Fox News' Carlson falsely claimed "Social Security [is] already bankrupt"
SUMMARY: Gretchen Carlson falsely claimed that "Social Security [is] already bankrupt." In fact, Social Security will be able to pay full benefits until 2041, after which it will be able to cover 78 percent of scheduled benefits, according to the 2008 Social Security trustees' report.
During the April 8 edition of Fox News' Fox & Friends, co-host Gretchen Carlson falsely claimed that "Social Security [is] already bankrupt." In fact, the Social Security and Medicare Boards of Trustees have projected that in the absence of a change in the law, Social Security will be able to pay full benefits until 2041, after which it will be able to cover between 78 and 75 percent of scheduled benefits through the end of the 75-year period covered by their 2008 long-range projection.
As Media Matters for America has repeatedly noted, the 2008 Social Security trustees' report explained that "[e]ven if a trust fund's assets are exhausted ... tax income will continue to flow into the fund" and Social Security will be able to pay full benefits until 2041, at which point it will be able to cover 78 percent of benefits if no legislative changes are made:
Redemption of trust fund assets will allow continuation of full benefit payments on a timely basis until 2041, when the trust funds are projected to become exhausted. This redemption process will require a flow of cash from the General Fund of the Treasury. Pressures on the Federal Budget will thus emerge well before 2041. Even if a trust fund's assets are exhausted, however, tax income will continue to flow into the fund. Present tax rates are projected to be sufficient to pay 78 percent of scheduled benefits after trust fund exhaustion in 2041 and 75 percent of scheduled benefits in 2082.
From the April 8 edition of Fox News' Fox & Friends:
CARLSON: Is the secret out? Is President Obama, when he comes back to the U.S. -- he's back now on our soil -- is he going to have to raise taxes to pay for all of his programs? John.
JOHN PODHORETZ (Commentary magazine editor): Well, he's always said that he is going to raise taxes on high earners. The question has always been whether -- given the astoundingly large nature of the deficits that he is going to create -- whether he will be very much tempted to violate his campaign pledge and raise taxes on people who earn less than $250,000 a year.
He will have to. He will have no choice but to do so because he wants to spend -- create a deficit that this year is going to be $2 trillion.
CARLSON: I can see you trying to do the math in your head as you're discussing -- but you --
PODHORETZ: No, no. It was 1.75 trillion and then --
CARLSON: I know. The numbers are hard.
PODHORETZ: -- the Congressional Budget Office just announced --
CARLSON: It's hard for the average American to get to the trillion mode. I know.
PODHORETZ: -- $2 trillion.
CARLSON: All right, Judith, you're shaking your head, why?
JUDITH MILLER (Manhattan Institute senior fellow): No, because, right now, he has a situation in which we still have eight-and-a-half percent unemployment, and it's still rising. The numbers are still going up. Obama is looking for stimulus, and that does not mean more taxes. That means actually fewer taxes right now.
You know, he's going to worry about raising taxes, John, in his second term in office.
CARLSON: Well, right. That's what this article this morning is saying -- is that this is a long-range plan, because we're going to have all the baby boomers retiring at that point. Social Security -- already bankrupt. Your thoughts, Michael?
MICHAEL GOODWIN (New York Daily News columnist): Well, Social Security, obviously, at some point, he's going to have to, you know, raise the limits of income by -- under which you pay taxes. Maybe you raise the rate. He talked about that during the campaign.
Oh, come on, Media Matters! By "already" shes means the year 2109.
Of course, it's not. My parents, for one, would be very surprised to not see their SS check in the mail, but they are still getting it. Darn that bankrupt system.
i don't think carlson sounds much like elmer fud.....but she sure does know how to have her own words (hunting implement) blow up in her own face.
i would think doocey or even kilmeade would be more elmer fud like
Just reinforcing the Faux Fear Meme.
Daffy might have used those words as well, but as only Leon Schlesinger and Mel Blanc could do that voice, I'm willing to assume she doesn't sound like Daffy. Unless you cover your ears?
actually one of my uncles does a spot on daffy duck
That screen grab is perfect!
Faux Noise: Some people say; you decide...
"Some people say..."
I really, really, hate that line. You know, some people say that space aliens kidnapped Elvis. Film at 11.
I believe what she meant by her comment was that we know today that if nothing is done, what will happen is that there won't be enough money to pay full benefits. Now, righties try to pretend that means that it's bankrupt, because bankrupt people and businesses typically can pay some of their creditors off with a portion of the money they owe the.
I don't have a problem with those on the right talking about the system being bankrupt in the future, and I believe she was saying that without a remedy, we already know that it will be bankrupt.
LuvLuLu makes a good point. If you read the 235 page report the author many times refers to the solvency or insolvency of the two trust funds. Something is "solvent" if available assets are larger than known liabilities. Only being able to pay 75% of what is due would be defined as "Insolvent" and it is not that far of a stretch to say the funds are "bankrupt". Most of the people filing bankrupt proceedings now are doing so even though they have money - they just don't have enough to pay everything owed according to their loan or credit arrangements.
the 75 percent benefits wouldn't take place until 2041. about the time that i turn 59. thats without any kind of reform. its 2009, i think we can fix things before then
so if its bankrupt why are checks still being mailed?
I got mine today. Direct deposited too.
maybe its fake money ya know.... like monopoly? that could make sense........................
ok i can't say that with a straight face
It spends like real money, but then again I always wear a top hat and monocle and own both the B&O and Pennsylvania Railroads.
if you have park place ill give you reading railroad for it
What's with the camera on the floor?
To stare at her legs. I mean what else would you pay attention to when she talks?
