Social Security Will Be Paying Out More Than It Receives In Just Five Years!
Democrats have spent decades turning the safety net into a fishing net and the net is just about ready to break with Social Security.
When social security was first implemented in the 1930’s, America was a very different country. The average life expectancy was roughly 18 years younger than it is now, and birth rates were a bit higher than they are now. By the 1950’s, the fertility rate was twice as high as it is in the 21st century.
Most people would only live long enough to benefit from it for a few years, and there was an abundance of young workers who could pay into the system.
Since, the liberals have worked hard to hand out Social Security to every human possible that are not paying INTO the system.
Starting in 2022, Social Security will pay out more than it takes in.
Now who are the victims? Millions of Americans who have worked tirelessly and placed money in the system.
Of course, then there is Congress, who cannot keep their grimy fingers out of the fund to pay for their pork projects.
No matter how you slice it, it doesn’t seem possible to keep social security funded. In fact, Social Security is going to start paying out more money than it receives in just a few short years. It may even be insolvent before the baby boomer generation dies off.
According to the Social Security Board of Trustees, the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds will be depleted in 2034.
When this happens, only 77 percent of benefits will be payable. That estimate is no change from last year’s estimate.
In addition, the Disability Insurance trust fund will be depleted in 2028, which is an improvement from last year’s estimate of 2023. Once that fund is depleted, 93 percent of benefits will be paid.
Right now, Social Security continues to take in through revenue more than it pays out through benefits, which is expected to continue until 2022. Once Social Security begins to pay out more than it takes in, it will be forced to liquidate the assets held by the trust funds.
In 2016, Social Security generated $957 billion in income. It only paid out $922 billion including $911 billion in benefits to $61 million beneficiaries.
Of course, the liberal solution is to raise taxes on the wealthy. What the morons do not tell you is that if you stole all the money from the wealthy, there still would not be enough.
Entitlement mentality. It never works. You always eventually run out of everyone else’s money.
This is one reason why so many Western countries, almost all of which are suffering from declining birth rates, have been so eager to open their borders to more immigrants. They’re trying to bring in as many young workers as they can.
But that’s not going to work either. Forget about the high crime rates, terrorist attacks, and social disintegration that Europe is facing now after bringing in millions of immigrants. Even if those problems didn’t exist, immigration isn’t the solution.
The West has had wide open borders for decades, and it hasn’t made a dent in the liabilities faced by social security programs (perhaps these immigrants aren’t paying as many taxes as these governments had hoped).
The only thing that works, is hard work.
I have no issue with helping the true needy. Liberals do not stop there. They want to allow those who can work, to kick it on my dime.
Remember Nancy Pelosi famously saying that ObamaCare would allow struggling artists and musicians to remain unemployed? She called it an “entrepreneurial bill” where you did not have to be “job locked”.
I repeat: Democrats have spent decades turning the safety net into a fishing net and the net is just about ready to break with Social Security.
Yeah, she is an idiot!