Social Security to start cashing Uncle Sam's IOUs

[Spexxvet]

Originally Posted by Happy Monkey

...Baby Boomers die.

There's a plan: Kill baby boomers. Except me.

[ZenGum]

Ahh, the Eskimo solution.

[Happy Monkey]

I don't think we'll need the Eskimo solution for the Boomers to die. I suspect it will happen eventually, no matter what.

[Clodfobble]

Sooner rather than later, too, because they're only going to get more expensive.

[classicman]

Bump...

(AP) WASHINGTON — The Social Security Administration made $6.5 billion in overpayments to people not entitled to receive them in 2009, including $4 billion under a supplemental income program for the very poor, a government investigator said Tuesday.

In all, about 10 percent of the payments made under the agency's Supplemental Security Income program were improper, said Patrick P. O'Carroll Jr., the Social Security inspector general.

Error rates were much smaller for retirement, survivor and disability benefits, which make up the overwhelming majority of Social Security payments, O'Carroll told a congressional panel.

"By any standard, the scope of these problems is considerable," said Rep. Charles Boustany, R-La., chairman of the House Ways and Means Oversight subcommittee. "Regardless of whether a payment occurs because of simple error or outright fraud, improper payments harm Social Security programs in the long term, jeopardizing benefits for those who may need them in the future. They also cost taxpayers billions of dollars each year."

With lawmakers working to reduce soaring budget deficits, President Barack Obama has directed agencies to reduce improper payments. Boustany's panel held a hearing on Social Security's improper payments Tuesday. O'Carroll said the agency is working to improve accuracy, but more must be done.

Throughout the federal government, improper payments totaled $125 billion last year, up from $110 billion in 2009, O'Carroll said. In 2009, only two other agencies — the Departments of Health and Human Services, and Labor — had more improper payments than Social Security, he said.

Read more:

Isn't that nice - In comparison, however, that is a mere drop in the bucket compared to the wars we are fighting.

[Fair&Balanced]

Originally Posted by classicman

Bump...


Read more:

Isn't that nice - In comparison, however, that is a mere drop in the bucket compared to the wars we are fighting.

Its also more than offset by the $7+ billion/year paid into Social Security by illegal immigrants who will never see a penny of the funds they contributed.

[Spexxvet]

Originally Posted by classicman

Bump...
Isn't that nice - In comparison, however, that is a mere drop in the bucket compared to the wars we are fighting.

How much were the overpayments yearly, since the beginning of the program? Was 2009 typical or atypical?

[Happy Monkey]

Amusingly, that is almost identical to the value of the bales of cash we lost track of in Iraq, according to a show I heard on NPR on my way home tonight.

[BigV]

Originally Posted by Happy Monkey

Amusingly, that is almost identical to the value of the bales of cash we lost track of in Iraq, according to a show I heard on NPR on my way home tonight.

For the record, that was six billion of Iraq's dollars--not "our" money we were giving to them. It was their money from the start, deposited directly in the Fed Bank in NY as a function of the rules of the Oil for Food program from years earlier. It worked so well that they continued it for years.

[classicman]

Originally Posted by BigV

For the record, that was six billion of Iraq's dollars--not "our" money we were giving to them.

But ... we are apparently responsible for it. If the money is not accounted for,
we apparently will have to pay them with "our money."

under a 2004 legal agreement, Washington is responsible for the missing funds.

Iraq's chief auditor and president of the Iraqi Board of Supreme Audit has warned Washington that Baghdad will sue if necessary to recoup the money.

Bowen said the U.S. needs Iraq's assistance to obtain the bank data regarding the disbursal of the funds so that his office can close the books on jurisdiction over DFI by the end of the summer since it's been years since the U.S. has had control over it.

"We're going to account for it as best we can," he said.

Read more:

[Fair&Balanced]

Originally Posted by classicman

But ... we are apparently responsible for it. If the money is not accounted for,
we apparently will have to pay them with "our money."

Iraq claims the agreement holds the US responsible but Iraq wont be the one to make that determination.

[classicman]

Originally Posted by Fair&Balanced

Iraq claims the agreement holds the US responsible but Iraq wont be the one to make that determination.

I was looking for more info on that ... The reporting got interrupted by some dick.

How exactly would that determination be made? Is there some world court or what?

[classicman]

lol - One of the comments below this article eluded to the same thing.

[Happy Monkey]

Just for clarity: According to the radio show, it was $6.6 billion total unaccounted for, which matches the $6.5 billion mentioned in the article, not the $8 billion in the article headline, or the $6 billion on one pallet or $26 billion total mentioned in the comments.

[classicman]

I noticed all the different numbers also. Why would they do that?
CBS is usually more accurate than that.