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 ...
Cal has a “road diet” program many cities turning 4 lane streets into 2 so the bikes can have wider lanes. Or letting bikes “share” the car lanes.
Footnote, Cal spends 30 billion a year on services to illegals.
LAUSD has 167 dialects and languages in their classrooms. Last I read a few years ago.
It would only surprise me if the answer was *no*.
For decades Social Security receipts were flooding in and the politicians were rolling in the money. Instead of finding ways to invest and increase the fund they bought votes by adding new kinds of beneficiaries, one of the biggest is the disability payments. SS was illegally created but it was only supposed to help the retirements of workers who contributed and not to pay others for so many things including disability.
We wouldn’t be in this predicament if the only people getting SS money were the people who worked for a living and put into the system.
That is a central point "talked about" in the article.
“There likely won’t be a US by 2097, unfortunately.”
You are off by 70 years. If Democrats win in 24, it’s game over. After that, expect Pol Pot communism to flourish. All those people in the cities, will be forcibly moved to the countryside to work on “corporate” farms, producing vegetables and fruit which will rot as there will be no fossil fuels to transport them to market.
Academia will be decimated as they will no longer be useful idiots of the “revolution.” The only thing that will exist in cities are those capable of producing something of value for the regime. And since the left doesn’t produce anything, it will be conservatives and what’s left of the middle class to fill the coffers.
I’d venture illegals are paid in cash thus contributing nothing to the scam but are receiving “benefits” accelerating the depletion of the program.
We do not have the money in the General Fund to pay the cetificates of indebtedness thus in effect they have stolen the money from social security.
I think you’re fooling yourself if you think they’ll snuff the leftists, keep the conservatives.
And there are loads of highly skilled and productive leftists, for whatever reason.
Full-on Communism won't come to the USA that fast as it is unnecessary - after all, the looters like having things to loot. Just a continuing and gradual fascist tightening of laws and regulations to make sure that every penny of lootable income from the tax slaves is harvested. Single female voters are actually trying to hand government more power than it is willing to take - yet.
After all, the WEF fascists are still a tiny minority and can't risk waking up the sheep too soon - sheep like those so beautifully depicted in post #7. :)
“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.”
Correct answer—but not for the reason many think.
This is what fraud looks like:
BTTT
How can illegals pay a payroll tax when they get paid under the table
Social (in)Security has been a congressional slush fund (raided by both parties) since day one.
I agree, but the propaganda is in place to fool the sheeple.
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