Skip to comments.Coronavirus Is Quickly Draining Social Security (8 years left)
Posted on 06/06/2020 3:48:03 PM PDT by 11th_VA
The 2020 Social Security Trustees Report is out, and it is not good news.
According to Social Securitys trustees, the Old Age and Survivors Insurance Trust Fund will run out of money in 14 years, meaning that beginning in 2035, all of Social Securitys beneficiaries will have their monthly income checks slashed by 21 percent.
... But its going to be much worse than that. Social Securitys Trustees never considered the possibility of a global coronavirus pandemic that would prompt state and local government officials to close businesses and to order residents to stay at home, effectively shutting down a massive portion of the U.S. economy for weeks on end, with some attempting to do so indefinitely.
Factoring in the negative impact of the coronavirus recession, analysts at the Bipartisan Policy Center estimate that Social Securitys retirement trust fund will now run out of money in less than 8 years, well ahead of the schedule anticipated by Social Securitys Trustees worst case scenario...
(Excerpt) Read more at blog.independent.org ...
Cloward-Piven field days.
***Social Securitys retirement trust fund will now run out of money in less than 8 years, ***
But, but we were promised way back in 1964!
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.
Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
How can that be with all the old people in nursing homes that Cuomo and his cronies killed off?
Oh, man am I worried. If covid doesn’t get me, race riots don’t get me, global warming doesn’t get me, then the end of social security certainly will,
Send infected people into more elderly settings, governors!
They can cut off my SS Check the day after they cut off the EBT, Section 8 Housing and Welfare Checks, deal?
What trust fund? I heard it was nothing but IOU’s from Uncle Sam.
If old people are dying at an accelerated rate, why would the trust fund run out of money faster. If the Dems can get rid of the old people, that should help them to spend even more on their dependent serfs.
You heard right. SS is a cash flow program. The
Lock Box Trust Fund holds IOUs which are bookkeeping claims on tax flows, but otherwise nonnegotiable.
When the IOU’s run out they will continue to write checks and spend money they don’t have.
How come we never hear about welfare to those women who have 10 kids or benefits to illegals being cut?
What trust fund?
I must practice my sarcasm more.
Anyone who is 62 and unemployed is going to start collecting SS.
Even if the economy gets back to normal its going to be really difficult for those people to find work.
That's when we old folks burn down the country.
Conventional wisdom will argue that payroll tax should be increased.
Trump officials has been talking about a moratorium on payroll taxes.
Given how wrong the conventional wisdom has been i think a payroll tax holiday is worth a shot. BTW - the experts have apparently been unable to explain the strong jobs reports just out.
Ill worry about this in 7 years and 6 months. Only God knows what will the world will be like then. Meantime, Ill get on with my life.
Why would ANYONE think that giving the money you earn to the government, and letting them ‘take care of it’ for you, would be a good way to ensure having money available later in life?
If Social Security was to become a program, it should have been run independent of the government, and politicians should have absolutely ZERO ability to touch that money.
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