Social Security has quietly crossed yet another financial Rubicon of systemic decay
Americans have heard for decades that Social Security might not be there for them when they retire. While that cliché has loomed over Americans almost since inception, its meaning has evolved as time has passed. In 1984, Social Security benefits were generally at risk for barely born millennials. By 2005, people who are part of Generation X were likely to experience a disruption of benefits in retirement. Now, almost every baby boomer expects to outlive the system’s ability to pay scheduled benefits — and that assumes that the economy cooperates.
According to the Social Security Administration, an average 77-year-old woman expects to outlive the system’s ability to pay its bills in full. That fact should elicit some action from Congress, but lawmakers do not appear to have even noticed.
I saw this article earlier this week and it catch my attention. With so many other distraction going on in the world right now I haven't paid much attention to the government ponzi scheme called social security. I know the US has spend money like drunken sailors over the past two years to deal with covid and debt levels are off the charts but it's been years since I've read anything about the current status of social security. I have to say this article was an eye opener.
I know social security has been insolvent for a long time now but 3 to 1 ratio starts getting into beyond fixable territory in my opinion. There's just so many bubbles waiting to burst in the US economy right now that basically everything is to big to fail. The only way I see this ending if with massive inflation to kick the can down road as long as possible than move into new system like a digital dollar that the treasury is proposing.
I don't plan on social security being their for me when I retire if it is it won't be much. Congress is just completely fucking useless right now that I don't think they'll be able to fix this problem in 2034 either. I would hope the dollar dies before than and we the people can get on building a real economy sooner rather than later.
A good eye opening article though. People need to realize just how much trouble we're in because we continue to spend money we don't have.