place. Our SS taxes didn't buy us anything, they went to the people who were already retired. The excess that was generated during Reagan's presidency got spent on do-dads and gee-gaws, stupid, mindless government wastes of money.

    The money is GONE, GONE, GONE!

    You have your hand in the pocket of my hard working kids, since they are the ones who pay for this idiocy.

    Other than that, I have no strong opinions.

  24. larrylunts says:

    The real problem is the bloated military budget, and the military-industrial-congressional complex that supports and feeds it from the Federal teat. The disastrous F-35 fighter program alone, plagued by cost overruns and technical problems, has failed to deliver a single operational plane after 17 years of development. And the United States is on the hook to buy 2,443 of these useless turkeys, at a cost (to date) of more than $300 million per plane. The only reason this madness occurs is because development funds are scattered around the United States in a way that allows local congressmen to boast to constituents that they are "bringing home the bacon," by developing an already-obsolete weapons system that our military leaders agree isn't even needed in the world of today's military realities, let alone in 20 years, when defense contractors realize that they have to stop milking the Federal government, and actually deliver an actual working product.

  25. Steven McGinley says:

    Nope, your wrong it is yours! Its mine also, I PAID for it, no choice, it was extorted from me every pay period and I WANT it back! NO EXCEPTIONS! Youre a fool if you think otherwise! Its like the bank KEEPING YOUR HOUSE after you paid for 30 years plus interest. After the 30 years they say SORRY, YOUR HOUSE IS OURS NOW, WE SOLD IT OFF TO SOMEONE ELSE! Stop being such a liberal TOOL!!

  26. skipfoss says:

    There would be no finacial problems with SS and medacare if first they would kick off all of the illegals and 5th generation welfare receipents and 2nd pay back all of the IOU's to the system and 3rd take Social Security and medicare away from the congress and senate to use as they see fit put it back as they say in a lock box to be spent only as it is supposed to be spent. 4th put back the law that you can only draw for two years with out finding a job,and stop advertising in all of these UN countries to come to America vote for Obama and get your welfare check

  27. larrylunts says:

    From your mouth to God's ear! Except for the gullible part.

  28. Larrylunts, you are wrong. The SS program is now overdrawn and is removing money from the rest of the budget to keep up with their obligations. Currently it is NOT entirely financed by FICA tax. No one disagrees, at least no one who has looked fairly at it.

    Again, larrylunts, this is NOT a retirement program. It is a transfer scheme. Welfare. You paid a mandatory tax, not a contribution. You can't call it another name and change the fact. It is simply welfare for us old geezers, living off the hard work of our children. If you didn't have five or six children, you didn't have enough kids to support yourself when you quit working.

    Face it, government has guns, badges and jails. We were forced to pay FICA. MY retirement is (1) to keep working as long as I can, (2) save money of my own free will for when I can't, (3) sell my big house to one of my kids and live in the basement. If I could avoid SS, I'd be pleased. I don't know if I can.

    The whole thing is a horrible mess. Putting our fingers in our ears and yelling "I can't hear you" doesn't solve anything. Gary North thinks it can't be solved. He may not be right. But if he is, you'd better have a retirement plan like mine.

  29. Mutantone says:

    I want all the money I have paid into these accounts returned now instead of later. Then I can invest it as I see fit and not have the government use it all up before I can make use of it.

  30. Bay0Wulf says:

    Well … once upon a time … LBJ looked at all that Social Security (that was SUPPOSED to be "untouchable") money sitting all by itself in a kitty and decided that the Government could find better things to do with it. After all, the reasoning went, there was SO MUCH money there that there was NO WAY that it would all EVER be needed. So they broke open the kitty and began to "borrow" it for all kinds of "Social Programs" (like Welfare & Medicaid) as well as to help finance the Vietnam War and a few more popular things along the way.

    Oh they replaced it with … Government IOU's with ridiculously low interest rates … so, technically it is still there. Technically Social Security IS still funded … if you believe in the idea that the Government is "credit worthy" and will redeem their IOU's …

    However, IF you believe that, I have a bridge in NYC that I'd like to sell you … ooooppsss! Too late! They've actually been trying to sell that for awhile but they are having a tougher time of that than they are with Our Taxpayer PAID Water Companies, Highways and Other Infrastructure.

  31. larrylunts says:

    Well, that's the way SS works, jackass. Just as my FICA contributions paid for my mother's retirement, and her FICA contributions paid for my grandmother's retirement; my childrens' contributions are paying for my retirement. Is that so difficult to understand?

