WASHINGTON, Oct. 15, 2007
Baby Boomer #1 Applies For Social Security
10,000 People A Day Will Become Eligible For Social Security Benefits Over Next Two Decades
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Play CBS Video Video Baby Boomer Crisis Looms Near More then 77 million baby boomers will retire over the next twenty years, leaving many concerned over rising costs of healthcare and social security. Chip Reid reports.
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(AP / CBS)
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Interactive Social Security How it works, the shortfall and Bush's proposal, and facts on recipients.
Kathleen Casey-Kirschling, a former teacher from New Jersey, applied for benefits over the Internet at an event attended by Social Security Commissioner Michael Astrue. Casey-Kirschling, who now lives in Maryland, was born one second after midnight on Jan. 1, 1946, making her the first baby boomer, a generation of nearly 80 million born from 1946 to 1964, Astrue said.
Casey-Kirschling, a self-described optimist, says she's confident Social Security will still be there for her children and grandchildren, reports CBS News correspondent Chip Reid.
But experts say don't be so sure. A staggering 77 million baby boomers will begin cashing in on Social Security over the next 20 years, leaving it with a long-term shortfall of about $15 trillion.
The Social Security trust fund, if left alone, is projected to go broke in 2041, though Astrue said he hopes Congress will address the issue, perhaps after the 2008 presidential election.
An estimated 10,000 people a day will become eligible for Social Security benefits over the next two decades, Astrue said.
© MMVII, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
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- Whenever the Bush administration or its GOP supporters try to Justify Spending huge money on their own personal agendas, they tell the public that it will all come back to be paid for by a "robust" economy. Just like his Tax cuts that refunded money to citizens in 2001, and 2003, that didnt do anything for the economy till just before the election of 2004.
However, when they talk about how much money is going to go to the Elderly for these "entitlement" programs, (of which i also include corporate giveaways as ''entitlement''), they dont even MEntion the impact it will have on our economy for these aging adults to receive that money and put it right Back into the economy.
DUHH? the only people that wont put that money back in the EConomy are wealthy people that dont need it. They save their Excesses and Buy stock, which does nothing for the economy.
Its a known fact that 70% of our GDP is based on consumer spending.
What do you think this woman is going to do with her SS check? hoard it with her gold under her mattress?
No, likely pay bills, and rack up more bills, and pay more bills. Spend it on her children and Grandchildren, take vacations, be a tourist, buy a new digital camera, begin a new part time career, invest in capital, etc.
I see no real problem and only a minor shift in policy by the next elected set of politicians (hopefull dems) will fix it. - Reply to this comment
- You people need to do some research. First of all Pres.Johnson opened the door to borrow from the SS. I believe he was a democrat. Second, we are not putting money in for our future. We are contibuting so the present SS retirees can collect NOW. 3rd, if all those democrats would go out and vote for a democrat then no one could complain. right.
- Reply to this comment
- Ron Paul has been a member of the party that has hosted the neo cons for a good 2.5 decades. Which is the republican party endorsed by Pat Robertson, Ted Haggard, Ann Coulter, Rush Limbaugh, the list goes on.
Ron Paul has been at the neo con trough for years and now he wants to disassociate with that which he has been a member because it has gone bad.
It''s a group of republicans that liked the early days of neo con euphoria who want to follow this man back in time to the promised days of the early neo con movement.
Their disconnect is that it was these early days that seeded the way for current abuses. Bush still promotes the rhetoric that Ron Paul promotes. Privatization, limit government involvement, "free market".
Ron Paul''s ideological underpinnings provide the loop holes for sociopathic control that eventually could throw this nation into dictatorship. - Reply to this comment
- The Baby Boomers put Bush in power - and have made a mockery of our nation. I''m not a big fan!
- Reply to this comment
- Since we''re talking stats, let''s see some ones...
Of the 80M B/B born between 1946 and 1964:
1. How many are still living?
2. How many are contributing to S/S?
3. How many are already on S/S of some kind?
4. Breakdown the numbers:
a. How many are receiving Aids to Families w/Children?
b. How many are receiving WIC/FoodStamps/Welfare?
c. How many are receiving SSA/SSI?
5. How many are living in poverty?
6. How many are millionares?
7. How many are already living in Retirement Homes?
%u2026 and the list goes on?
Bottomline: When you%u2019re talking about S/S, what pool of money is included, who contributed the money, who is currently managing the money, and who, exactly, is eligible to receive it? - Reply to this comment
- The Republican''s have done so much for us with a 4 trillion dollar increase in the debt. Why not have a Republican tax and let them pay for the war and not have any S/S and the rest who want S/S pay a tax for that. In fact neocons lets take it one step further. If you don''t want abortion then yes, we make it illegal. But you pay for it all of it because we don''t know which mothers wanted them or not then the IRS makes you pay the extra taxes to support them for the rest of their lives. I am sick of these so called religious neocon fascist wing nuts spending my money on there holy wars and holy beliefs. You people have really pissed of the middle of the road this time and I really don''t care what you have to say anymore.
- Reply to this comment
- "When have Politicians ever given anything to the public that they didn''''t take from them first?
