Posted on 05/06/2024 1:48:54 PM PDT by ChicagoConservative27
The combined trust funds for Social Security are projected to run out a year later than previously expected, a board of trustees of the program’s accounts said Monday.
In the latest report, trustees expect the projected depletion date for the Old-Age and Survivors Insurance (OASI) Trust Fund, which pays out Social Security benefits to retirees, and the program’s smaller Disability Insurance (DI) Trust Fund is 2035.
Biden administration officials said the projected depletion date for the OASI trust funds has moved to November 2033, seven months later than last year’s projection, partly due to economic growth.
On a call with reporters ahead of the release, an official said the trustees increased their assumed level of labor productivity and GDP in the coming years after economic growth exceeded expectations last year.
(Excerpt) Read more at thehill.com ...
“Yep, the clot shot killed untold numbers of senior citizens.”
“untold”. How many is too many to count?
SS was never supposed to run out. Lyin’ Lyndon Johnson said so in 1964!
https://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“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.”
Back around 2004, AARP magazine had an article on why the SS is not a Ponzi Scheme. Ponzi Schemes run out of money and collapse. Since the SS system has never collapsed it is not a Ponzi scheme.
A few pages on in that same issue, Jane Bryant Quinn had an article on how the SS system was set up. Without saying the word “Ponzi” it is set up just like a Ponzi scheme with compulsory membership.
How it was originally supposed to work....You paid in all your life, then retired at 62. BUT the average life expectancy then was 57 years of age.
Then came Penicillin.
Too many people are gullible enough to believe this.
There are no “funds.” Nothing is sitting in a desk or vault somewhere.
Its all part of the Fed.gov budget, just one pocket telling the other empty pocket - “hey, you still owe me $2 trillion....”
Farce.
The ss money can always be printed. It’s FIAT!
We should know this because Ukraine
Ponzi Schemes usually work this way.
The “one year” difference is insignificant and does nothing to change the need for SS funding and benefit reforms. Sooner and much less than later Congress and the occupant of the White House will be forced, unwillingly, to deal with the matter, and everyone will blame them when any reforms are legislated, whlle in truth it is all their predecessor Congress and Presidents who will have failed the most by just kicking the can down the road all the time.
I’ve paid the max amount almost every years since my late 20’s and am not even eligible to start receiving payments until a few years after its supposed to be done for
IMO they could close the whole thing tomorrow and it wouldn’t bother me a bit
You are smart to take it Early.
It’s a hell of a shock to get your Bank statement to find out the Biden regime is taking half your social security checks to repay emergency catastrophe relief funds that they decided 3 years later was just a loan plus $9,000 interest!
Due process??? Roflmao
They are coming after Trump supporters and they want us old people DEAD.
A mere 7 months longer than projected is nothing to crow about.
Like you, not sure if waiting to 67 or 70 is worth it in the long run despite the higher payments I would theoretically receive. I have a feeling that if the government gets any more socialist, they will have means testing to receive Social Security and as I have a lot in my IRA, they may try to say I don't need it.
I love the Bee..oh wait.
Took mine @ 67.....I was still working @ the time.
We’ve added millions of laborers to our economy. So that’s why our piggy bank for social security is lasting a little bit longer.
It was a scam from the start
I was well acquainted with people in my family who were around when it started. New York finance people. They said it was an outrageous scam.
to be “revised” right after trump takes office again
And with 10 million *new* wetbacks added to the 30 million that have been here for years Social Security will last for 100 years.
A disproportionate number for sure and all by design. I think the perps who concocted this farce should be hunted down, indicted, and charged with mass murder and get the only punishment that fits this crime against humanity.
A public hanging in front of the White House.
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