Posted on 09/10/2023 5:32:29 AM PDT by Libloather
Among America's numerous social programs, none lifts more people out of poverty each year than Social Security. As of 2021, the Center on Budget and Policy Priorities estimates that 21.75 million people, including nearly 15.4 million seniors aged 65 and over, were being lifted above the federal poverty line due to their monthly Social Security benefit.
Unfortunately, this vital program that provides benefits to approximately 66.7 million people each month -- 49.6 million of which are retired workers -- finds itself on shaky ground.
The 2023 Social Security Board of Trustees Report estimates that America's top retirement program is facing a funding obligation shortfall of a whopping $22.4 trillion through 2097. In plain English, the Trustees believe the Social Security program won't collect enough revenue to meet outlay obligations (benefits and administrative expenses) over the next 75 years.
What's more, the Trustees Report estimates that the asset reserves -- the excess revenue collected since inception -- of the Old-Age and Survivors Insurance Trust Fund (OASI) could be exhausted by as early as 2033. Should this happen, sweeping benefits cuts of up to 23% may be necessary for retired workers and survivor beneficiaries to sustain their payouts through 2097 without the need for any additional reductions.
It's not the rosiest of outlooks for a program that's crucial to the financial well-being of our nation's retired workers. However, the reason(s) behind this $22.4 trillion long-term funding obligation shortfall may not be what you think.
Has Congress pilfered trillions of dollars from Social Security's coffers?
Just as the sun rising in the Eastern sky every day is a fundamental truth, every prominent Social Security article on the internet with a comments section is destined to be filled with claims that the program's shaky foundation is the result of "Congress stealing trillions from Social...
(Excerpt) Read more at msn.com ...
how much of illegal immigrant invaders stolen from social security? nobody ever talks about that. Maybe that would help wake up a libtard.
There likely won’t be a US by 2097, unfortunately.
Yes. Next question.
But first! Are all the recipients of SS legitimat recipients or are the roles being padded with people who were never intended to be covered by SS?
If a private pension was run the way the Social Security has been, it would be the scandal of the century and people responsible would be in jail. It happened many years ago with the Teamsters Union. Stealing pension money is apparently okay when the government does it to buy votes. Soon it will benefit no one.
“trust fund”
Stopped reading right there.
They invested it in US Debt.
That’s Democrat for “They spent it. It’s gone!”
I’ve been around long enough that I can speak and interpret Democrat. The hardest part is that everything means the opposite of what they say!
If you go back to the late 1970s...there were already studies done to indicate the ‘fund’ was unable to last. At the rate of continual increases and people living longer...the model presently doesn’t work (probably a fact that Congress has known for four decades).
At some point over the next decade, they will push max threshold of collection up a notch, and give it an extra 15 years. But eventually, the model and longer living spans will require a total rebuild of the program. Maybe they ought to hand out cigarettes’ and encourage more smoking.
One of the best memes ever!
The key is millennials-age 42 years and under. They’re the ones getting screwed. Those on the way to retirement will take care of themselves-they vote.
Start with opening their eyes. Tell them they’re getting screwed. They’re not paying attention. Hope they vote with an open mind.
Not clicking on an MSN link to read the article.
Anyhow, I remember Al Gore’s “lockbox” well enough to know that Congress has been stealing from Social Security for decades.
The IOUs in the “lockbox” are just an added theft from the grandchildren of the people whose Social Security payments were stolen previously by Congress.
We know that the IOUs are “fulfilled” by the Federal Reserve devaluing the currency.
$7.99 for a 30 oz jar of Miracle Whip in the local supermarket last week...
.
States have done similar damage to highway fund tax money by turning it over to their general funds.
Maryland did this. Our roads suck, despite the constant turnover and work on the roads they suck.
Curiously, legalized gambling, casinos, horse racing, lottery money going into public school coffers makes our schools… still suck.
But rerouting money from TAXED road use fuels to buy votes from the general fund is a criminal enterprise.
So 49.6 of 66.7 million SS recipients are retired. That works out to 74.4%. So the other 25.6% are not retired but receive SS benefits anyway. Sounds like using fuel tax money intended to maintain highways being used to build bike paths.
Over the past 20 years of CNN....I doubt if this has been mentioned more than once or twice (probably before 2008). Beyond that....no one talks about it. The subject doesn’t get mentioned...so no one worries about it.
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