Social Security going bust

[jackflash]

Social Security reveals cut to payments needed to balance the books

Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans. But the money is running out - and payments need to be cut.

www.dailymail.co.uk

By TILLY ARMSTRONG ASSISTANT CONSUMER EDITOR FOR DAILYMAIL.COM
The head actuaries for Social Security and Medicare have testified before a House committee about looming financial challenges which could see funds run short by 2035.
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.
This means that if the funding gap is not resolved by Congress, future beneficiaries could receive $325 less per month. Medicare is also projected to run dry in 2036.

House Budget Committee chairman Jodey Arrington, R-Texas, said in his opening remarks on Thursday: 'My prayer is we unite - not as Republicans, not as Democrats - but as Americans.

'I won't get everything I want to solve it probably, they probably won't get everything they want, but we must do it or there will be an automatic cut.'

Comment:
Maybe Biden and Schumer should not have wasted $1.75 TRILLION dollars on their bogus "inflation reduction act (scam)".
Maybe they should have spent $1.75 TRILLION to fix social security instead.
But the greedy corrupt Democrats don't care about social security.
Where did that $1.75 trillion go to?

{Inflation Reduction Act: Boosting Economy
The Inflation Reduction Act is a $1.75 trillion bill that aims to boost the economy, lower costs, and fight climate change.}

Nothing about g'ment employees getting their SEPARATE from social insecurity retirement accounts being cut. Social insecurity was always just another income tax, & WHY I am still part time employed to this day despite my age being well into my 70's.

 

[Winco]

No

So I support that, if there is NO increase in payout, but the cap goes only to $200,000

But that will never fly, even though it is very logical.

 

[52ndStreet]

Yet America has Billions to send to the Ukraine, and Israel, but no money to fund Social Security.?! It makes no sense.

 

[Woodznutz]

14 dollars a month aint a lot.....

It is if multiplied by 70 million.

 

[Woodznutz]

Guess we better raise that cap huh?

Or people can prepare for lower SS bennies in the future.

 

[Woodznutz]

Yet America has Billions to send to the Ukraine, and Israel, but no money to fund Social Security.?! It makes no sense.

We don't send Billions to Ukraine. We pay workers Billions who make stuff to send to Ukraine who then, along with their employers, pay into SS. Makes perfect sense.

 

[frigidweirdo]

Social Security reveals cut to payments needed to balance the books

Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans. But the money is running out - and payments need to be cut.

www.dailymail.co.uk

By TILLY ARMSTRONG ASSISTANT CONSUMER EDITOR FOR DAILYMAIL.COM
The head actuaries for Social Security and Medicare have testified before a House committee about looming financial challenges which could see funds run short by 2035.
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.
This means that if the funding gap is not resolved by Congress, future beneficiaries could receive $325 less per month. Medicare is also projected to run dry in 2036.

House Budget Committee chairman Jodey Arrington, R-Texas, said in his opening remarks on Thursday: 'My prayer is we unite - not as Republicans, not as Democrats - but as Americans.

'I won't get everything I want to solve it probably, they probably won't get everything they want, but we must do it or there will be an automatic cut.'

Comment:
Maybe Biden and Schumer should not have wasted $1.75 TRILLION dollars on their bogus "inflation reduction act (scam)".
Maybe they should have spent $1.75 TRILLION to fix social security instead.
But the greedy corrupt Democrats don't care about social security.
Where did that $1.75 trillion go to?

{Inflation Reduction Act: Boosting Economy
The Inflation Reduction Act is a $1.75 trillion bill that aims to boost the economy, lower costs, and fight climate change.}

The answer. MORE IMMIGRANT. Young, working age people to pay into the system.

But then it's just a ponzi scheme. Once those young working age people are old, you'll need double the amount of immigrants.

Hence why, in the UK, the anti-immigration Tories have just seen the HIGHEST ever immigration into the UK under their watch.

 

[TroglocratsRdumb]

And also we should stop sending money to the Ukraine grifters.

 

[Missouri_Mike]

Social Security reveals cut to payments needed to balance the books

Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans. But the money is running out - and payments need to be cut.

www.dailymail.co.uk

By TILLY ARMSTRONG ASSISTANT CONSUMER EDITOR FOR DAILYMAIL.COM
The head actuaries for Social Security and Medicare have testified before a House committee about looming financial challenges which could see funds run short by 2035.
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.
This means that if the funding gap is not resolved by Congress, future beneficiaries could receive $325 less per month. Medicare is also projected to run dry in 2036.

