It is now 2024 and in less than one year we will be voting for a president and others….I bring this up because you will probably hear some idiot rattle on about Social Security is going bankrupt….well that is just a talking point….a fear tactic to garner votes.
It is not broke and here’s why….
Millions of seniors collect monthly benefits from Social Security today — and you may be hoping that once you’re retired, you’ll get to do the same.
But you may have heard that Social Security is on its way out due to a looming financial crisis. And that’s apt to be concerning.
The good news is that Social Security is not, in fact, on the verge of bankruptcy. Its impending demise is really nothing more than a myth. However, Social Security is facing some financial challenges that workers and seniors alike need to plan for.
Social Security’s main source of funding is payroll tax revenue, and it’s for this reason that it can’t go bankrupt.
As long as there’s an active labor force, the program will have money coming in. But it may not be enough money to keep up with scheduled benefits in full, and that’s the problem.
See, in the coming years, baby boomers will continue to exit the workforce in droves, and there will be a smaller number of people entering the workforce to replace them. That’s going to lead to a revenue shortfall.
Social Security can tap its trust funds to keep up with full benefits as long as those funds have money remaining. But in about a decade’s time, they’re expected to run dry.
At that point, Social Security might have to cut benefits to the tune of about 20%. That’s not great. But it’s also a far cry from the program going bankrupt and benefits disappearing entirely.
https://www.fool.com/retirement/2023/12/24/social-securitys-impending-bankruptcy-is-nothing-m/
So you see Social Security is not as broke as some would have you believe…..do not listen to the crap that the Heritage Foundation spreads is is a myth.
While you are deciding on which useless candidate you will grace with your vote keep in mind that social security should not be an issue….at least for now.
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I do have a modest pension but a 20% cut in social security would put me at the very edge. Frightening…
Me as well….let’s hope calmer minds prevail chuq
If the damned government would stop “Borrowing” from he social security fund and never paying back what they have borrowed from it, there would be no problem at all… in fact, if that were to happen, the social security fund would have a whopping reserve … which is the way it should be…. and somebody ought to get busy and draft some legislation to make it that way —
Too easy but effective…..everyone should pay the same with no limits chuq
Rich assholes should not be eligible to collect social security either…
I think if they pay in then they should get the same benefits as me. chuq
I think that if YOU pay in, you should get the same benefits as them too… Do you get $3,600 per month in social security like some of them do? I think that if you pay into it, you should get the same treatment as some of the rich do. Barring that let me suggest this: Change the system so that everyone who draws social security checks should be paid the same amount as the checks issued to the richest Americans so that everyone who gets a check would get the same and equal amount and then nobody feels discriminated against, everybody enjoys a better lifestyle and democracy does what democracy was designed to do..share everything equally.
A good idea but will it fly? chuq
It will not fly because it is good for the “Little” guy….
Agree….us little people are invisible to the power elite. chuq
They are saying the same bullshit over here. But they have billions to spend on supporting Ukraine and Israel, attacking the Houtis, and giving tax breaks to oil companies and big business. We know the money is there, they are just giving it away to their ‘friends’.
Best wishes, Pete.