For many decades, the American people and our employers have been paying substantial amounts of money in Social Security taxes in anticipation of payments to our people in retirement.
But what will happen when retirement time for millions of people comes – and there’s no money there for retirement payments?
This year, the amount of money that Congress had promised to pay out in Social Security will exceed the amount of tax money that will be collected to cover the payments!
With the federal government anticipating “at least” a $1.5 trillion budget deficit this year and with Social Security tax collections being less than pay-outs, the prospect is that the Social Security fund will be broke by 2037.
What then?
Hadn’t we better consider that now, to avoid a terrible financial disaster?
We are obviously short of money! Are we also short of a financially responsible president and a financially responsible majority of members of Congress?