House Budget Committee chairman Jodey Arrington, R-Texas, said in his opening remarks on Thursday: 'My prayer is we unite - not as Republicans, not as Democrats - but as Americans.

'I won't get everything I want to solve it probably, they probably won't get everything they want, but we must do it or there will be an automatic cut.'

Comment:
Maybe Biden and Schumer should not have wasted $1.75 TRILLION dollars on their bogus "inflation reduction act (scam)".
Maybe they should have spent $1.75 TRILLION to fix social security instead.
But the greedy corrupt Democrats don't care about social security.
Where did that $1.75 trillion go to?

{Inflation Reduction Act: Boosting Economy
The Inflation Reduction Act is a $1.75 trillion bill that aims to boost the economy, lower costs, and fight climate change.}

There never was a trust fund. The fund was just taken and spent by the government who then relied on current SS payments to keep the Ponzi scheme alive as they funneled anything left over to their own projects and borrowed to cover the rest. Now that we have hit the point our debt interest is the second largest government expense the gig is up. There’s nowhere to steal from now. We just lost the money we had coming in from being the worlds oil currency so it’s going to get much worse.

The entire fiat currency is sliding into failure.

 

[Woodznutz]

There never was a trust fund. The fund was just taken and spent by the government who then relied on current SS payments to keep the Ponzi scheme alive as they funneled anything left over to their own projects and borrowed to cover the rest. Now that we have hit the point our debt interest is the second largest government expense the gig is up. There’s nowhere to steal from now. We just lost the money we had coming in from being the worlds oil currency so it’s going to get much worse.

The entire fiat currency is sliding into failure.

Of course there's a trust fund. It's called the "Social Security Trust Fund".

 

[BluesLegend]

WTF........ I never knew this...... Can you provide the link to this FAKE Information?
Fucking Twat. ^^^^^^^^ BluesLegend ^^^^^^^^^

So the working class pays 16% into SS?

Are...you...an idiot? Okay 15.3% to be accurate FICA employee/employer. From the government website, feel free to call the government information fake. God I can't believe we let these morons vote.

 

[Winco]

Are...you...an idiot? Okay 15.3% to be accurate FICA employee/employer. From the government website, feel free to call the government information fake. God I can't believe we let these morons vote.

It is 6.2% Employee and 6.2% employer, that adds to 12.4%

 

[BluesLegend]

Eliminating the cap goes one hell of a long way

No it wouldn't do the math. If you jacked up the income tax on the 'rich' to 100% it would just barely cover the deficit. According to governments own numbers. Of course the 'rich' would flee the country and then the mooching deadbeats who like to TAKE other people's money they earned would be even worse off.

I continue to be amazed at how parasite mooching losers drool over the prospect of forcing the 'rich' to pay for their free shit. Yeah just take other people's money, assholes.

 

[BluesLegend]

You support LIARS?
Is 16% a TRUE statement?

Jesus H Christ you moron go out onto the governments own website where it's f'ing published for all to see. 15.3% I rounded up because Dem mooching rat bastards snuck some addition FICA on us 'rich' folks the MF'ers. I didn't get any additional benefits, they just decided to stick it to me and take my money.

 

[BluesLegend]

It is 6.2% Employee and 6.2% employer, that adds to 12.4%

My God you're dumb, I give up.

 

[Winco]

go out onto the governments own website where it's f'ing published for all to see. 15.3%

Provide the Link for your 15.3% claim.

Here below is my link at 6.2% + 6.2% = 12.4%.
The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total.

My God you're dumb, I give up.

 

[frigidweirdo]

Yet America has Billions to send to the Ukraine, and Israel, but no money to fund Social Security.?! It makes no sense.

It does, if you look at the bigger picture.

 

[Winco]

Okay 15.3% to be accurate FICA employee/employer

The TOPIC is SS.
Which is 12.4%

You are adding 2.9% Medicare, which isn't the TOPIC.

I certainly agree that 12.4 + 2.9 add to 15.3

But the THREAD is about ONLY SS.

 

[Harry Dresden]

It is if multiplied by 70 million.

yea if you look at it that way....

 

[1srelluc]

Sounds like a good reason to tax monies sent out of the US in the form of remittances by the "migrants". It amounts to 15% of their earnings.....Remittances amount to around 100 billion a year.