AMAC Action In The Media / Politics

A Program Hurtling Toward Bankruptcy

One wouldn’t know it from anything the 2020 presidential candidates have discussed, but most of us have known for years that the Social Security program’s future is in serious trouble. Unfortunately, the 2019 Social Security Board of Trustees Annual Report has reaffirmed that the program is hurtling toward bankruptcy.

The system is comprised of two trust funds. The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays out retirees’ monthly benefits, is under particular distress and is projected to become depleted in 2034. Income coming in from current workers

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Reprinted with permission from - Washington Times - by Dan Weber

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Steve
3 years ago

Such insolvency will for certain occur with any entitlement program. The same will happen with single payer, free college, and any other
“free” program touted by the utopians. Government is always based upon lying about true and future cost. They tell us it will cost
X while they know it eventually cost 10X. After the program is enacted, who cares. Any federal program always becomes permanent.
There favorite BS line is “people will die” without it. Wait a minute. We all die, don’t we. Are the utopians telling us that if we enact their fantasy, none of us will die ?

Jack Thomas
3 years ago

One topic the mainstream media never addresses when it talks about the Social Security crisis (let alone even admitting there is one) is abortion. Think about it: Since Roe v. Wade in 1973, an estimated 65 million babies have been aborted. That number is no doubt higher today. Does anyone ever consider the impact those abortions have had in purely fiscal terms? Let’s assume that a significant majority of those 65+ million babies, if they had been born rather than killed, would’ve grown up to become productive adults contributing to American society, paying their taxes —- and contributing to the solvency of Social Security. The federal trust funds that anchor Social Security today would be a lot less likely to face bankruptcy in the near future. Once again, the self-aggrandizing arrogance of liberals invariably has unintended consequences that impact all Americans, not just a few.

john bertorelli
3 years ago
Reply to  Jack Thomas

and the need for an invasion of illegals would not be needed.

Jack Thomas
3 years ago

But most of the “illegals” vanish into the American landscape and it becomes both impractical and impossible to track them all down, in spite of ICE’s best efforts. The majority of illegals will not report all their income or pay taxes on it — thus, a huge number are not paying into SS anyway.

Patricia Sullivan
3 years ago

I think the liberal/socialist/muslin hi-jacked the Democratic party, using the illegals to change out voters so they can take our freedom away; Most Americans know what is going on and will not vote for this. The only thing standing in their way in President Trump. That is why they hate him so much. He loves America as we do.

Shirley Koehler
3 years ago
Reply to  Jack Thomas

if the government had not spent it, it would still be there. what about all those that paid in and died before they were able to receive any? What are the chances of the babies being born and 1/2 living off welfare and never paying in. Not for abortion but must see the entire picture not just one aspect of it.

Jack Thomas
3 years ago

Shirley —

You’re correct on the first point; Social Security should’ve been set up with a “lock box” provision by law, barring politicians from using the money paid in for any other purpose. You asked about those who paid into SS but died before they could collect. The $$ they would’ve received went to “survivor’s benefits” in many cases; widows and widowers can collect on their spouse’s SS benefits and have done so for decades. Conversely, if you die before the end of a given month and you already got an SS check,
guess what? The SSA will want that money refunded to them by your estate. My dad died on April 27th and his SS check had to be refunded. Same thing happened to my late mother-in-law who died April 28th many years later. The Gov’t doesn’t care. You’re just another number in its data bank, no more important than a fly on a window pane. Then there’s the problem of Social Security fraud — people who aren’t entitled but manage to game the system to collect. This runs into many millions of dollars annually but isn’t well-known to the public.

There are a lot of factors affecting the solvency of SS. Abortions over the decades (as I stated, some 65+ million since 1973) would certainly have an impact because that statistic represents a large number of humans who never lived, never grew up to work or pay into SS. But 1/2 of them never paying in and living off welfare? Not likely; 50 percent is a pretty high and unrealistic number.

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