The main street media spends every day talking about phony Russian collusion conspiracies and how our president is “embarrassing us” around the world. But no one is reporting on the impending Social Security crisis that’s going to devastate millions of American retirees in the decades ahead.
According to the latest report from America’s Social Security’s trustees, the program’s unfunded future liabilities now exceeds $34 TRILLION. Social Security already spends far more on benefits than it brings in through tax revenue.
While the program trustees claim that Social Security will remain solvent until 2034, even that claim is overly optimistic and misleading. That assumes that the Social Security “Trust Fund” exists and can be used to pay retirees. But in reality, there is no such thing as a trust fund; instead, there is just a claim against federal revenues.
Why do politicians on both sides of the aisle keep talking about how “social security is going broke”, but no one warns that “welfare is going broke”? What the Hell has happened to our nation’s priorities?
According to recent report from the CATO Institute, restoring Social Security to permanent solvency would require dire action; it requires an immediate and permanent reduction in current and future benefits of 25 percent, or an immediate and permanent increase in the payroll tax of 33%.
Of the 41 million retired workers collecting Social Security, the average payout is currently $1,368, or $16,424 a year. While that doesn’t sound like a lot of money, it makes up over half of the annual income for three in five seniors. Now imagine asking those same seniors to cut their benefit to a paltry $916 per month, or $11,000 each year.
Social Security is in crisis, and no one is willing to talk about it, report on it, or do anything about it.
Meanwhile, Democrats want to increase spending on wasteful government programs and simultaneously bring millions of low-skilled immigrants to America, getting them dependent on government benefits just to increase their voter base. Recently, it appears that most Republicans are too spineless to push back on these suicidal policies; some even support them (thanks a lot, Senator Jeff Flake, you nasty RINO!).
Will this new report ignite action in Washington? Past evidence suggests not. Failure to do anything will be catastrophic. But that seems to be just fine for some lawmakers. For now, Chuck Schumer and Nancy Pelosi are feeling good about rebuilding their power base – to Hell with our children’s and grandchildren’s future.
How do you think we should solve this crisis? Should we means-test seniors? Should we cut benefits? And should we extend full benefits to new immigrants as Democrats suggest? Please share you thoughts in the comments section.