The social security Ponzi scheme is failing quickly. Most of us alive right now will get to witness one of socialism’s most epic failures when it collapses. Politicians are now stuck because they want to expand, not cut, benefits while adding a tax increase that is simply unaffordable for the majority.
The Social Security 2100 Act, introduced by Representative John Larson (D-Connecticut), the chairman of the House Ways and Means Subcommittee on Social Security, as well as Senator Richard Blumenthal (D-Connecticut) and Senator Chris Van Hollen (D-Maryland) seeks to expand the rapidly failing and unsustainable socialist program with a tax hike. The bill, if passed, would increase revenue (theft) by raising the payroll tax 0.1% every year until it reaches 14.8% in 2043 and applying the payroll tax to those who earn more than $400,000 (the limit is currently capped at $132,900). Mathematically, the Ponzi scheme is still unsustainable even with an increase in the theft of the public.
While 78% of Americans already live paycheck to paycheck, an increase in the cost of essential goods such as food or a tax hike of even .1% could result in defaults on other obligations. Plus tax increases will put a strain on an already flailing economy and cause a recession with job losses that will result in even less in tax revenue for the totalitarians claiming the right to steal the income of others.
Not only that, but according to Market Watch, the tax increase will unfairly harm the younger generations. Some testimonies suggested Social Security couldn’t be fixed with a proposal like the 2100 Act, for the sake of millennials who are strapped for cash thanks to crippling student debt and wouldn’t be able to afford to pay the extra money in payroll taxes toward Social Security. But the cold hard truth is that social security cannot be saved.
Representative Tom Reed, the Republican leader of the Ways and Means Social Security subcommittee from New York, said an increased payroll tax would “unfairly hurt” young people. “It hurts the students struggling to pay for their rent and their next meal,” he said. “We want to empower the next generation with tools to save for their retirement in a way that works best for them.”
Social security, however, was never meant to empower anyone. It was meant to get as many people as possible dependent on the government as opposed to saving for themselves. And it has been incredibly effective at keeping people enslaved. In fact, over 3/4 of millennials don’t mind the government stealing money from their paychecks, the fruits of their labor, in increasing amounts.
Retirement is a Myth: The American Dream Turns Into a Nightmare
More than three-quarters (77%) said they think it is critical to preserve Social Security benefits for future generations, even if it means increasing the taxes working Americans pay. “These are the people who are going to reach retirement when Social Security may not have the money to pay benefits, so they have a big stake in fixing Social Security,” Johnson said. If Social Security reaches insolvency in 15 years, the oldest millennials will be 55. “It’s not an abstract risk for them,” he said.
If I’ve said it once, I’ve said it a million times —
Ponzi / mlm / pyramid schemes do work for the upline.
Ahead of you, in the line, someone has made countless billions, and spent them, already.
It’s not completely illegal, except the state has a monopoly on this behavior.
Far worse; I bought a MAGA hat hoping to get assaulted and sue for millions, All I’ve gotten are more complements than on anything else I have ever had. NUTS
Go to the University of California campus in Berkeley.
if the criminal politicians ever stop SSI retirement checks and the cola’s required they will be hung swiftly from every tree!
au contraire mon frère
Socialism works every time…..if murder and suicide is your goal!
The problem with the entitlement and welfare state is this: it was built from a time when the US made more money than it saved, a time when most of the population was white European in heritage and hard-working and inventive, and when there were more productive workers than people taking out.
In the next 10 years, the demographics are going to be minority white, an economy that hasn’t made a profit since the 1970s, and where most of the population will be receiving some benefit of some sort for most of their lives. The numbers do not crunch.
Also, look at the population. I mean really look at it: majority are obese (that means HIGH health costs), majority will be non-white (that means low IQs), and most from cultures that are not civilisation builders.
Non-white nations had three opportunities to build civilisations. The first was with de-colonisation after WWII. The Asians did it; the Africans did not. The second was with aid, development and global trade. The Asians did it; the Africans did not. And the final one was Obama: no more excuses a black dude in the White House. The Asians and the Arabs did well. Black ghettos are still there and we are still waiting for Wakanda to emerge.
Frank, you hit the nail on the head. Demographics change is the end of the once-great America. We’re rapidly becoming a brown-stained third world shithole country.
The Northern European welfare states functioned because of their indigenous disciplined citizens who did not game the system. Watch it collapse with their massive influx of immigrants who are in every respect 180 degrees opposite.
You are totally correct! There is not a single example of a functioning welfare state run by black people, nor is there anything but evidence that when the population becomes diverse, the gaming of the welfare state goes up and eventually fails.
The Nordic Model worked because it was run for the benefit of Nordic people: they had homogenous societies. Japan works because the Japanese have a homogenous society and an ingrained culture of politeness. Anyone who has lived around ‘diverse’ people knows politeness is not a quality to be found. I can think of one group who are pretty obnoxious in their public behaviour in particular.
The idea that a society of non-whites are going to work their butts off to pay for old white pensioners is a joke from the start. It explains why so many barely put in the effort and need huge amounts of welfare and subsidies to keep up their household budgets. Nope, the welfare state will not survive the next crash.
“Anyone who has lived around ‘diverse’ people knows politeness is not a quality to be found.”
An example on a much smaller level is “cosmopolitan” New York City. A nation requires unity and certainly its necessity becomes even more pronounced when significant group funds are dispensed on an “as needed” basis. Without peer group cultural pressure to not game the system it becomes “me” against “them” as there is no “we”.
