Social Security Steams Closer To Crisis

At a time when President Biden and congressional Democrats are pushing to expand the breadth of entitlements to include free preschool and subsidized child care, little attention is given to the fact that the country’s biggest existing entitlement program—Social Security—is a financial wreck.

Authored by Brian McGlinchey via Stark Realities,

The program’s payouts have exceeded revenue since 2010, but the recent past is nowhere near as grim as the future. According to the latest annual report by Social Security’s trustees, the gap between promised benefits and future payroll tax revenue has reached a staggering $59.8 trillion. That gap is $6.8 trillion larger than it was just one year earlier. The biggest driver of that move wasn’t Covid-19, but rather a lowering of expected fertility over the coming decades.

Views: 141

Comment

You need to be a member of Citizens' Task Force on Wind Power - Maine to add comments!

Join Citizens' Task Force on Wind Power - Maine

Comment by Willem Post on January 9, 2022 at 7:44am

EXCERPT from:

 

“BUILD BACK BETTER” WOULD COST $4.490 TRILLION OVER THE NEXT DECADE, IF PROVISIONS WERE MADE TO LAST 10 YEARS
https://www.windtaskforce.org/profiles/blogs/build-back-better-woul...

 

BBB Bill is a Trojan Horse

 

The BBB bill consists of two parts: 

1) A huge social program bill
2) An energy/environment/SALT bill

 

The total cost of the social programs would be $3.477 trillion, or 3477/4490 = 77.5% of $4.490 trillion

 

The social programs would be 3,477/889 = 3.9 times more expensive, if budgeted for 10 years.
US debt adder would be 160 + 73, interest = $233 billion, with “gimmick” expirations to understate costs.
US debt adder would be 2,748 + 266, interest = $3.014 trillion, with 10-y expiration dates

 

Child Tax Credit (CTC)

 

A CTC was enacted as part of COVID relief. It was meant to be temporary, from Jul. 2020 to Dec. 2020
During that time, the US treasure sent more than $80 billion, in direct deposits, to every household with children, $300/child/mo.

Household with incomes up to $150,000 qualified for the full $300/child; if greater household income, the CTC would decrease to as low as $166/child/mo.

 

CBO estimated extending CTC for 2022 at $185 billion, and $1,597 billion for 10 years
CBO estimated Expanded Child Care and Pre-school at $752 billion for 10 years. See table 4

 

Sanders has been advocating both programs for decades, because that was done in the more Socialist countries of Europe. He does not mention, rich Europe spends about 1% of GDP on defense, whereas the US spends about 4.5%, about $780 billion/y, plus $50 billion/y for intelligence.

 

Democrats Ignoring Precarious Financial Condition of Medicare

 

“The Medicare Trustees Report estimated that Medicare’s hospital insurance trust fund will be insolvent in 2026. At that point, the fund will have to rely on incoming revenues, essentially operating on a cash-flow basis—and there won’t be enough cash.”
https://vermontdailychronicle.com/2021/12/17/medicare-four-years-to...

Comment by Thinklike A. Mountain on November 27, 2021 at 12:18am

Deep State Prepares For The Info War
Durham is on the hunt and the election fraud cases are building. The people are waking up and no matter how much they try to push the fear, the people are no longer buying what they are selling. The people are pushing back.

https://x22report.com/aiovg_videos/ep-2637b-ds-prepares-for-the-inf...

Comment by Thinklike A. Mountain on November 27, 2021 at 12:17am

Eric,

I started with a minimum wage of $1.25 on a FT summer job and thought it was a lot of money. I remember buying my dad a fly rod and reel for his birthday with some of my huge savings that summer.

TLAM

Comment by Eric A. Tuttle on November 26, 2021 at 7:04pm

Thinklike A. Mountain hopefully and most likely you started working with a wage above the minimum wage of $1.59 :) 

Comment by Thinklike A. Mountain on November 26, 2021 at 1:06pm

Eric - I did a similar calculation and I would have been way more ahead had I invested my contributions and my employer contributions to social security into my own portfolio. Not even close.

Comment by Nancy Sosman on November 26, 2021 at 12:22pm

Demo or repug liberal or conservative ... they all work for the same corporations. Good time to shore up food and water, cordwood, ammunition, resist all mandates and jabs, take off the blinders and masks, get with friends and neighbors to share and weather the storm. Avoid distractions, don't trust tv news or any mainestream news.  The reptile schwab keeps telling us "we'll have nothing".  Take him at his word and be prepared.

Comment by Eric A. Tuttle on November 26, 2021 at 12:08pm

There are to many people leaching off the SS system that have never worked. A lot claiming to be disabled, others just for being married to a worker for more than 5 years and drawing 75% of the workers benefit package once divorced thus costing the system 175% - There are many other factors that put a strain on the system.

If I had been able to invest under the 401k style system, that which I contributed and my employers contributed in my behalf, I could have exceeded $4,000,000 by my retirement age. 

Social Security, was and remains an example of Socialist ventures that are doom to a slow death that try to serve beyond their initial purpose. 

Comment by Willem Post on November 26, 2021 at 11:55am

Nancy,

That increase is entirely do to the foolish policies of Biden's extreme-leftist, SOCIALISTIC actions, during the past few months

They would further jeopardize the demise of the SS system

Comment by Nancy Sosman on November 26, 2021 at 11:20am


Oct 13, 2021 Social Security recipients will receive an annual cost of living adjustment of 5.9% next year, the largest increase since 1982, the Social Security Administration announced Wednesday.

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

Not yet a member?

Sign up today and lend your voice and presence to the steadily rising tide that will soon sweep the scourge of useless and wretched turbines from our beloved Maine countryside. For many of us, our little pieces of paradise have been hard won. Did the carpetbaggers think they could simply steal them from us?

We have the facts on our side. We have the truth on our side. All we need now is YOU.

“First they ignore you, then they laugh at you, then they fight you, then you win.”

 -- Mahatma Gandhi

"It's not whether you get knocked down: it's whether you get up."
Vince Lombardi 

Task Force membership is free. Please sign up today!

Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

© 2022   Created by Webmaster.   Powered by

Badges  |  Report an Issue  |  Terms of Service