Social Security Announces 2018 Crisis, Millions Over 60 Affected

The priorities of Democrats are completely out of order.

Instead of putting American citizens first, they would rather spend our tax dollars on illegal immigrants and their welfare needs.

This has not only driven up the national debt, it has taken away the money that Americans have invested in their futures.

Obama spent his entire administration frittering away the payroll tax dollars that Americans have paid into Social Security and Medicare. In 2016 alone, the Social Security program received $958 billion in income.

But instead of giving this money to the people who have rightly earned it, Democrats treated it like a junkie at the race track, and used the funds to back their pet projects. This constant process of spending money the moment it comes in has left us financially unstable, and has put the future of social security at risk.

From Market Watch:

Medicare’s hospital insurance fund will be depleted in 2026, said the trustees who oversee the benefit program in an annual report. That is three years earlier than projected last year.

This year, like last year, Social Security’s trustees said the program’s two trust funds would be depleted in 2034.

For the first time since 1982, Social Security has to dip into the trust fund to pay for the program this year.

Social Security’s trustees insist that benefits won’t disappear after 2034, and that tax income will be able to cover three-quarters of retirees’ benefits.

Congress can kick the can down the road for an extra decade or two by backstopping the funds with more general public debt like they did with the FDIC and the other insurance bailouts. After that, some painful austerity will come around.

The more immediate problem is the large number of people beginning to collect Social Security retirement benefits now. These individuals largely have no savings or other income and have living expenses above their expected benefits. We are headed for a sharp increase in the elderly poor over the next ten years, long before these programs run out of reserves.

We need to do what is necessary to make sure that Social Security and Medicare are properly funded.

Treasury Secretary Steven Mnuchin placed the blame on previous administrations and their “lackluster economic growth” in recent years. He also agrees that the aging population is contributing to the problem.

But he went on to say that the Trump administration’s economic agenda, including tax cuts and trade deals, would generate growth and help to secure these programs for Americans.

Let’s hope that he’s right and Trump works his economic magic because currently, Social Security is not feeling secure.

Source: Market Watch

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