The Social Security Administration expects their reserves to run out in 2035.
That’s a different pile of money than most other government functions, and so without either tax increases or legislati...
It's important to point out that what "cutting benefits" means is that the government will only be able to pay out as much as they bring in. It's not going to be cut to zero, but it's going to be significant enough that those of us who are at a retirement age at that point in about 10 years will need to have capital in some other form to generate an income stream so that we can pay our expenses.
The solution that I would prefer is to balance the books. We should have at least as much coming into SSI as we have coming out of SSI to beneficiaries. We could do that, easily. Remove the cap on FICA, and then we can adjust the % that we pay as employees and employers so that SSI can send out the checks and keep their promises.
Oh, and SSI should be buying Bitcoin, not US Treasuries at an absurd low interest rate.
The solution that I would prefer is to balance the books. We should have at least as much coming into SSI as we have coming out of SSI to beneficiaries. We could do that, easily. Remove the cap on FICA, and then we can adjust the % that we pay as employees and employers so that SSI can send out the checks and keep their promises.
Oh, and SSI should be buying Bitcoin, not US Treasuries at an absurd low interest rate.
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