Posted on 04/01/2023 6:37:39 PM PDT by RomanSoldier19
Social Security will be insolvent even sooner than previously expected, with automatic benefit cuts now projected to occur in 2033, according to a new report released Friday by the program's trustees.
The new projections underscore the limited time that's available for policy makers to deal with the fiscal problems that are quickly rotting away America's old-age entitlement program. The more quickly approaching insolvency date also draws a stark contrast with leaders of both major political parties—including President Joe Biden, former President Donald Trump, and House Speaker Kevin McCarthy (R–Calif.)—who have all, at times, promised not to touch Social Security during the ongoing negotiations over raising the nation's debt ceiling.
Ignoring the ticking clock won't make it run slower. In fact, Friday's report shows that Social Security's finances have gotten worse over the past year. The Trustees say that a combination of inflation and a worsening economic outlook for the coming years contributed to their more pessimistic projections.
(Excerpt) Read more at reason.com ...
This is total nonsense. Why are there no forecasts for Medicare to go bankrupt? Because they don’t have a stupid law with a stupid fake trust fund that is supposed to be where the money comes from.
Everyone knew in 1935 that the trust fund was a ploy by Roosevelt to get the FICA law passed by Republicans. By paying into Social Security, it made people believe they had a stake in a retirement plan.
It is an entitlement program like Medicare that should simply be paid like every other Federal expenditure by having the funds transferred from the Federal Reserve. How do we fix SS and not cut benefits? Eliminate the trust fund and the stupid 75-year Board projections from the law and just pay the damn bill.
Yes, but the world will have ended by then anyway.
If illegals are using your Social Security number to work do you get their contributions?
but by golly the US will be still throwing billions away by giving to terrorist nations and to all kinds of useless immoral crap all aroudn the world- not to mention to illegals who cost our country an estimated $1 Trillion dollars a year when all expenses are added up-
Inflation will take care of that. You will get the exact monthly checks you were promised - they will just buy a lot less than you expected.
I used to hope so but I never found out the real answer, there are different aspects to it such as having trouble when you sign up for yourself, but surely someone has benefitted from it occasionally.
Perhaps record keeping has improved where that gets mostly sorted out by the feds.
ding ding -winnah winnah chicken dinnah!
Understanding this is the beginning of clarity wrt SS
We won’t even have a country by then if Trump does not get reelected and allowed to turn the mess Biden created around.
Remember President Johnson (Democrat) in the 60’s with the help of a Democrat Congress, took the $$$ from SSA and used it to pay for the Vietnam war! Damn those Dem’s.
“ Inflation will take care of that. You will get the exact monthly checks you were promised - they will just buy a lot less than you expected.”
Its already started. The media pushed the idea that the 9% COLA for Social Security was so wonderful. First, actual inflation for the stuff most people I know buy went up more like 30%, heck some things almost doubled. Look at a 24 pack of name brand sodas like Pepsi that was $6.75 BB (Before Biden) and now cost $12.48. Second, those big price increases were in effect nearly a full year before that wonderful 9% COLA kicked in. We will never get SS back to the buying power it had BB. So yes, the administration is using inflation as a de facto tax increase. I’m lucky that SS in not all I have for retirement but those who rely on SS alone are screwed. Thanks to Biden and his merry band of thieves.
I now identify as a disabled illegal alien so my government checks will never be negatively impacted.
They government will just continue printing money like it always has…no big deal.
Of course,your $2000 social security check will be worth roughly $200.
but let us send Ukraine zillions of dollars
no
no
no
SOC SEC was started in 1036-—ONLY 14 years before your chart shows.
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