    But you're right about one thing. During the Ronald Reagan administration, when the government starting borrowing against the Social Security Trust Fund, and replacing those borrowed funds with Treasury Bonds (which are backed by the full faith and credit of the United States), it did create a potential future problem.

    George W. Bush put forth a trial balloon by examining those Treasury bonds, and, famously declaring, "they're just pieces of paper." But his suggestion that the United States might default on its promised financial obligations did not go over well, particularly in China, so we heard no more of that. Indeed, I would suggest that if the United States attempts to renounce its financial obligations to Treasury Bond holders, including seniors, the United States government would fall.

  32. deniseandros says:

    That's been the plan right along, then their next mantra will be…. the elderly don't contribute, and they are a drag on the economy. Obama will say either you feed your children, or your old dying parents. Then He will put the elderly, then the handicapped, and so on to death. After a while he will work the rest of the little people to death. That's the Obama budget plan.

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  34. larrylunts says:

    No, we'd just be content with restoring the tax structures of the Clinton years, the last time the economy was growing and stable, and the federal budget was in balance. But if I had my druthers, I'd rather go back to the Republican Eisenhower years, when the top marginal tax rate was 91%; and the United States experienced the greatest rate of growth in the middle class, and the largest rate of social mobility, in its history.

  35. larrylunts says:

    Like I said.

  36. That is also true. You can't sustain a constitutional republic when government gets this big. A "career in government" is an oxymoron. When you have as many people as we do in America, over generations, who owe their livelihoods to government eventually the system has to implode.

    Government as intended by the Founding Fathers was never meant to be an end in itself. You SERVED in government for awhile, but you always had a REAL job outside government to return to: Paul Revere was a silversmith, Ben Franklin was a publisher and inventor (among many other pursuits), John Hancock was an importer, on and on.

    We don't even have representatives anymore. The "constituency" both parties "represent" now is government. The people have become chattel to be exploited, harvested and — when they are no longer useful to government — expended.

  37. At age 76 when you most need it, you are not eligible for cancer treatment.

    * see page 272

    Nancy Pelosi said, "We have to pass the Bill so that we can see what's in it." Well, here it is.

    Obama Care Highlighted by Page Number – THE CARE BILL HB 3200

    JUDGE KITHIL IS THE 2ND OFFICIAL WHO HAS OUTLINED THESE PARTS OF THE CARE BILL.

    Judge Kithil of Marble Falls , TX – highlighted the most egregious pages of HB3200.
    JUDGE KITHIL wrote:

    ** Page 50/section 152: The bill will provide insurance to all non-U.S residents, even if they are here illegally.
    ** Page 58 and 59: The government will have real-time access to an individual's bank account and will have the authority to make electronic fund transfers from those accounts.
    ** Page 65/section 164: The plan will be subsidized (by the government) for all union members, union retirees and for community organizations (such as the Association of Community
    Organizations for Reform Now – ACORN).
    ** Page 203/line 14-15: The tax imposed under this section will not be treated as a tax. (How could anybody in their right mind come up with that?)
    ** Page 241 and 253: Doctors will all be paid the same regardless of specialty , and the government will set all doctors' fees.
    ** Page 272. section 1145: Cancer hospital will ration care according to the patient's age.
    ** Page 317 and 321: The government will impose a prohibition on hospital expansion; however, communities may petition for an exception.
    ** Page 425, line 4-12: The government mandates advance-care planning consultations. Those on Social Security will be required to attend an "end-of-life planning" seminar every five years. (Death counseling ..)
    ** Page 429, line 13-25: The government will specify which doctors can write an end-of-life order.

  38. The SS accounting shell game played on Americans has to do with the bonds that have replaced the real cash build-up in anticipation of the Boomer Generation: the rates were raised in the 80's because the trustees knew the post-WWII boomers were going to strain the system when they started retiring.

    However the surpluses were spent during the Clinton years — that's where the phantom "surplus" from the equally illusory "balanced budget" came from. The I.O.U.'s that are left (and here's where the accounting shell game comes in) are reported by the SSA as assets, but they cannot be paid out in benefits without first being converted to cash. SS checks sent out now are being paid out of current revenues: your withholdings go into the general fund and are immediately paid out to beneficiaries.

    There is no SS cash left. It's gone; it's already been spent. The government promised Americans it would keep the trust funds off-budget, they would be wisely managed so the money would be there, but the government LIED.

