Why doesn’t welfare ever go broke?
The country will collapse before then, just like Detroit.
I have an idea. Let’s invite 2230993 illegals into America. That will fix it.
I hate to be the one with bad news, but it’s broke already. Those IOUs are only as good as the credit of the entity holding it, and we went broke a long time ago.
Once the rest of the world gets its act together and dumps us as trade currency, it’ll be scary how fast everything comes apart.
FR: US fertility rate hits all-time low
On the other hand, the states have never delegated to the feds, expressly via the Constituiton, the specific power to regulate, tax and spend for a federal program like SS.
President Chelsea will fix it
Another argument in favor of my belief that there should be “no representation without taxation”.That and for dramatically reducing phony disability claims initiated by crooked lawyers and signed off on by crooked chiropractors and psychologists.
134 million people employed, supposedly.
$46,500 average income.
12.4% SSI tax.
This gives about $77 billion in income to Social Security.
Old-Age And Survivors Insurance (OASI)is $700 billion.
SSI benefits paid is $59 billion to about 8 million people.
Disability is another $145 billion to over 11 million people.
We take in $77 billion, we pay out over $800 billion.
We are already broke.
As a side note about problems with constitutionally indefensible SS, please consider the following paradox. Note that on one hand, Constitution-ignoring Democrats won votes for themselves by establishing constitutionally indefensible pyramid-scheme SS. Simultaneously, life-hating Democrats also win votes by promoting the so-called right to an abortion which ultimately kills a pyramid scheme like SS.
Also note that corrupt Democrats encourage illegal immigration while ignoring that the water supply system needs to be expanded to accomodate the growing population, such oversight arguably creating a man-made drought.
It would be nice if power-mad Democrats actually thought about what they are doing every once in awhile.
Bump
I may be dead and gone by that time, but ... ya never know ... :-) ...
I’ll be 79. That’s a lot longer than my parents lived so I’m not too worried about it.
A key statement slipped in among all the CBO figuring.
They have no ides when SS will go broke, but there is no trust fund. There is as other posters said never a discussion of popular welfare programs running out of money.
guess I won’t get my Social Security check after age 92!
Inflation will solve this problem quite nicely. Take in somewhat valuable dollars from workers over the decades, and when they retire pay them back with almost totally worthless dollars.
Given the ever-increasing money-printing, this is sure to happen. And our clueless citizenry will continue to vote for leftists (be it GOP leftists or Democrat communists) until our country implodes, most likely occuring when the unchecked money-printing finally renders our currency worthless.
Until then, the merry-go-round will continue to spin, and our fat, ignorant, and stoned citizens will guzzle, gobble, tweet, twitter, facebook, instant-message, and surf the web for the latest cat videos until the day the ATM machines no longer work.
The whole thing is already bust to the tune of $17 very large.
All we have to do is SEIZE all ASSETS in Every Public Employee Pension Plan in America and automatically roll All Public Employee Retirees into Social Security.
Problem Solved.for now
It cannot go bust because it is a “pay as you go” welfare program. Today’s taxes go to today’s beneficiaries. The so called trust fund is an accounting fiction that politicians use to reinforce the idea that benefits and earned and placed in an account.