whell |
11-26-2016 10:07 AM |
Social Security and Medicare are one of the largest pyramid schemes of all time. They didn't start out that way. But that's what they've become as they've been blown by Washington political winds over the years. The pyramid will begin to crumble during Trump's administration, according the latest annual report of the Social Security Board of Trustees:
"The Trustees project that the combined OASDI Trust Funds will continue growing through 2019 as total annual income exceeds total annual costs. Beginning in 2020, however, they project the OASDI annual cost will exceed total income, so the trust fund reserves will be drawn down until they are depleted in 2034—the same year as estimated last year. After trust fund reserve depletion, continuing income is sufficient to pay 79 percent of program cost, declining to 74 percent for 2090."
The attitude of "it ain't broke, so don't fix it" regarding SSA always strikes me as shamelessly self serving, since by 2034 most of us might not be around to argue about it any more. But my kids sure will, and I'll be damned if I'm going to live in well and then stick my kids with the bill. This financial albatross needs to get fixed, and soon.
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