Biden’s entire Presidency
And when Trump was President, the Republicans wouldn’t even fund the Wall.
Posted on 06/15/2024 8:54:57 PM PDT by SeekAndFind
In a completely predictable turn of events, one of the Ponzi schemes that the federal government has been running is set to collapse in just a few short years. Here’s this, from an item out at FOX Business today:
The head actuaries for Social Security and Medicare testified before a House panel on Thursday about the two safety net programs’ looming financial woes that could see key trust funds depleted in roughly a decade, which would leave beneficiaries facing a benefit cut if the funding gap isn’t resolved by Congress.
Trustees for Social Security and Medicare recently released a report that looked at the health of the key trust funds that found that key trust funds are on pace to be depleted in roughly a decade. When that happens, those programs would only be able to pay out what they receive through incoming payroll tax receipts, meaning benefits would be automatically cut under current law.
Here are some of the specifics:
Social Security’s Old-Age and Survivors Insurance (OASI) trust fund is expected to be depleted in 2033, when just 79% of scheduled benefits would be payable. When merged with the Disability Insurance (DI) fund, the date shifts to 2035 with 83% of benefits payable. Based on the $1,907 average monthly benefit as of January 2024, that 17% cut would leave beneficiaries with a $1,582 check — $325 less per month and $3,900 less per year.
So not only will there be cuts—a guarantee if we simply don’t do anything different—but you’ll likely be taxed on it. In some cases, social security benefits are already taxed,
(Excerpt) Read more at americanthinker.com ...
https://verdict.justia.com/2019/01/31/ponzi-schemes-how-they-work-and-what-we-can-learn
Who operates Ponzi schemes, and why?
The operators of Ponzi schemes are con artists, and often are characterized as narcissists. They may have an inflated sense of self-importance, a sense of entitlement, and an inability to empathize. Some analyze them as people who have self-loathing, counterbalance by extreme self-indulgence. They externalize sources of blame, deny wrongdoing, and blame others. They blame the government—for shutting them down when they otherwise could have turned business around.
They blame the victims for greed and sometimes for stupidity: “How could they believe me?” They believe that fraud is fair, because “everyone does it.” They believe they offset the fraud by doing good elsewhere, such as by donating or helping their communities.
100% will not happen.
neither party is going to CUT social security payments, period.
Democrats Joe Biden and Barack Obama should be able to completely destroy the United States of America before then...
RE: neither party is going to CUT social security payments, period.
So where are we going to get the money?
It has to come from somewhere.
They will print all they need.
“100% will not happen. neither party is going to CUT social security payments, period.”
Neither party has to, it’s already the law - it is automatic.
The BIG QUESTION is whether both parties can AGREE on some kind of ‘fix’, which will have to be directing general revenues to SS and how much versus the only other option, which would be cutting benefits in some way (like freezing inflation adjustments).
There will be several elections between now and then, and both parties will pledge to NOT cut benefits and do whatever it necessary.
There is zero reason to worry one iota about this, unless you are worried about the inflation it will surely cause!
Everyone knows that the Politicians in DC have more loyalty to Ukraine than US Retirees.
Not even close.
They also made the last dump of Cash “a Loan” and then they made it so Joe Biden can conveniently forgive the Loan completely after his last Election on earth, prior to any payments, of course. Republicans and Dems overwhelmingly supported it.
Fox hosts said Americans are willing to work two jobs for Ukraine.
I tend to believe the report that 650 planeloads of gold were confiscated from the Vatican and that it’s part of the plan to destroy the Federal Reserve and restore the wealth of Americans stolen from us by the cabal.
“...and both parties will pledge to NOT cut benefits and do whatever it necessary.”
You’re probably right, but NEVER put anything past the Democrats - if they find a political benefit to doing nothing, they will.
It isn’t going to be “cuts” in money people get. It is going to be “cuts” in the people that get money.
Specifically, those that are above a certain level of personal wealth. They are going to apply means testing.
Which will turn it into a giant wealth redistribution scheme. Those of us who worked hard, lived within our means, and diligently paid our taxes, are going to lose all that money we worked so hard for.
Conservatives believe that economic freedom and personal freedom are inextricably intertwined with each other. If you take away personal freedom, you cannot have economic freedom, everyone understands how true that is.
But many people, especially Leftists, believe that you can remove economic freedom and still have personal freedom.
You cannot. You must have both, or you will have neither.
.
The dynamic that’s been there for some time is the GOP wants one thing and the rest of the Trillions are accepted as Woke Pork to get that thing.
Either Democrats have been winning the money battle for a long time, or the Republicans secretly want that money for Dem Cities and Woke Programs.
I’ve watched Congressional Hearings and the discussions and the Dems rarely give up anything on their wish list. They get it all.
They are crazed with spending and the issue is if some cut was made to SS with one hand, the other hand would be spending that savings on HBCUs, violence interrupters (paying gangs), Ukraine pensions, Federalizing everything, and spraying money to big cities and overseas. Mortgage programs for peeps Nancy and Hakeem want to ingratiate, etc.
Always reports about Social Security money drying up. Never any reports about welfare money drying up. Why?
Yeah, I want to meet the politicians that propose cutting SS and Medicare without subsidizing them from the general fund because they are supposed to be self supporting after decades of using these programs money for superfluous reasons. And, the baby boomers will be passing on which should ease the impact on these programs.
.
I can’t believe the Republicans are that bad at negotiating. So, i think they feel there will be no blowback to giving the Dems what they want.
BUT, Pence, Ryan, Lindsey Graham, and host of others think it’s responsible to cut Social Security.
99% of things, Spend as much as you can, but SS, the “responsible” thing is to cut and modify it.
No one speaks about the cost of Immigrants because Congress wants the cheap labor. The big money donors want the cheap labor. All their friends want the cheap labor for their three houses.
My wife and I have, for decades, approached our retirement by assuming Social Security won’t be sending us a check.
If they do...that’s nice. But we aren’t banking on it.
Time to kill off some more of us seasoned citizens.
It won’t matter to me. I’ve got plenty.
It looks like the contributions will have to go private for millennials age 42 and under. Those on the receiving end will get paid from the general fund as well as with death taxes unless they have the money I do. Once you get back what you paid in that’s it.
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