By: Olivia Murray
In a completely predictable turn of events, one of the Ponzi schemes that the federal government has been running is set to collapse in just a few short years. Here’s this, from an item out at FOX Business today:
The head actuaries for Social Security and Medicare testified before a House panel on Thursday about the two safety net programs’ looming financial woes that could see key trust funds depleted in roughly a decade, which would leave beneficiaries facing a benefit cut if the funding gap isn’t resolved by Congress.
Trustees for Social Security and Medicare recently released a report that looked at the health of the key trust funds that found that key trust funds are on pace to be depleted in roughly a decade. When that happens, those programs would only be able to pay out what they receive through incoming payroll tax receipts, meaning benefits would be automatically cut under current law.
Here are some of the specifics:
Social Security’s Old-Age and Survivors Insurance (OASI) trust fund is expected to be depleted in 2033, when just 79% of scheduled benefits would be payable. When merged with the Disability Insurance (DI) fund, the date shifts to 2035 with 83% of benefits payable. Based on the $1,907 average monthly benefit as of January 2024, that 17% cut would leave beneficiaries with a $1,582 check — $325 less per month and $3,900 less per year.
So not only will there be cuts—a guarantee if we simply don’t do anything different—but you’ll likely be taxed on it. In some cases, social security benefits are already taxed, a 1983 development signed into law by Ronald Reagan (I’m not a fan at all) with the help of a yes-vote from then-senator Joe Biden, but if you can count on a big-minded federal government to do anything, it’s raise taxes.
Aside from the cuts and taxation though, can you even imagine how much less the dollar will be worth by 2033? If you missed it, the 50-year “petrodollar” contract between the United States and Saudi Arabia just expired this past Sunday, which means the wealthy oil-producing nation will begin selling its black gold in currencies other than the dollar—this agreement was “the cornerstone of the United States global economic dominance” and its end “is anticipated to hasten the global shift away from the US dollar.” This is why we’ve been able to spend $35 trillion into debt and still largely survive, because the dollar has, but is rapidly losing, worldwide influence.
But there’s more! Don’t forget what inflation and the cost-of-living crisis will look like in 2033, especially if D.C. politicians keep spending like they do—which is obviously also a guarantee, because why would they stop? That’s not how greed and gluttony works because greedy and gluttonous people aren’t ever satiated.
But wait, hold up, I thought I saw in the news today Joe Biden just signed a 10-year financial promise, in large part to fund state retirement programs, like social security? Oh that’s right, it was for Ukraine, not the American people.
This isn’t to excuse Bernie Madoff whatsoever, but some federal prosecutors owe him a huge apology for the obvious two-tiered justice system. Why should he go away when the federal government has been committing the exact same crime for longer than he did?
I’ll leave you with this little nugget of information; get ready to seethe:
“Social Security is theft”
Agree or disagree? pic.twitter.com/1A5SI3wCUq
— Decade Investor💸 (@DecadeInvestor) March 17, 2024
••••
The above article (Social security payments expected to face ‘steep cuts’ in just a few short years) was created and published by American Thinker and is republished here under “Fair Use” (disclaimer below) with attribution to the articles author Olivia Murray and americanthinker.com.
Read more great articles by Olivia Murray
Image Credit: Featured Image (top) – Public Domain. In-Article Image – Pixabay Images
••••
Also by this Author:
Pew Research: More Than Half Of Insane Leftist Women Are ‘Literally Insane’
Donald Trump: Pledging His Life, His Fortune, & His Sacred Honor
Merry Christmas: Rand Paul Continues the Tradition & Releases the 2023 Festivus Report, Citing $900 Billion In Waste
True Costs of EVs Revealed by Bombshell Report Out of a Texas Think Tank
Gallup Poll Shows Nearly 40% of Americans Identify as Socially Conservative & that’s Climbing
Armed Antifa Guard Daytime Drag Show With Kids
••••
Checkout TLBTalk.com:
Click Here to Visit the TLBTalk.com Site
••••
Welcome to the TLB Project Neighborhood
TLBTalk – Republic Broadcasting Network – The Liberty Beacon – The Butcher Shop
••••
••••
Stay tuned to …
••••
The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
••••
Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
••••
Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
••••
Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.
Leave a Reply