Posted on 03/02/2024 4:30:30 AM PST by Libloather
Medicare and Social Security are in crisis and face significant challenges according a report from the U.S. Treasury Department which indicates the programs are both underfunded to the tune of a $175 trillion.
The report suggests that if the current trends continue the programs may not be around when the current generation of American children reach retirement age unless substantial changes are implemented.
Projections suggest that Medicare and Social Security may struggle to meet full benefit obligations within the next decade, with factors like inflation and economic output adding strain due to insufficient funds coming in to support these programs.
'If you take up the entire economic output of every country on planet Earth, it's about $100 trillion. The unfunded liability that U.S. taxpayers face over the next 75 years is $175 trillion,' Adam Andrezejewski of openthebooks.com stated.
In showcasing the magnitude of the situation, Andrezejewski compared the unfunded liability to the entirety of federal spending since the inception of the United States in 1787.
'Here's another way to look at it. If you take a look at all federal spending since the start of our country when the Constitution was written in 1787, if you add it all up, this number rivals all federal spending since the start of our country,' Andrzejewski said. 'So it's a massive unfunded liability and it threatens to bankrupt our country.'
Social Security spending has been on the rise as more Americans hit retirement age and leave the workforce, solely relying on the fund's benefits.
The Congressional Budget Office (CBO) says cash reserves of Social Security will run out in 2033 and, without reforms, will no longer be able to pay full benefits.
Experts have warned when that happens, payments will not disappear altogether but will likely be cut by around 25 percent.
(Excerpt) Read more at dailymail.co.uk ...
“I’m 60 and have paid in for 45 years. Always had a suspision that SS would dissolve the day before I’d qualify...I’ve also said that if that happens I’d march on DC with pitchfork in hand. I can’t be alone.”
The day SS goes bankrupt the reality is the only pitchfork you’ll use will be for digging up roots to eat. The whole thing will collapse. It’s not like everything remains in stasis except SS isn’t paid. If my math is correct, that’s $1.5 trillion dollars a year out of the system. That’s millions and millions of old and disabled people suddenly out on the street starving to death. The hospitals will go bankrupt very quickly. This is true if they even just reduce benefits. The system is destined to collapse.
These stories are published, on both sides of the Atlantic, to demoralize the population.
Let’s pray that freedom-loving people are made of sterner stuff.
Raise the monthly to 350 for Medicare and the social security cap to 400K. Fixed. /sarc
I think they should stop social security with this years 18 year olds. Let them do their own investing. Also sunset Medicare in 2071. That’s totally fair as the birth year 2006 and beyond will have plenty of time to save.
Agreed.
My concerns are more immediate. Demographics is destiny.
Toss every single illegal, regardless of origin.
They should just give you what you put into it. It would save the government money. Most don’t realize that most make a ton more than they put into the system.
You’re right, it is not.
However, giving $9000 per month to illegal invaders is illuminating.
Americans love variants of socialism.
Defund the illegals life long programs problems solved.
Social Security will be the ‘live wire’ that will cause conservatives to start hanging judges and Soros DAs. If Trump comes out with a plank to publish the residential addresses of the US Fed Judiciary, the Supreme Court will come to a new ‘perspective’.
They’re trying to fix the problem by recommending more shots for senior citizens.
Now, isn't that quite an irony?
Today we have "morons" who do speak and those labeled as morons who don't have a voice.
Progress??
Dear FedGov (ALL political parties): Thanks a lot.
Signed,
Mr & Mrs. moovova
dang...if we only had a lock box...
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