The U.S. government is throwing money down the drain on costly programs such as Social Security.
People believe that they actually have paid into it over the course of their lives, unlike the case with other government handouts like Welfare. And what’s even worse is that your tax dollars have probably paid for someone else’s benefit.
This habit that Social Security has, of taking from one place and putting it into another, has placed them in a very difficult situation. Money is running out and the program cannot be supported forever.
Most prudent predictions estimate that in a period of just 15 years, Social Security will be completely drained out.
Experts suggests that serious changes need to be made.
According to a report from Zero Hedge: Year after year, the Social Security Board of Trustees publishes an annual report that describes the program’s terminal financial challenges in excruciating detail.
They mince no words in plainly stating that Social Security pays out far too much money, and takes in far too little…
The Trustees go on to lightly propose solutions, including an “immediate and permanent reduction” in benefits to all current and future Social Security recipients…”
The report continues to say that the average life expectancy has increased nowadays and people live approximately 18 years longer than they did at the time when Social Security was invented.
Taking this into consideration, Social Security will now have to pay out more money, to more recipients and for an extended period of time.
This is certainly not the most satisfactory solution, but it’s the best option on the table. The longer we wait, the demands on Social Security will increase.
The only other option would be to raise taxes to keep it going, but that would mean punishing the current working force.
And what most people don’t know is the fact that the government didn’t secure a retirement account where it kept all the money for every employee. That money was immediately used.
Not to mention the money that goes into benefits for people who are in no way contributing to our society, like immigrants who have never worked a day in the U.S. or at least never paid taxes.
So when you take all these notions into account it’s not exactly a surprise that Social Security is out of money.
The choice now is either to cut benefits or punish workers with bigger taxes.
Maybe even eliminate the program all together.
What is your solution ? How would you handle this situation?
Share your opinion in the comments bellow!