Social Security’s Unfunded Liabilities Equal To $73,167.83 Per Household

Social-Security

But remember, if you want to reform Social Security you hate old people:

(CNSNews.com) – Social Security faces an unfunded liability of $8.6 trillion, according to the 2012 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.

The unfunded liability is the amount that has been promised in benefits to people now alive that will not be funded by the tax revenue the system is expected to take in to pay for those benefits. (The Social Security trustees calculate the unfunded liability for a period of 75 years into the future, from 2012 to 2086)

The $8.6 trillion in unfunded benefits Social Security is expected to pay over the next 75 years equals $73,167.83 for each of the 117,538,000 households the Census Bureau said were in the United States in 2010.

Keep in mind that Social Security is adding to the national debt right now because the program is paying more in benefits then it is collecting in tax revenues, and with its trust fund made up of little more than bonds the federal government issued itself, every time the benefits-to-payments gap must be covered with the trust fund the federal government has to borrow more money to make good on the bonds.

Social Security, like every other defined-benefit pension plan in the nation, is failing.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • SigFan

    If it were in it’s present form and our elected officials and government employees were subject to the same Ponzi scheme we plebes are do you think they might actually have found the stones to reform this mess?  As it is, the government will prolong this for as long as they can – and I believe it is out of fear.  How long do you think any of them would survive if the public finally realized just how badly they’ve been fleeced?

    • $8194357

      They wiil anounce its collapse after marshall law has been declared, perhaps..

      • SigFan

        It would take very tight martial law to control the mobs of angry people when they do announce it’s finished.

        • $8194357

          By the consent of the governed…

          I wish enough folks understood that to rise up and shut their tryanical asses down…

  • WOOF

    $73,167.83 for 75 years.
    That’s $975 per year, per household, for 75 years.

    Over time the 117,538,000 households will be joined
    by another 3 generations of households shouldering the burden.
     We can handle it.

    • Econwarrior

      Typical Democrat strategy: tax the unborn, they can’t vote you out of office.  Spending more than you have is wrong, no matter how you twist and spin.

      • $8194357

        They support abortion killing 50 million of the next generation of taxpayers..
        They allow 50 million illegal aliens in to draw off the system…
        They spent all of the money we put into the system, while excempting themselves from the system..(article 28?)

        And then folks are to blind to see that they are on “agenda” to destroy our Constitutional Republic from within just like they said they would do for the last 100 plus years….

        Blind ass uselful idiot lemming apoligists that helped Stalin kill 10’s of millions of Russias citizens have nothing on todays Democrat enablers, huh…

    • http://realitybasedbob.sayanythingblog.com/ realitybasedbob

      No one does fuzzy nutter math better than our host.

  • http://nofreelunch.areavoices.com/ Kevin Flanagan

    Not to worry; Obama’s policies are killing off the old.
    “Jane asks the President if her 100 year old mother (now 105) would have gotten a pacemaker under his plan. Well now that’s a tough one … that costs a lot and maybe we will have to say, just take a pill. Priceless. ”
    http://www.youtube.com/watch?v=U-dQfb8WQvo 

  • $8194357

    My legal resident mother in law is a social security notch baby recipiant…
    ilegal aliens drawing social secuty get full benifits thanks to “progressives”..
    Now Nancy wants our 401 k’s to level the playing field as well…
    insanity thy name is liberal…

    • WOOF

      Illegal immigrants do not get Soc Sec.
      Unless they paid into the system and
      were made legal by the Reagan Amnesty
      or maybe the Cuban adjustment act.

      • $8194357

        Are you sure woof?

        • WOOF

          “Versions of this whopper have been going around since 2006 and picked
          up after Democrats won increased House and Senate majorities last
          November. Since January 1, readers have forwarded to us more than 100
          e-mails that claim Congress is about to vote or is voting right now
          or just voted last week to give Social Security benefits to illegal
          immigrants. All are false.

          We first saw this bogus claim bandied about as a Republican campaign theme during the 2006 midterm elections. As we explained then, no benefits can legally be paid to illegal immigrants and there was never a proposal to change that.”
          http://www.factcheck.org/2009/03/social-security-for-illegal-immigrants/

    • Awfulorv

      Insanity will do, but we need a more descriptive name for the vile, beasts, who seem bent on transporting humanity, and the culture it has acquired, through the years, back into the caves, recently abandoned by those who are devoid of culture. Big Assed Beyonce being chosen the most beautiful woman in the world is damn near a perfect example.

  • http://nofreelunch.areavoices.com/ Kevin Flanagan

    All households should be required to show financial responsibility for their share of the debt.

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