Sometime next year, as the ranks of retirees swell, the Social Security system in the United States will pass an ominous tipping point and start the slide into insolvency, The Boston Globe reports.
Bernie and Warren, two presidential candidates, want to expand Social Security and Medicare.
For the first time in nearly forty years, the program will pay out more than it takes in and this will force the program to dip into a rainy day fund that will last about 15 years.
People have come to rely on both programs for survival, but Congress refuses to fix them. Just changing the age one can collect would be enough. That solution makes sense — Americans live longer.
This is the program that the Democrats insist illegal aliens be allowed to dip into.
More than 54 million retirees and survivors receive Social Security benefits and Medicare today — the largest contingent in history — and tens of millions expect to collect them in the future.
People today aren’t saving for the future and will be in a dire situation without these benefits.
Congress and presidential candidates don’t bother mentioning it because they won’t see an immediate hit. They traditionally kick the can down the road until it becomes an urgent necessity.
MEDICARE WILL GO DOWN WITH SS
People should keep in mind that Medicare is facing the same future and that’s another program no one is fixing but Democrats are prepared to give to any foreigners who come through our open doors.
Democrats and all presidential canidates also want to expand it to every American.
Massachusetts Senator Elizabeth Warren and Vermont Senator Bernie Sanders are part of an “Expand Social Security Caucus,” and both would finance the cost of additional benefits, in part, by increasing taxes on higher earners. That, of course, would not be enough, it would have to include all federal taxpayers, who are 53% of the nation. Others pay nothing.
Democrats only consider raising taxes as a solution. They want to raise the payroll tax and believe it will keep the program going 75 years (Social Security 2100 Act). One problem is when they give it to any foreigner who comes in, and then every American, that will not be the case. It will also rob the young working class of money during their most fruitful years.