No the cameraperson is ROTFL that anyone believes this crap.
BINGO
smarshall, it is just a philosophy for some Republicans and a comedy routine for the Conservatives, led by Rushin Limbaugh. Hand in hand, they create fables which would scare Aesop, but these new fables have no moral to the story, unless you consider ugliness a moral.
So true, Princeofwheels ....FoxNews creating fables with ugliness as their morals. Too funny, and yet so many disturbing 'what-ifs' debates. Never, ever will any "positive" thing be contributed to President Obama in "real time" without the word but added to complete the sentence for the negative affect. You know, it's like President Obama and alot of the Democrats be smiling with happiness for something good that they did for our Country, and out of no where FoxNews come up behind them pouring cold water over their heads to burst their bubble. "WTF"!!!
"...the money's value is quite less". So if someone gets money from Social Security, a hunfred dollars is not a hundred dollars?? I am slow when it comes to finances so please explain further.
"...unelected officials can indirectly tax the people through puppet elected officials.""'' Wow, sort of like Kukla and Ollie being the unelected officials and Fran being the puppet elected official. I gotta start watching more Nick At Night to better understand politics and finances.
Thanx Slick
>>Err, Social Security is bankrupt. It does not have any money. That is Social Security does not have a bank account.
I'm pretty sure that I'm still paying into it. At least SS has careful records of contributions and benefits, unlike the off the books spending favored by the Bushies.
really? outdated you say......
allow me to prove you incorrect.
my current job is a case manager at a place that works with people who are intellectually challenged. since most of them are not able to work in many mainstream areas...tehy get supplemental security income from SSA. now if they did not get this money most if not all of them would be out on the streets...
still think its a outdated?
There can be no justice in this country until I am able to step over retirees who are dead on the sidewalks due to their pathetic inability to maintain employment. The fruits of my productive labor are worthless unless I am able to observe the true ugliness of poverty. Spiritual poverty is not sufficient.
The Social Security is Bankrupt. European Socialism is Bankrupt. The Educational system is Bankrupt. The Obama Administration is Bankrupt. What does all this mean? Nothing at all- just bumper-sticker bloviating crap. But you can bet they'll keep it up.
Anything out there that's ACTUALLY Bankrupt? Yes. Unregulated Capitalism, as endorsed by the dwindling reichwing of the Republican party. That's Bankrupt. Let's just hope it doesn't get any taxpayer-supported bailouts.
Gretchen Carlson is by far the biggest waste of money Faux spends. She is a complete idiot - how many more times is she going to ask, How long is America going to give Obama?" She asks this like if we are tired of him tomorrow, we can bring back the Rethugs. She also belongs on the 700 Club - EVERYTHING is about religion with her. Just a complete stupid fool. She knows nothing about anything. She even makes Steve and Brian look like they are only half-wits instead of the idiots they are as well! Get rid of these people.
she is probably reading up on ancient roman history and somehow thinks that elections could be held on a yearly basis like the romans did.
a former miss usa no less
do you get the fact that what i was describing was someone NOT injured while working but is developmentally disabled? picture a 50 year old man with the mind of a 6 year old. the work i do for these people....they need the benefits...otherwise they are out on the streets. they can't get jobs like myself.
example. many of the consumer's who i manage their cases for their services work in workshops that are basically low end factories putting pipe fittings together and other very simple tasks. they don't get paid very much for such work. they can't.
i am lucky to have some people who are mild in their developmental disabilities that they can do minimum wage work as a greeter at wal-mart. but thats about as high as they could go. so given that.........where would they get money that they could try and live as normal a life as they can.
if its so obsolete to you....whats your solution?
you would answer me directly so how about now?
cause if you scrap the SSA there is no agency that will pick up these people. as i said before they will be on the streets.
A 50 year old man with the mind of a 6 year old is entitled to life, liberty and the pursuit of happiness and it's not their fault they're orphaned. The City of Norfolk purchases foreclosed homes and will put perhaps two extreme cases like the above with another lesser case that can work as the WalMart greeter. They are issued vouchers for housing and utilities and the case worker checks on them and other such households, to ensure maintenance, cleanliness, etc are up to standards. They are also allowed to use the public transportation, and given food stamps. The money they earn they are free to spend on magazines, clothes, etc. Unfortunately, they, nor me, nor the caseworker will ever live like the Sultan of Brunei. Happiness does not necessarily mean ridiculous riches.
In other cases since the case workers handle the cases to the SSA, who gets the money from the US Treasury, they are a middle man. It would be much wiser to have a mentally disabled agency to handle these 0.1 percent of cases than a whole SSA to serve as a middle man.
that is precisely my job. i work for a non profit company that is contracted by the state and local county office to do that. and the SSA reimburses the state when bills are submitted for services performed by the agencies involved. mine included.
Do you not think that your non-profit company, can be paid directly from the US Treasury? Accredit your company through a much smaller Diabled Agency than to have them deal with a bureaucracy that every time you call you go through four transfers and wind up leaving a voice mail, only to be called back next week? I do not disagree that those you describe need assistance. However, is that much BS with some big agency necessary. Though I realize every client is very important, I'm actually the lead in volunteering at my corporation, I organize, delegate heads of certain things (can't make every one), and track our volunteer hours. We have earned the Presidential Volunteer Service Gold every year since I worked here (though it's en vogue to blast President Bush, he set that up, and now President Obama does the awards of course). Sometimes, those that agree argue. But it makes for good debate framework and I was happy to deal with you without namecalling and such. President Obama campaigned on using a scalpel, perhaps this is a good place to start.