Social Security hurts the poor in many ways.
Possibly the most tragic fact about Social Security (the first Socialist program instituted in the United States) is that benefits will be cut in the near future.
The following quote is from this document created by the Social Security Administration: Social Security Administration Agency Financial Report 2018
“Social Security’s financing is not projected to be sustainable over the long term with the tax rates and benefit levels scheduled in current law. Program costs will exceed noninterest income in all years of the 75-year projection period. In 2034, the combined OASI and DI Trust Fund asset reserves will be depleted according to the projections by Social Security’s Trustees. Tax revenues are projected to be sufficient to support expenditures at a level of 79 percent of scheduled benefits after….Trust Fund depletion in 2034….”
So, someone retiring today at 66 years old will have a 21% reduction in benefits when they turn 82. If they live to the expected age of 86, their last four years will be hit very hard as their Social Security check will be cut 21%.
It is VERY important to note that the Privatized solution to Social Security not only pays MORE, but the HIGHER monthly payment lasts until the age of ninety-one!!! IT’S JUST MATH!!!
Social Security (…that is SOCIALISM….) HURTS THE POOR.
The Founders Weep
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