Tag Archives: Social Security

  • Blog

    Confirmed – Social Security Deluged with Early Retirement Requests

    by Chris Martenson

    Wednesday, May 27, 2009, 12:01 PM

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    On April 1st, in the context of writing about a newly appreciated shortfall in Social Security funding by the CBO, I wrote this (with the part I wish to discuss in bold):

    Here’s a prediction – [the sharply reduced Social Security surplus] will be revised to the worse in about 6 months. I base this prediction on my belief that more people will opt for retirement than are currently projected and that entitlement program tax receipts will be below current projections. Also, nearly every prediction by the CBO has been revised to the worse over the past year, so I am “riding the trend” with this prediction.

    At the time, several people commented that they thought this prediction faulty and saw the possibility of the exact opposite as being more likely.

    I based my prediction on two concepts:

    1. With jobs hard to find and credit tightening, many folks would simply opt for early retirement as a means of securing any sort of cash flow at all.
    2. Many folks would (rightly) conclude that sooner or later the government would change the rules – perhaps moving the retirement date out a few years or reducing benefits or both – and opt to retire early as a means of grandfathering in their own position.

    I can’t say for sure which of these reasons is most responsible here, but it looks like #1 is the winner for now:

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  • Blog

    Daily Digest – Apr 12

    by Davos

    Sunday, April 12, 2009, 3:02 PM

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    • New jobs, new trend (H/T Fred)
    • Farming the sun with the world’s largest solar plant (Graphic)
    • #77 at Amazon – I’m surprised it isn’t in the top ten!
    • Fix CNBC (Video)
    • Cramer on Frontline (Video)
    • House of Cards (Bear Stearns Book) on TDS
    • Week 16 Bank Failure #22
    • Week 16 Bank Failure #23
    • Federal Tax Receipts Off 28 Percent YoY
    • Federal budget deficit sets March record $192.3B
    • The Tax Capital of the World
    • House of Cards (Bear Stearns Book) on TDS (2 videos)
    • FSN April 11,

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  • Blog

    Social Security Stunner; Bankruptcy of Nation Moved Up Several Years

    by Chris Martenson

    Wednesday, April 1, 2009, 5:35 PM

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    Well, Obama is talking tough with the Big Three, even letting on that the bankruptcy of GM and Chrysler is a very real possibility and may happen soon.

    Since these are bankrupt companies, I suppose this makes a certain amount of sense, leaving aside the perplexing silence on why a similar approach is not being taken with insolvent banks. I guess it’s possible that manufacturing paper profits is now “more American” than fashioning real goods out of hard materials.

    But it goes further than this. The current administration might as well be worrying about the fact that the US government itself is hurtling towards bankruptcy.

    Not only are debts exploding – moving smartly past “unsustainable” and into “ruinous” – but revenues (tax receipts) are falling like a rock.

    Yesterday it was reported that the difference between Social Security income (taxes) and outlays (benefits payments), which is known in Washington-speak as “the SS surplus”, would shrink to zero next year.

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  • Blog

    Daily Digest – Apr 1

    by Davos

    Wednesday, April 1, 2009, 2:52 PM

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    • The Road Not Taken (in recent years)
    • My Manhattan Project
    • House Prices: Round Trip to 1990
    • Banks can do ‘You Walk Away’ too
    • S.A.M.H.S.A. dot Gov
    • China and Argentina in $10bn deal (H/T Ruhh)
    • Recession Puts a Major Strain On Social Security Trust Fund (H/T JoeManC)
    • Dylan Ratigan GoldSeek Radio Interview.(Audio)
    • S&P/Case-Shiller Home Price Indices (Chart 2003 Levels)
    • Guest Post: Exxon Pension Fund Sues Northern Trust Alleging "Reckless, Massive Losses" 

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