Social Security Is Running Toward Insolvency

[Kamaji]

Social Security Is Running Toward Insolvency

Despite a few encouraging analyses, the numbers just don't add up.

VERONIQUE DE RUGY
6.9.2022

Don't worry if you get confused reading accounts of the new Social Security Trustees Report. On one hand, you have some articles reporting that this document shows that Social Security will be insolvent in less than 15 years. Others prompt you to pop champagne corks in celebration of Social Security's financial footing being so strong that we can supposedly increase benefits.

But, of course, both can't be true.

Social Security Works, an advocacy group intent on expanding Social Security benefits, tweeted: "Expanding Social Security is a solution to: The nation's retirement crisis; The economic squeeze on working families; Rising income and wealth inequality. And the good news is the 2022 Trustees Report shows we can afford it!"

Similarly, the Alliance for Retired Americans writes that "the Trustees reports on the Social Security and Medicare Trust Funds…[show] once again that Social Security's Old-Age and Survivors Insurance (OASI) Trust Fund is strong and solvent."

Meanwhile, over at the Committee for a Responsible Budget (CFRB), a center-left organization focused on fiscal responsibility, the reaction couldn't be more different. CFRB warns: "The latest Social Security projections show the program is quickly headed toward insolvency and highlight the need for trust fund solutions sooner rather than later to prevent across-the-board benefit cuts or abrupt changes to tax or benefit levels."

In reading their report, you encounter data about how "Social Security is only 13 years from insolvency," and how the program faces "large and rising imbalances" even though its finances have improved slightly. Alarmingly, CFRB warns that time is running out.

Wouldn't it be nice if the correct interpretation of the data is the optimistic one? Indeed, it would. But it ain't.

*  *  *

Source:  https://reason.com/2022/06/09/social-security-running-toward-insolvency/

[IsailedawayfromFR]

Ridiculous.

It reached insolvency years ago as expenses greatly outweigh receipts coming in.

By definition, an illegal Ponzi Scheme (on steroids).

[rustynail]

We will still get the COLAs right?

[Cyber Liberty]

Put the people receiving SS on Welfare.  There's never any shortage of funds there.

[Smokin Joe]

Put the people receiving SS on Welfare.  There's never any shortage of funds there.

Take some of the money stolen from the "Social Security Lockbox" for welfare back, and put the able bodied back to work.

[Kamaji]

Take some of the money stolen from the "Social Security Lockbox" for welfare back, and put the able bodied back to work.

That simply requires taking funds from general revenues, which either increase deficits, or require an increase in general taxes.

[Bigun]

Ridiculous.

It reached insolvency years ago as expenses greatly outweigh receipts coming in.

By definition, an illegal Ponzi Scheme (on steroids).

  Exactly so! And the fact that it is government run does not change that one iota!

[Smokin Joe]

That simply requires taking funds from general revenues, which either increase deficits, or require an increase in general taxes.

No, it involves cutting welfare.

[Kamaji]

No, it involves cutting welfare.

No, it involves moving revenues from one place to another.  That is not cutting expenses, that is rearranging deck chairs.

[libertybele]

No, it involves cutting welfare.

Especially to ILLEGALS!

[Idiot]

Social Security Is Running Toward Insolvency

Despite a few encouraging analyses, the numbers just don't add up.

VERONIQUE DE RUGY
6.9.2022

Don't worry if you get confused reading accounts of the new Social Security Trustees Report. On one hand, you have some articles reporting that this document shows that Social Security will be insolvent in less than 15 years. Others prompt you to pop champagne corks in celebration of Social Security's financial footing being so strong that we can supposedly increase benefits.

But, of course, both can't be true.

Social Security Works, an advocacy group intent on expanding Social Security benefits, tweeted: "Expanding Social Security is a solution to: The nation's retirement crisis; The economic squeeze on working families; Rising income and wealth inequality. And the good news is the 2022 Trustees Report shows we can afford it!"

Similarly, the Alliance for Retired Americans writes that "the Trustees reports on the Social Security and Medicare Trust Funds…[show] once again that Social Security's Old-Age and Survivors Insurance (OASI) Trust Fund is strong and solvent."

Meanwhile, over at the Committee for a Responsible Budget (CFRB), a center-left organization focused on fiscal responsibility, the reaction couldn't be more different. CFRB warns: "The latest Social Security projections show the program is quickly headed toward insolvency and highlight the need for trust fund solutions sooner rather than later to prevent across-the-board benefit cuts or abrupt changes to tax or benefit levels."

In reading their report, you encounter data about how "Social Security is only 13 years from insolvency," and how the program faces "large and rising imbalances" even though its finances have improved slightly. Alarmingly, CFRB warns that time is running out.

Wouldn't it be nice if the correct interpretation of the data is the optimistic one? Indeed, it would. But it ain't.

*  *  *

Source:  https://reason.com/2022/06/09/social-security-running-toward-insolvency/

Come on baby....4 more years.....you can do it!

[IsailedawayfromFR]

Come on baby....4 more years.....you can do it!

that is what Biden cheerleaders say too.