3. The Program Will Suffer HUGE Losses
Last year, Social Security generated $957.5 billion in revenue – considerably more than what it paid out to beneficiaries. The reality is that it’s been over three decades since Social Security paid out more in benefits than it generated in revenue in a year.
If the program starts paying out more in benefits than it collects in 2022 (as predicted), its reserves will begin to shrink. By 2034, they will be completely exhausted.
What does it mean? If the current predictions will come true, lawmakers will be forced to replace revenue so retirees can still get their Social Security benefits. But for how long can that happen?
5 thoughts on “5 Scary Things Proving That the U.S. Social Security Is Failing”
No attempt will be made to correct the problem until it is too late because:
ATTEMPTING A REMEDY WILL NOT BE HELPFUL TO ANY INDIVIDUAL LEGISLATOR’S RE-ELECTION EFFORT. NOTHING ELSE MATTERS.
They won’t even kick the can down the road by postponing the retirement age two or three years–which would help a little. Reason? See above
SS would last a lot longer if only people that paid into SS received SS.
Just like anything else the lawmakers are going to wait until the last minute to fix social security and do a bad job of it and fail, instead of working on it now to find a good way of fixing it.
YEARS ago my congressman said if FICA limit on wages were removed the Social Security funding issues with disappear overnight. Seems simple enough. So why has it NOT been done?
With the unemployment rate down,more money is going into the fund to pay payroll taxes which supports social security,right?
However,are the illegal aliens that are supposedly taking away jobs from american citizens being paid under the table? The system has to be changed for government employees,they also need to pay their share.