"There is tax after Tax on Gas, Gasoline, Tobacco, income, outgo (property), Savings, and everything else the lower portion of wage earners have to deal with everyday just to live."
Quit Smoking, ride the bus and RENT! No cigarette costs, no car payments, no insurance, no property taxes, no homeowners insurance, no school taxes, (If the water heater blows up and ruins the carpet, it''s THEIR WATER HEATER and THEIR CARPET! Save all this money and PARTY! :-) - Reply to this comment
- Meanwhile, a person who serves in congress for just one term is eligible for a $1,500 per month pension.
Fix what is REALLY wrong and Social Security will remain strong. - Reply to this comment
- I doubt I live to be that old. But, since I''m putting into the pot, I should be able to receive my return.
Sometimes I hate that I''m in the mix of baby boomers. I think our generation has brought more trouble on this country than any other before or since.
And now? We''re trying to appoint a queen. - Reply to this comment
- Dr. Ron Paul is on America''s side on all hot topics of today. It never fails that I read a headline or hotly debated article on this site and several others, bounce it against Dr. Paul''s stance, and agree with him. MSM and corporate influence be d@mned, this guy is our best hope to right the ship.
- Reply to this comment
- I don''t see a 34 year cushion as "that" big of a problem. As long as each presidency term, the sitting president/congress can make adjustments that put that cushion out another 4 years. Of course, they''ll have to NOT spend it without replacing it...figure those odds. There is a fix...
Excerpt from http://www.ronpaul2008.com/issues/social-security/
"Solvency is the key to keeping our promise to our seniors, and I have introduced the Social Security Preservation Act (H.R. 219) to ensure that money paid into the system is only used for Social Security.
It is fundamentally unfair to give benefits to anyone who has not paid into the system. The Social Security for Americans Only Act (H.R. 190) ends the drain on Social Security caused by illegal aliens seeking the fruits of your labor." - Reply to this comment
- Go eat some more Fa(s)t Food and go BRAINDEAD throught your TV. Die off you ******* Baby Boomer
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Posted by fascistusa at 11:35 PM : Oct 15, 2007
You are an idiot. I was thinking of some clever line, for a come back to you, but I have a feeling that it would be overyour head, because you are an IDIOT! - Reply to this comment
- to save S/S the gov.must do a means test for people who income does not need the S/S check as well as medicare who can afford to buy there own policy sadly if the goverment did not use it for there perks there would be enough money to continue it with out making cuts I do Blam Doctors & Hosp[. for medicare problems they raped it they used it to fund Vietnam war as well as this war we are fighting now the answer would be if we made congress pay into and that be there retirement none of these problems would exist today
our Fore Fathers are saying what did we create a bunch of crooks who run for office and say they are patriots because they are congressmen/women or Senators and the President and he is the biggest moron we ever elected in any office spending billions on a war which is lining the pockets of big corp. and killing young men/women he should be lynched from the dome of the Capitol and I will pay admission to see that
Posted by aznyron at 02:43 AM : Oct 16, 2007
We don''t need a means test, that''s Socialist Kr*p, who are idiots like you to decide who gets back the money they paid in. Next you''ll want a means test for you Hillary care. - Reply to this comment
- to save S/S the gov.must do a means test for people who income does not need the S/S check as well as medicare who can afford to buy there own policy sadly if the goverment did not use it for there perks there would be enough money to continue it with out making cuts I do Blam Doctors & Hosp[. for medicare problems they raped it they used it to fund Vietnam war as well as this war we are fighting now the answer would be if we made congress pay into and that be there retirement none of these problems would exist today
our Fore Fathers are saying what did we create a bunch of crooks who run for office and say they are patriots because they are congressmen/women or Senators and the President and he is the biggest moron we ever elected in any office spending billions on a war which is lining the pockets of big corp. and killing young men/women he should be lynched from the dome of the Capitol and I will pay admission to see that - Reply to this comment
- Gosh.
If we need a long foreseen trillion dollars for social security it would bankrupt our nation.
But the sudden expense of a trillion dollar Iraq war is no problem at all.
ST
"Truth is defined by the weakest of us who must suffer through it."
SearingTruth
A Future of the Brave - www.searingruth.com - Reply to this comment
- Posted by fascistusa at 11:35 PM : Oct 15, 2007
And you are how old now....twelve??? - Reply to this comment
- "Go eat some more Fa(s)t Food and go BRAINDEAD throught your TV. Die off you ******* Baby Boomer "
Wow. Your a bright one there sunshine. News flash there goob - your gonna die too! From the tone of your posts it doesn''t appear that your going to enjoy much between now and the big day either. Have you considered seing a professional about your issues? - Reply to this comment
- "I wonder why the Fox Noise Channel didn''''t report that. They probably just forgot, after all they want people to know the truth, don''''t they? "
FOX always broadcasts the truth. It''s FACTS they don''t care for. - Reply to this comment
- mediapreachr,
I''d like to argue with you but I have no idea what your point is. - Reply to this comment
- Hands up all of you who want to support 20 million new people.When the money runs out who do you think is going to pay for housing,food,transportation and american style health care(the more money you have the better the
medical care you get).
Also we have to replace the aging with younger,educated people to stay competitive.Anyone know why the poorest folk have the most kids? - Reply to this comment
