Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says

[pipedreams]

I get so tired of hearing this when there is always millions/billions for illegals and refugees, and foreign aid

• The Social Security trust fund most Americans rely on for their retirement will run out of money in 12 years, one year sooner than expected, according to an annual government report.
• The circumstances, which were exacerbated by the Covid pandemic, threaten to shrink retirement payments and increase health-care costs for Americans in old age sooner than expected.
• The financial outlook for Social Security and Medicare, two of the nation’s preeminent safety net programs, has deteriorated over the past year.

https://www.cnbc.com/2021/08/31/social-security-trust-funds-set-to-be-depleted-sooner-than-expected.html

 

"Senior administration officials said in a press briefing Tuesday afternoon that a spike in deaths among retirement-age Americans in 2020 helped keep the programs’ costs lower than projected. They added that the ultimate, long-term impact of the coronavirus is less clear as costs and revenues return to their extended forecasts."

[Historian]

All part of the plan.  Let it die and replace with nationalized healthcare and redistribution of wealth.

 

[RS_Rider]

Set to run out the same year I become eligible. I'm shocked. 

The government has been writing checks it can't cover for years, not expecting anything different for SS. 

[LostinTexas]

SS is always running out of money, but they keep robbing the fund.

Funny how welfare never seems to suffer that problem.

[Mrs.Cicero]

I have never counted on receiving anything from the governinnies when I retire.  

No one is coming to save me, or you...

[Lazy R]

There is no "Trust Fund." Only IOU's from current and future taxpayers.

[Huaco Kid]

"We'll just get more!"

--Cortez

[ChuteTheMall]

I was warned about this in my '20's; now I'm 70, is it time to panic yet?

[pipedreams]

2 hours ago, Lazy R said:

There is no "Trust Fund." Only IOU's from current and future taxpayers.

And why is that?

[crockett]

Not going to get a single cent from SS, never planned to get any. Even though I'm retired, all my funds come from my company, I still move 20% of my monthly income into a retirement account. None of that goes into anything that has remotely to do with the government. I swing trade a couple waves on known stocks each year, pull in average 27%.

I never received a single cent from any government, not even unemployment money.

All governments operate on a broken system. They would never survive in a free market. They are the worst form of investment out there. Avoid at all cost.

[21 shooter]

You never hear about cuts to any kind of welfare, just social security.  If taxes had been increased yearly on those working for a living to support the democrap socialist programs I suspect our country would have fared quite differently.  The result of spending other people’s money would been seen and quickly. 

[Lazy R]

6 hours ago, pipedreams said:

And why is that?

It's all spent as it come in, of course. 

[pipedreams]

1 hour ago, Lazy R said:

It's all spent as it come in, of course. 

That wasn't true until the Dem's and LBJ raided the fund to create "The Great Society".  They took money from the fund put in the general fund to finance the social welfare experiments which still live today.

[Batesmotel]

Seems everything is Covid’s fault. And they are making sure Covid never goes away. Delta is here. Epsilon is on its way from Peru. Let me know when Omega hits. That should finish us off. 

[Huaco Kid]

3 minutes ago, Batesmotel said:

Seems everything is Covid’s fault. And they are making sure Covid never goes away. Delta is here. Epsilon is on its way from Peru. Let me know when Omega hits. That should finish us off. 

Never. Going. Away.

Now it's Mu.

[Peng]

Tell me, what politician is going to touch that 3rd rail ?  

They will keep it going as they always have, even when it would be better to stop it. 

We have heard every decade since the 1930's that SS is going to run out of money soon.  For better or worse,  the people that say that have a printing press and they're not afraid to use it. They just need to dramatize it every few years so we know what heroes they are. 

You'd think by now we would have caught on to this game, but no.

[UHLAWPUP]

Well, I'll keep drinking the milk until the cow runs dry.

What fascinates me is that, on top of this news, is the rumor that I am going to get a 6% increase in benefits next year due to inflation.  So, how can they be running out of money faster than expected and still giving out increasingly higher benefits?

If they run out of money, I won't be here long to worry about it.  My pacemaker battery will have to be replaced in 2031, and if I can't afford it, I'll just drift off to that beautiful shooting range in the sky.

If anyone is interested, I'll keep posting right up to the end.  I don't think they have internet in Heaven.