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 ...
Comparing one year of economic output with 75 years of liabilities isn’t really illuminating.
Sir Daniel Patrick Moynihan was quoted in the seventies about this, his response was “ Social security will always be paid, your money might not be worth much but we will print the money and you will be paid.”
WWG1WGA!
We can just follow the Zimbabwean model.
It’s black and devoid of sound Mathematics. Win win…
Back in the sixties when I was in grade school there was story after story in the three ny newspapers I read about how Medicare/Medicaid “is going to bankrupt this country.” It mystified me that apparently rational accomplished people could proclaim such a thing and no one seemed to listen. I had no idea what was what but I could see that the people speaking were not morons. It took awhile but here we are with a number we have no hope of paying.
It’s from Daily Mail, nothing is illuminating.
It’s for Ukraine propaganda and famous whores.
$175 Trillion? Hell, ZEEPERS would tell me that it’s just a “rounding error” and we shouldn’t worry about debt and deficits.
I would gladly opt out of Medicare and social security if it meant I could stop paying those two specific taxes. That money would be better spent in investment instruments than in the slush funds our politicians are raiding.
When the left acts like a 3 year old and sees the entire world’s population as all
Soft fuzzy lost bunnies arhat need to come to America where we can all live in a rainbow filled happy carefree country.
Things go horribly wrong.
Calm Down, Calm Down. This is easy to fix. Just print more money Joe Biden.... the newcomers need this.
who will be the first Republican to suggest cutting retirement benefits, without mentioning Medicaid abuse from the Newcomers?
Is this from all those IOUs placed in the lock boxes over the years?
That number is ridiculous.
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.
Send the illegals home- presto problem solved.
I wonder how much they saved with COVID ?
“$175 trillion”
a doctor might cost $500,000/year
figure 300,000 doctors for the Medicare population
$150 billion/year
imagine for 50 years
$7.5 trillion
hospitals?
They are a series of clean rooms with some medical equipment and nurses. Nurses work for about a third of what the doctors do.
$2.5 trillion for the nurses?
SS & MC were the biggest financial scams in the history of the world until Global Warming/Climate Change/Climate Crisis came along.
Think about this: the money confiscated from your pay for SS/MC is AFTER the Income tax deduction, you get NO Credit for the employer match (yet it’s you actually earning the money), if you live long enough to draw it’s taxed again as you draw, and if you die your estate receives a whopping $250 and nothing more. Is that a great deal for the government or what? Oh, to say nothing of the value of the dollars you draw vs the dollars paid in (purchasing power of $1.00 in 1913 when the FED was established is now about $.03).
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