While the mainstream media and much of the country is enthralled with things like transgenderism, so-called “Russian collusion”, and President Donald Trump’s Tweets; a letter of warning was being sent to the United States Congress. From Whom? Warning them of what?
The letter was from the Social Security’s Board of Trustees and their message was clear. Unless Congress acts, the Social Security Administration will be “unable to pay scheduled benefits in full on a timely basis [by] 2034”. By then they project that funds “would be sufficient to pay 77 percent of scheduled benefits”.
In addition to this, Social Security Disability Insurance will be depleted by 2028.
Considering the fact that millions of Americans are – and will be – dependent on Social Security as a means of retirement income, one would think they would pay better attention to the potentially disastrous future of this “public pension program”. But we’ve either become so complacent, easily distracted, or numb to the message that it seems few pay attention anymore. Not to mention the possibility that many actually trust the government and may be in denial about what is often labeled an “unsustainable” program.
Perhaps the most important lesson that we should learn from this issue is that Americans shouldn’t depend upon the government for cradle to the grave security.
Here’s two videos on the issue. The first is a podcast from the Social Security Administration. I would recommend starting that video at the 9:40 mark and watching through to at least the 13:00 mark. The second is a Retirement News Report on the issue that is just over a minute long.