Americans have heard for decades that Social Security might not be there for them when they retire. While that cliché has loomed over Americans almost since inception, its meaning has evolved as time has passed. In 1984, Social Security benefits were generally at risk for barely born millennials. By 2005, people who are part of Generation X were likely to experience a disruption of benefits in retirement. Now, almost every baby boomer expects to outlive the system’s ability to pay scheduled benefits — and that assumes that the economy cooperates.
According to the Social Security Administration, an average 77-year-old woman expects to outlive the system’s ability to pay its bills in full. That fact should elicit some action from Congress, but lawmakers do not appear to have even noticed.
I saw this article earlier this week and it catch my attention. With so many other distraction going on in the world right now I haven't paid much attention to the government ponzi scheme called social security. I know the US has spend money like drunken sailors over the past two years to deal with covid and debt levels are off the charts but it's been years since I've read anything about the current status of social security. I have to say this article was an eye opener.
I know social security has been insolvent for a long time now but 3 to 1 ratio starts getting into beyond fixable territory in my opinion. There's just so many bubbles waiting to burst in the US economy right now that basically everything is to big to fail. The only way I see this ending if with massive inflation to kick the can down road as long as possible than move into new system like a digital dollar that the treasury is proposing.
I don't plan on social security being their for me when I retire if it is it won't be much. Congress is just completely fucking useless right now that I don't think they'll be able to fix this problem in 2034 either. I would hope the dollar dies before than and we the people can get on building a real economy sooner rather than later.
A good eye opening article though. People need to realize just how much trouble we're in because we continue to spend money we don't have.
The danger of SSA retirement benefits fund solvency may be ebbing into the future. Some factors which come into play are the Baby Boomers who appear to be reversing the past 'life expectency' trend of 70+ for men and 80+ for females. Contrary to reported 'stats', it appears that more and more "Boomers" are dropping dead prior to retirement eligibility or soon thereafter...
I'm in that age bracket and most of my close friends and family members have fallen within that earlier death toll. It seems the generations immediately preceeding us have been the people living into their 80's and 90's; possibly due to more nutritious food and a less toxic environment while they were young and developing, etc.
Of course the easy access to SSI (dissability) rewards/payments to a growing population of non-workers has bitten deeply into the pie, compounding the problem of solvency - a factor certainly in need of remedy.
Our government continuing to tap into the fund "borrow from" to finance other projects has also been largely detrimental.
With the advent of restructuring through a Crypto based currency/economy, depending upon the mining process; that may very well solve the problem.
Just my two bit
coinopinion...😎That's a nice write up @wakeupnd. I also think that the covid-19 pandemic has distracted most Americans from understanding government spending. There should be a wake up call for all to say no to anything that'll bring the economy down. Thanks
Assuming that the USA is still extant in 2034 or whenever Social Security insolvency is about to happen, I can’t imagine that such a thing would be allowed to happen by The Powers That Be. They’ll mint some trillion dollar coins or employ some other MMT shenanigans and kick the can further down the road.
Right, who knows if the US will exist in 12 years. Maybe that's why they choose to ignore the problem.
Greetings boss, do u accept delegation of HP in informationwar community?
Yup, sure do.
HP delegation and upvotes? How do I go about it boss? The channel or bot to it please
If you delegate 100 or more HP to @informationwar I'll add you to the upvote list for the @truthbot
Am i on that list?
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