Without sounding racist but being factual… Name one country run by blacks that was/is a success?
You forgot: the fictional Royal Kingdom of Wakanda!!!
You are exactly right. Black people are their own worst enemy. I am really afraid we are at the end of our country’s lifespan. If you look at the top ten reasons the Romans fell, we are exactly the same spot. I’m so sick of the word diverse and all that bullshit the left peddles.
One small correction: The Asians already had civilization. They just had to rebuild the war damage.
Bernie Madoff would be proud of the PONZI SCHEME we call the “Social Security System.” Let’s not forget the idiot politicians that made the situation worse by stealing from the pot-of-money that should have been saved (dedicated) to Social Security. Let’s not forget the idiot politicians that expanded eligibility for SSI benefits to anything that moves, regardless of whether they are a citizen-of-the-USA and/or whether they ever paid into the system or not. Another gift from Demonrats.
Not sure if you have been part of the working class, but I paid into Social Security for 46 years. Now I collect what’s due me. All workers pay in. This “entitlement” BS implying that the govenment supports SS recipients is a floating turd. It needs to be funded. Eliminate some of our many unnecessary miltary campaigns and SS can be made whole again. While we’re at it, bring our miltary home and have them defend the frontier from the illegal immingrant sponges that get $3500 per month out of the SS. That will go a long way towards making sure future generations of LEGAL workers get what’s coming to them too.
The dollar will collapse. People will starve and Washington DC will burn. Ive had SS tax taken from me since my first job as a 16 year old. Ive always known I’d never receive SSbenefits. I cringe at thinking about the shit storm coming but it’s the only way. DC has to be burned down so we can rebuild a better gov. No federal reserve, a brand new gov currency, and few taxes to keep the parsites (healthcare and defense industries) at bay.
Funny how the article didn’t mention that politicians have been stealing money from the program for decades, and replacing it with IOU’s. Forcing someone to pay into a retirement program, then making them feel guilty about claiming it when it’s time by using the dirty word “entitlement” seems a bit callous. But that’s what you do when you want to sweep under the rug all the theft, and criminality that has gone on around the SS program.
Social Security was originally intended for those old enough to retire but had little or nothing for a pension because back in Depression days many types of work did not have a pension. Then Congress started tinkering with Social Security so it now encompasses many other types of need.
It also used to be in its own fund. Back in the late 80s (I think), Congress decided to add it to the general funding of the government saying this would help SS. Well, we see how that went.
You’re right Frank T. Keep those blades sharp and the mags topped off boys and girls.
The Social Security Benefit Act could be saved and work if TPTB wanted it to survive. True there is a lot of money required to run it, why do you think the government wants it to fail now? They stole money from it when they decided to merge it into the general fund. There was more than enough money at that time to sustain it for years; but as usual TPTB got greedy and wanted more money to put in their own pockets. Don’t tell me that TPTB have not and continue to pocket the tax payers money one way or another. Their money hungry ways are raising that “green eyed monster” again. Yes, there is a lot of money going out of the SSBA account, and they want it to take care of the new burden now on the US economy….the brown people….and the new “Medicare for All” proposal. How do you think they plan to support all these illegal aliens? Local governments are broke, the federal government is broke, and all due to theft and mismanagement. Add the loss of your impending constitutional rights…..which are still arguably hanging by a very thin thread. You’re almost there, slave. What are you going to do?
I have been preparing for the day that the system fails. Still preparing. I won’t be surprised when the checks stop, or are cut in half, but lots of people will be surprised and won’t have a clue.
It’s like paying the hidden cost of inflation. I see it when I go shopping and there are old people that seem shell-shocked by the grocery store prices. That price inflation isn’t going to decrease. It will continue to increase. Either you understand inflation or you do not.
Inflation is the cruelest tax of all.
The downfall of the economy is because the rich always have to get richer. Replacing white workers with darker hued people brings more profit and is the wave of the future. You have the right to remain silent and do what you are told to do.
Socialism is government owning the means of production. Communism is socialism that has “evolved” into a classless society. Government programs funded by taxation is a welfare state. The US an Europe are in varying degrees in the third category.
and yet all of you love go fund me socialism at its finest
FDR was little more than a thief setting up Social Security. He used 65 as the age of retirement as the was the average age of death in that era. Most would die before collecting, giving the Federal government money to steal through I.O.U,’s. He did not foresee people living longer. He did not foresee Congress buying votes by letting farmers and teachers in with almost no contributions, and he did not foresee it as disability insurance, all of which increased the insolvency.
Increasing this regressive tax is a bad idea. First off, such increases will be matched by one’s employer, making it even more expensive to hire and pay employees a living wage. Secondly, we also pay income tax on these tax dollars….. so, not only will one see less take home pay, one must pay income tax on the tax, effectively increasing one’s tax rate!
If Social Security is doomed, it will be because Republicans have underfunded it. How can Social Security be fixed? Well, who’s making most of the money? What do wealth and income disparity figures tell us? They tell us that the rich are making most of the money; indeed, they are making off like bandits. Their payroll tax rates are significantly smaller than those of the average janitor or security guard. That’s because of the regressive structure of the Social Security payroll tax. The bottom line? Start by raising the maximum taxable income level applicable for the prevailing payroll tax. Very simple stuff. Make the rich pay for Social Security.