Tag Archives: Social Security

Social Security still has 6.5 million people older than 112 active in its files

Obviously we must give the government more responsibility! An inspector general audit of the Social Security administration has found more than 6.5 million names of people older than 112 still in the agency’s files.

The audit, dated March 4, 2015, concluded that SSA lacks the controls necessary to note death information on the records of number-holders who exceed “maximum reasonable life expectancies. … We obtained Numident data that identified approximately 6.5 million number holders born before June 16, 1901 who did not have a date of death on their record,” the report states.

Some of the numbers assigned to long-dead people were used fraudulently to open bank accounts. And thousands of those numbers apparently were used by illegal immigrants to apply for work: “During Calendar Years 2008 through 2011, SSA received 4,024 E-Verify inquiries using the SSNs of 3,873 numberholders born before June 16, 1901,” the report said. “These inquiries indicate individuals’ attempts to use the SSNs to apply for work.”

Moreover, to even think of trimming the budget of any government agency is madness! Madness! They need every penny!

A new report from Social Security has raised its predicted unfunded liabilities over the next 75 years by one trillion dollars.

The day of reckoning looms: A new report from Social Security has raised its predicted unfunded liabilities over the next 75 years by one trillion dollars, for a total of $9.6 trillion.

According to the report, “Through the end of 2087, the combined funds [OASI and DI] have a present-value unfunded obligation of $9.6 trillion.” That is “$1.0 trillion more than the measured level of $8.6 trillion a year ago,” states the report, in reference to the data available for 2011. That $9.6 trillion shortfall equals approximately $83,894 per household based on the Census Bureau’s latest estimate that there are 114,430,000 households in the country.

The report also looks farther into the future and saw the shortfall rise to $23 trillion.

The future of the social security program is worse than you think.

The future of the social security program is worse than you think.

For the first time in more than a quarter-century, Social Security ran a deficit in 2010: It spent $49 billion dollars more in benefits than it received in revenues, and drew from its trust funds to cover the shortfall. Those funds — a $2.7 trillion buffer built in anticipation of retiring baby boomers — will be exhausted by 2033, the government currently projects.

And this is from the New York Times, of all places! Of course, as soon as any politician suggests instituting any of the reforms suggested in the article the Times will then start screaming bloody murder in protest. They are very good at appearing nuanced and thoughtful about the debt, until someone actually suggests doing something about it.

The Social Security Trust Fund will start losing value in 2013.

The day of reckoning looms: The Social Security Trust Fund will start losing value in 2013, not 2020 as claimed.

In 2010, Social Security’s Office of the Chief Actuary projected that this interest income would keep the trust fund growing in real value through 2020. The 2011 projections moved this date to 2018, and the recently released 2012 projections pushed the date to 2012, meaning that the trust fund will start declining in real value next year. After 2013, the trust fund is projected to decline by greater amounts each year until becoming exhausted in 2033.

Pawlenty calls for Medicare and Social Security reform — in Florida

Now Tim Pawlenty has called for Medicare and Social Security reform — in Florida.

Once again, I don’t know how sincere Pawlenty really is, but he certainly has started his Presidential campaign challenging the voters to face hard realities.

Social Security deficits now “permanent”

More thrilling budgetary news: The Social Security deficit is now “permanent.”

Medicare’s hospital insurance trust fund is now slated to run out of money in 2024, or five years earlier than last year’s projection, while Social Security’s trust fund will be exhausted by 2036, a year earlier than the prior projection.

GOP senators focus on entitlement cuts

More debt ceiling negotiations: GOP senators focused on entitlement cuts in a meeting with Obama on Thursday. I found this quote quite intriguing and a refreshing change from previous such meetings:

Obama was careful not to dominate the meeting, according to Republican senators who attended. The president opened the session with brief remarks and spent most of the session listening to lawmakers’ concerns and responding to their arguments.