Posted on 03/04/2024 8:48:36 AM PST by SeekAndFind
Buddy, can you spare one quadrillion, 750 billion dimes? Because that's how many it's going to take to plug the hole in America's entitlements programs.
That's 175 trillion-with-a-t dollars. That's six-and-a-half times the entire economic output of the nation for a whole year. If we spent six years devoting all of our energies — no new cars, no new houses, no FARMING, no eating, no nothing — for six years, we'd still be a hole roughly 12 trillion dollars deep.
The gross product of every nation on Earth is only $109 trillion. Even if we imposed FICA taxes on China and India, we still couldn't close the gap between what Washington promised to deliver on Social Security and Medicare and what it can actually deliver — with the big cuts coming the year before I hit retirement age in 2034.
The good news — if you're callous enough to call it that — is that we don't have to come up with the money all at once. According to a new Treasury Department report just detailed in the Daily Mail, the $175 trillion is spread out over 75 years, starting in 2033 when Social Security's so-called trust fund is exhausted.
The payroll taxes that pay for Social Security and Medicare are expected to be about $2.4 trillion in 2033, which comes up more than [dr_evil_voice]TWO TRILLION DOLLARS[/dr_evil_voice] short.
The annual average for those 75 years is $2.33 trillion. So either we nearly double payroll taxes, or everybody born after 1967 and relying on Social Security/Medicare spends their retirement as a Walmart greeter — and Walmart doesn't need 100 million greeters.
The money has been slowly running out for more than a decade when Social Security benefits began outstripping Social Security revenues.
(Excerpt) Read more at pjmedia.com ...
O.K. you just officially scared me from ever getting married
(j/k)
LOL
With technology and such life got damn complicated also...was easier to do checks and balances (with business/politics) when life was simpler.
It was made more complicated on purpose, for the very purpose of disrupting/confusing the masses("never let a serious crisis go to waste")...while the bank(morally/financially)was being robbed.
The fix is definitely not at the ballot box, too costly using the ammo box...it'll be enlightenment from "above"...and probably an ugly lesson we'll all have to learn...
...yet again.
If we were a healthier nation it would save money from all this Medicare and health care costs. But that doesn’t benefit big food
At the same time articles like this come out, the U. S. is
loading up our senior programs with millions of new illegal
aliens.
There’s not need for these programs to go belly up, but
they seem to be pushing for that as fast as they can.
I have never lived an extravagant lifestyle. At no time could I ever afford such a thing, but apparently a goodly portion of our country lives that way on someone else’s money. I have no control over spending except my own & I believe that(although it’s a bit late now)if everyone lived a simpler, cheaper lifestyle we would not be in this mess. By the way, I have no debt either. It is unbelievable to me the way our government wastes so much money on things that there is virtually no justification for.
Put Trump’s tariffs back on all of the Chinese imports and it cuts our deficits. People buying all of that Chines junk should be paying more for it. If we make our domestic manufacturing more competitive, we make higher paying jobs that pay more into SS.
‘Collapse’ is most certainly the only way out of this. And that is by design. :(
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