4. Major Budgetary Shortfalls Over Time
Aside from replacing interest income earned from Social Security’s reserves, lawmakers will have another thing to worry about. If beneficiaries’ payouts are kept at the current levels, there will be a $12.5 trillion cash shortfall between 2034 and 2091.
Come and think about it, that’s about two-thirds of a full-year of U.S. GDP.
What does it mean? If lawmakers don’t find a way to improve the program financially, Social Security may no longer exist by 2091.
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.