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 ...
The Covid relief plan lost 200 billion; in the Iraq war, 4 billion can’t be accounted for. This doesn’t begin to reveal how much of our tax money is mishandled. Best case scenario is that it’s just lost; worst case scenario is that it’s been stolen. How, with a straight face, can anyone say the government will do more good with our money than we will by keeping it? Think about how much in taxes you pay every year, to the feds and local government. Then consider how it’s squandered by corrupt and incompetent bureaucrats. Are you getting your money’s worth?
“Certificates of indebtedness” is generational theft and congress did the thieving.
People are stupid if they do not understand this fact.
the argument has existed since the ‘60’z when young women and high-schoolers became young mothers, that thdy sere placed on social security, welfare, and all the other programs made available to them.
ow, with all these unscbooled, untrained, illiterate ragheads, first thing tthey get is social security, etc. AND SUPPORT IN THEIR OWN LANGUAGE!!
For those wbo are not aware, the federal poverty line for 2023 is a grand $14,590.00. That works out to a whopping $7.295/hr. Federal minimum wage is a staggering $7.25/ hr.
Minimum wage by the federal dictates is FOUR CENTS PER HOUR LOWER THAN THE FEDERAL POVERTY LINE.
I’m sure these ragheads are getting paid more than that for just existing. That just make some welfare mama’s mad, ya think?
The truth will out?????
The answer is that the federal government has borrowed all of that trust fund money and spent it, exactly as Krauthammer asserted. And the only way the trust fund can get some cash to pay Social Security benefits is if the federal government draws it from general revenues or borrows the money—which, of course, it can’t do because of the debt ceiling.
Decades ago a couple of companies that dealt in statistics and such estimated that the cost, back then even, of illegals being in the nation, was between $400 billion and $600 billion after all the costs, both direct costs and indirect (such as a fami,y losing the breadwinner, having to go to,therapy for the death, missing work themselves, added costs of the funeral etc, schools,having to convert learning material to accomodate non english xpeaking illegals, things like that) were added up.
In some states, some prisons are made up of nearly 75% illegals, with a cost of $145 per day per illegal to house and feed (again, that $$ figure was from decades ago- probsbly a lot higher now)
I’m guessing that the estimated cost to,the nation today would be over $1 trillion dollars per year just on illegals alone.
[[$7.99 for a 30 oz jar of Miracle Whip in the local supermarket last week...]]
But the zombies in the msm assure us that the economy has never looked better, that Joe’s plans are working out wo derfully, and everyone is truly happy and content now
Almost $3 for a SINGLE bottle of soda now! We stopped at Kentucky fried chicken the other day, first time in a very long time, and could not beleive how expensive it was for a meal for two. We could have easily bought about 5 whole chickens, with money left over, for what it cost us there.
Yeah, the economy is swell Joe!/ extreme sarcasm
There used be articles on reports each year showing how much of an agencies spending was “unaccounted”.
DoD was always at the bottom of the list. The biggest abuser was HHS for which about 40% of its spending was not accounted for.
8.99 for box of cereal!!! Who buys it? I wait til there’s a special for 1.99 and load up.
” make some welfare mama’s mad”
Well at least the “welfare” fund is not in trouble ...
That would be a shame.
Last week Had kfc first time in yrs. Yummy but 8.99 for 2 piece meal.
I know, its insane. Can get a whole chicken for $6.00- cooked already even. Can get uncooked chicken for even less. Chicken used to be one of the cheapest meals around... no longer.
And yep- we love the taste of it too- they do have recipes that taste simi,ar, but it’s the way it’s cooked at KFC that helps with the overall taste and moisture.
Usually when I’m out and hungry, I stop at McDonald’s and get 2 cheeseburgers which is about the cheapest on the menu, but once inawhile like to change it up and get chicken, but woe what a shock @ the prices
How about if we sic the IRS on the entire Federal Government?
Yeah congress people. Most get social security while getting their paycheck. Pelosi. Mcconnell. Biden. Just to name a few.
“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.”
The program is called OASDI — Old Age, Survivors, and Disability Insurance. The “Old Age” part is the biggest. A worker who’s paid into the system can reach the retirement age and collect benefits.
If the worker dies young, leaving minor children, the children can collect Survivors benefits until they’re adults.
If the worker, before reaching retirement age, falls ill or is in an accident and can’t work any more, then Disability benefits kick in.
That’s why most Social Security recipients are retired but there are millions who aren’t. It’s not because of fraud or theft.
Bore’s lock box was useless. They had the key.
“The IOUs in the ‘lockbox’ ...”
I remember the “lockbox” b/s from the late 70’s or early 80’s when Social Security was to become un-solvent by the mid-2030s’ unless the IOU’s were paid up.
don’t worry - everyone will get every penny promised to you by Social Security
The problem is, with inflation - it won’t even buy a loaf of bread.
Does Congress have a big wheel of fortune on the floor with out SS slot.
Now, THAT is Hilarious
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