Millions of Americans have been taxed for decades by the government to pay for Social Security.
They were promised that, when they retire, they can get some of that money back.
But we all know SS is not a lockbox. It has been plundered again and again by the federal government.
Your money has gone to pay for today’s recipients.
But it might be getting worse. Biden may have just put your future Social Security benefits into jeopardy.
From Victor Joecks at the Las Vegas Review-Journal:
This leads back to Social Security. In 2020, defense spending was $690 billion. That’s a lot of money. But spending on Social Security and Medicare was $2.1 trillion.
When the spending cuts come — and the math is unavoidable, even if it’s taking a while — they’re going to hit entitlement programs. That’s where the spending is…
Every dollar Biden spends on pork projects now is one dollar plus interest that won’t be available for future Social Security payments.
Some fiscal hawks have been crunching the numbers. And Joe Biden is promising to spend over $10 trillion in programs and payments.
The federal revenue from last year was only $3.4 trillion. Even if Biden raises taxes to the moon, he can’t cover everything he wants to pay for.
Which means cuts are going to be happening.
Biden can’t cut military spending or other vital resources. And he needs to keep his new promises going, at least long enough to make them seem like they’re needed.
So, where is he going to find the cuts? Many are thinking it will be Social Security.
Social Security and Medicare cost the country $2.1 trillion last year. Military spending was only $690 billion.
If Biden needs to find quick cash to pay for all his family welfare programs, he’s going to hit seniors first.
The cuts might not hit right away. But over time, as spending gets worse and worse, the government will have no choice.
Donald Trump promised over and over to protect Social Security. He kept government spending from growing significantly so that our most vital programs, like veteran’s benefits and SS, would remain.
Biden wants to spend like a drunk kid on prom night. He isn’t thinking about the future (after all, he probably won’t be around when these cuts hit).
Are you concerned about the future of Social Security?
- Financial experts are warning about possible cuts to Social Security.
- All of Biden’s spending plans will cost over $10 trillion, which the country does not have.
- Biden might make bit cuts to SS in order to pay for his welfare programs.
Source: Las Vegas Review-Journal