    It's as simple as that, and the larrylunts are merely shills paid by Uncle Sam to go out and flog the internet that "Everything is just fine, don't worry".

    y the governmentcountedementover Social Security

  39. What they should do is get rid of the Waste and Fraud in government programs. The SS Administration admits the SS rolls are not up to date. Dead people, illegals, people in jail and people using duplicate of stolen SS nos. Once SS is wrong it will trickle down to the other programs, Welfare, Food Stamps,even Obamacare somewhere down the line. Illegals are collecting benefits and why should they. Benefits should be for American citizens. If an illegal has a bona fide ss no., I said Bona Fide, not stolen, borrowed or whatever, theny that person should be forced to go through proper citizenship. The whole program, meaning learning US History, reading, writing and speaking English. None of this knowing how to say Thank You, that is only 2 words.

  40. the only reason there going bust ass hole is because u keep stealing from them

  41. Victor Barney says:

    AMERICAN MEN: WAKE-UP! It's the garden of Eden all over again & we're about the be thrown out by EVIL again & MEN AGAIN will be held equally responsible, as they were then! No? Tell me that again this November following this coming fall's planned & OPENLY PROMISED MARXIST(ANTI-CHRIST) GOVERNMENT TAKEOVER(WOMEN ALONE VOTED FOR)! ALSO, TELL ME AGAIN THAT OUR VERBALLY MORE PROFICIENT WOMEN DON'T KNOW THE PROMISE MADE TO THEM(i.e. "fundamental transformation of government!" Again, DUH! WATCH!

  42. First, the change in the CPI usage affects the income tax calculations and other government programs and areas so is more destructive than just to SS. Second, before playing games with SS and Medicare that are programs most of those receiving benefits were FORCED to participate in and have paid taxes and fees (in the case of Medicare even as drawing the benefits) cut those "entitlements" that are largely wealth transfer payments and mostly to those who have mooched off society when they could have been contributors to society and are riddled with waste and fraud like food stamps and ObamaPhones. Then there are the grants/studies/etc for "green energy" and useless "research" that can go as well as cutting benefits to the professional politicians in all three branches that seen to take care of themselves very well with pensions and health care benefits. A better system of ferreting out Medicare waste and a better check on SS "disability" claims may also help a lot in cleaning up funding for those programs without impacting on those who contributed their whole working life and are now drawing the results of those contributions,

  43. What is wrong with making the rich paying their fair share? Real private citizens, not Tea Party members, go out and fight this country's wars. We fight and die, while the Tea Party namby-pamby's, protest about paying their fair share of taxes. Until the Tea Party, GOP and President Obama realize this, the common man will always do all the fighting, dying, and paying their taxes. As for President Obama, I voted for him, not for the Romney's and their elite friends. If President Obama wants to try to placate the GOP by robbing what we, the people, contributed to Social Security and Medicare, that is okay. We will make sure he is taken to task, by breaking his promises to those who elected him.

  44. Boogalou says:

    You have no idea what is "fair share", You have no idea what constitutes the "Tea Party", and you have no clue who the "common man" is. You didn't voluntarily contribute anything into SS, you were taxed, and now you are being lied to by the very government you support. You need to look in the mirror before blaming your fellow Americans because the "government cheese" isn't all there.

  45. Well, the fact is, there is not $230 trillion in obligations. There are no numbers supporting this.

  46. Agreed.

  47. Exactly – THAT is what we should be doing.

  48. In the late 1960's social security administration [ssa] had a multimillion surplus and the fund would NEVER run out of money if only left alone even it those collecting it quad-trippled in years to come. Our congress did not like the idea and as they said; "We are only borrowing it." Then they said; "It will be repaid by those still working." So far neither happened. SSA is/was paid for by people working and paying into the fund for many years. Since our congress – They call it borrowing I call it stealing, never repaid all the money they pi$$ed away on blaaaaaa stuff We The People are expected to exist on what pitence is left. This is while congress gets to live on their full salary even after they retire.
    Think about this, they stole our money and they get full salary for having a title to their names. Something is seriously wrong with the system. Obama gets his salary, congress gets their salary and We The People get pissy little crumbs. And they want to take that too.

  49. Victor Barney says:

    AND…Our WOMEN ALONE apparently just love it! Welcome to Adam's world 6,000 years ago men…

  50. We paid into Social Security and medicaid all our working lives,, it was for our retirement. It is not an entitlement. Our government borrowed money from it and has never paid it back. I call it Political Theivery.
    Obama and his thugs need to keep their hand off Social Security, Medicaid / medicare and Veterans!!