Congress has just over a decade to fix
Social Security before cash runs out
Daily Mail (UK),
by
Tilly Armstrong
Original Article
Posted By: Imright,
5/7/2024 8:33:29 PM
Social Security is expected to run short on funds by 2035, according to a new report.
Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans.
But an aging population is pushing up the cost of the program as a smaller share of people are paying into it, and spending is outpacing income.The latest annual report from the Social Security Board of Trustees found that the program will only be able to pay out full benefits for the next 11 years - which is one year later than previous estimates.
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Reply 1 - Posted by:
Catherine 5/7/2024 8:44:27 PM (No. 1713941)
I doubt it will be that long. And fiscal restraint is not something congress knows how to do.
18 people like this.
Easy. Just cut our military and budget for it down to the size of Canada's. That should do it.
8 people like this.
Reply 3 - Posted by:
Dodge Boy 5/7/2024 8:51:40 PM (No. 1713946)
I don't understand the trustees' claim that the trust fund only has 11 years of benefits left in it. There never was any actual cash sitting in the trust fund waiting to be paid out. The so-called trust fund where SS benefits are paid from is periodically stocked with more printed fiat money. As a SS recipient myself, just glad that the benefits continue to pay my bills.
18 people like this.
Reply 4 - Posted by:
jalo1951 5/7/2024 8:56:47 PM (No. 1713950)
If they would stop printing money and giving it away to every Tom, Dick and Harry we might not be in this mess. Stop all the reckless spending and give aways.
26 people like this.
Reply 5 - Posted by:
Kate318 5/7/2024 8:57:50 PM (No. 1713951)
And, how many billions—or has it made it to trillions—of dollars have we been fleeced into sending to Ukraine and Iran. Just imagine if all that money would have been put to use for American citizens. It makes me ill.
25 people like this.
Reply 6 - Posted by:
sunset 5/7/2024 8:58:57 PM (No. 1713952)
Stop allowing any immigrant coming in with a disability and elderly relative from getting the family on social security without them ever working here a day in their life.
30 people like this.
Reply 7 - Posted by:
MissMann 5/7/2024 9:29:47 PM (No. 1713957)
How come only Social Security runs out of money, but there is an endless supply for Ukraine, bailing out student loans, providing cradle-to-grave care for illegal aliens, etc.?
39 people like this.
Yeah.... how many members of Congress today will be sitting there in "just over a decade"?
6 people like this.
Reply 9 - Posted by:
janjan 5/7/2024 9:40:23 PM (No. 1713961)
We’ve all been hearing these doomsday warnings for SS for decades. It will be the last thing to go. It’s political poison. Fear mongering.
12 people like this.
Reply 10 - Posted by:
LadyHen 5/7/2024 10:26:41 PM (No. 1713984)
Just in time for Gen Xers to start retiring. Figures.
SS is such a scam. Almost any investment device out there would have brought a better and safer return than what you will get from SS. But then we all know SS was just one more bleeding heart vote buying scheme perpetrated by the Democrats on this nation.
Dh and I have known SS is one of the biggest scams ever perpetrated on mankind since we started working and say the money involuntarily removed from our paychecks. We have been planning our life and our retirement moneys as if SS didn't even exist plus dh doubts he will stop working entirely at 62 or 65. He likes working. He might see if he can do the work he loves part time if our health stays good. Why stop working at 65 if you are still healthy? Seems pretty arbitrary.
It is however criminal in my opinion that we and all younger generations have been paying into SS all these years and will get nothing in return. That is called theft where I come from.
10 people like this.
Reply 11 - Posted by:
LC Chihuahua 5/7/2024 10:34:25 PM (No. 1713988)
Federal debt at 34 trillion. Total US debt at 100 trillion. We are spending money we do not have. Social Security is just a symptom. Fairly certain Social Security must be a top priority because PEOPLE PAID INTO IT ALL THEIR WORKING LIVES.
Only one question for those who control Washington: How are you going to pay for everything? At some point, the people that control Washington will acknowledge they are nothing but looters and governing is not their problem.
8 people like this.
Reply 12 - Posted by:
rememberwhen 5/7/2024 10:45:11 PM (No. 1713993)
What cash? The Social Security Trust Fund was looted decades ago and now consists of nothing but a bunch of IOUs.
15 people like this.
Reply 13 - Posted by:
Rat Patrol 5/7/2024 11:10:07 PM (No. 1714005)
Yet they have all kinds of money for Ukraine and illegals...
15 people like this.
Reply 14 - Posted by:
Lawsy0 5/7/2024 11:58:29 PM (No. 1714013)
People in their early 50's have paid into the broken systems since their paper routes and waitress jobs. They'll not even get that back, let alone any of the other benefits. As Job said, "That which I feared has come upon me."
9 people like this.
Reply 15 - Posted by:
DVC 5/8/2024 1:25:46 AM (No. 1714027)
I planned my retirement with the idea that SS would NOT be available to my wife and I. So, far, it is. But I still expect to lose it if I live much longer.
7 people like this.
Reply 16 - Posted by:
Rinktum 5/8/2024 7:08:08 AM (No. 1714095)
Hey, you lying thieves in Congress! You broke it, you fix it! Here’s a novel idea. Take care of your own before you take care of the world! Clearly you parasites take care of yourselves. You go into the job making less than $200,000 per year and come out multi-millionaires. Surely, you can put that economic expertise to use and do for American citizens what you do for yourselves.
7 people like this.
Reply 17 - Posted by:
chumley 5/8/2024 7:46:29 AM (No. 1714128)
Those crooks robbed my paycheck of huge amounts of money for my entire working life. I've been living off other investments since I retired, but plan to sign up next year. I'll enjoy getting some of my money back for as long as it lasts.
0 people like this.
Reply 18 - Posted by:
3XALADY 5/8/2024 8:45:42 AM (No. 1714165)
I'm surprised Socia Security is even still available, with so few people working now. And I'm thinking the reason so many aren't working is because Uncle Sugar is paying them some kind of program to stay home. This country has been a house of cards for years.
0 people like this.
Reply 19 - Posted by:
hisself 5/8/2024 8:57:01 AM (No. 1714168)
I heard that 20 years ago! It is a ploy to raise taxes.
Just like the "Climate Change" scam. The predictions never come true - Manhattan island will be under water by 2015. Eric Adams ain't swimming to work.
1 person likes this.
Reply 20 - Posted by:
felixcat 5/8/2024 9:44:25 AM (No. 1714196)
SS and medicare are prime examples of federal programs that hav outlived their usefulness. SS - it's not the 1930s when most people only have cash savings to retire on. No 401k or TSP back then. And of course, there was no SS disability then - another huge drain on our forced tax dollar contributions/taxes. Then again I'm thinking why don't we tax the billions in remittances that all these illegal and legal aliens send back to their home countries?
2 people like this.
Reply 21 - Posted by:
Starboard_side 5/8/2024 10:46:40 AM (No. 1714233)
First, while most have "paid into it their whole lives" the money has not been invested. You only have your "principle" in your "account".
Most people will exhaust that amount once they start taking payments in roughly 5 years - yes, you're essentially on the dole afterwards
Second, when they increased the full retirement age to 67 they should have increased the early payments from 62 to 64 too.
The government loves to see people take early retirement benefits (roughly 30% discount from FRA amount).
0 people like this.
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