No Runny Eggs

The repository of one hard-boiled egg from the south suburbs of Milwaukee, Wisconsin (and the occassional guest-blogger). The ramblings within may or may not offend, shock and awe you, but they are what I (or my guest-bloggers) think.

Archive for October 8th, 2010

Wisconsin Senate race drunkblog, round 1

Since I have some family matters to attend to, I may or may not be back in time to catch the start of the debate at 8 pm Central. Fortunately, Shoebox will be staying up late to kick things off in case I’m not in.

Here in Milwaukee, there’s three choices for watching – Channel 4, Channel 10, and C-SPAN; in other parts of the state, it should be on one of the PBS stations as well as a local affiliate (likely the same one that carried the first gubernatorial debate), and for the national audience, C-SPAN will be covering it.

What is the cost of doing nothing* for Social Security?

by @ 10:55. Filed under Social Security crater.

* Nothing, other than combining the Old-Age and Survivors’ Insurance and Disability Insurance plans, that is.

The House Budget Republicans calculated what will happen to the Social Security benefits of those near retirement if the Social Security Trustees’ 2010 intermediate case is right and the combined OASDI “Trust Funds” are exhausted in 2037. At that point, the payroll taxes will pay for just 78% of scheduled benefits. They included a handy table of the cuts to the benefits of those who are now between 55 and 62 years old:

Click for the full-size pic

Of course, that assumes that Social Security does make it to 2037. In order for that to happen, not only does the assumption have to be right when recent assumptions have proven to be exceptionally rosy, but somewhere around $8 trillion in nominal dollars will need to be found to monetize the “Trust Funds”. There’s not so much as $0.01 available in cash to do that, so that represents an addition to the publicly-held debt, and $5.5 trillion of that represents future additions to the total debt (the $2.5 trillion in the “Trust Funds” now is part of the total debt, but not the public debt).

Employment estimate divergence, private enterprise versus government edition

by @ 8:57. Filed under Economy Held Hostage.

On Wednesday, ADP said that seasonally-adjusted private-sector employment dropped by 39,000 in September, down to 106,949,000. Yednesday, Gallup asserted that their measure of non-seasonally-adjusted unemployment went up from 9.3% at the end of August (itself up from 9.1% in the middle of August) to 9.4% in the middle of September and 10.1% at the end of September. Today, the Bureau of Labor Statistics said seasonally-adjusted private-sector employment rose by 64,000 to 107,970,000, and that the non-seasonally-adjusted unemployment rate dropped from 9.5% in August to 9.2% in September.

One of these things is not like the others.

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