Guest Post by Martin Armstrong
When questioned about the future of Social Security by the Senate Finance Committee, Treasury Secretary Janet Yellen admitted that Biden “doesn’t have a plan.” There could be no possible plan for an ongoing Ponzi scheme that will fail once the fund runs out of money.
Estimates believe Social Security will reach insolvency before 2034. “I don’t have that computation to offer you,” before saying, “The president doesn’t have a plan. He has principles.” Principles do not put food on the table.
Of course, lawmakers immediately look at raising our taxes. “I’ll note that there’s already been $4.9 trillion in new taxes proposed for those making over $400,000 a year. It seems to be the go-to place, fill in the blank, we’re going to tax those over $400,000 a year for whatever,” Sen. Bill Cassidy, R-La., told Yellen. “Of that $4.9 trillion, none of that has been dedicated to Social Security.” We are raising taxes to fund extravagant climate change packages and wars. None of the money we give to our government goes back into the community.
The likelihood of Social Security remaining as it is today is ZERO. There is more likely to be a huge split in interest rates from the private sector compared to the public at the federal level.
As I have stated before, I donated my time to work with Congress back in the ’90s in an attempt to reform Social Security, transforming it into a wealth fund that was allocated out among managers. I was even shuttling between the Chairman of the House Ways & Means Committee, Bill Archer, and the House Majority Leader Dick Army. I argued for the privatization of Social Security to allow it to become a wealth fund and allow it to invest in equities. The Democrats would not vote for it, so this is why Social Security today cannot survive. Social Security invests 100% in government bonds, meaning it does not even earn a fair interest rate.
The Democrats painted this private investment as “risky,” and they voted against it. So, Social Security invests 100% in government bonds. Let’s see. The Fed lowered the interest rates to “stimulate” the economy. The net effect is that Social Security is simply a slush fund with no possible economic growth. The loss has come at the “opportunity risk” of leaving the money in bonds.
I laid out the structure for allocating money according to the track record of the manager. I was doing this because I had no interest in managing money of this nature. The Democrats wanted to replace the fund managers at will when they retook the majority. I explained that this decision should not be political. I did not care if the fund manager voted Democrat or Republican. That just never sunk in. Had Social Security simply become a wealth fund as so many nations around the world have adopted, it would NOT be in danger of a financial crisis today.
Now, I do not believe they will stop paying Social Security, but they could reduce payments and continue raising the age at which recipients may receive benefits, especially since the average life expectancy for Americans is on the decline. Take Venezuela for example. They honor their pensions, but what you get today will buy only a cup of coffee. Yet another major government-created crisis that could have been avoided.
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The US Government’s Plan for Social Security
Kill everyone over the age of 62?
Yet another benefit of the death jab.
The death jab is nowhere lethal enough so far to solve the Social Security “crisis”.
“I argued for the privatization of Social Security to allow it to become a wealth fund and allow it to invest in equities.”, because unlike the Federal government , Blackrock will work for us..
Hundred of billions created out of nothing for foreign wars , but not a penny beyond taxation for the American people…makes perfect sense.
“Some politicians were blamed for it and others took credit for ending it. The truth is the lack of money (caused by Bankers) brought on the depression, and adequate money ended it. The people were never told that simple truth and in this article we will endeavor to show how these same bankers who control our money and credit have used their control to plunder America and place us in bondage.”
https://silverbearcafe.com/private/blueplate/billions_contents.html
They don’t know they are retarded.
$5 trillion for covid. $4 trillion for climate change. Not one cent for Social Security.
Plenty of money for muh clean green, because muh free market ain’t going to build itself.
Texas Republicans are all in on muh clean green….so conservative…reeeee
When is Jesus going to intervene flash?
Hasn’t he already or did you miss the death and resurrection part of God’s plan for our salvation?
Cleary you flunked this test.
Matthew 6:19-21
19 “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also.
according to the Bible when people least expect it.
Jesus is intervening. He is calling people to repent from sin and unbelief, because this shitshow world is the result of those two things.
PA Voice in airport: Al Gore, please pick up the red emergency phone, Mr. Al Gore.
Al Gore: *picks up the white phone receiver*
PA Voice in phone: No, the red one.
Al Gore: Ah! *replaces white receiver, picks up the red phone receiver*
PA Voice in airport: Al Gore, please pick up the red emergency phone.
Al Gore: *to PA Voice* I’ve got it!
PA Voice: Thank you!
Al Gore: *into phone receiver* You see, no matter where he goes, God speaks to Al Gore.
Do you really believe in all those figures they give you? They’re just playing you.🤣
75 is the new 65.
Medicare & Medicaid will also be short on funds, expect big co-pays.
Rabbi Ben Shapiro says work til’ you drop, goyim.
https://www.mediamatters.org/ben-shapiro/ben-shapiro-no-one-united-states-should-be-retiring-65-years-old
Your stupid rabbi/goyim comment aside, I don’t have a real problem with his statement. However, he may feel differently after he’s worked for 40-50 years. I’m currently on 46years and frankly starting to look forward to maybe, possibly, I think, retiring in another 6-8 years. Made several poor financial decisions over the course of my working life so it’s still hard to pin down.
Hey, maybe I’m too big to fail and can get gubmint assistance..?
It would be less of an issue if the government pensions weren’t larger than SS. Also, the government pensioners are given a head start on getting those pensions (retire at 55).
But they had to do that because of reasons, goyim.
Expect millions of illegals on Medicade.
What makes you think they aren’t already on it ? Duh
They are, just millions more.
My father was an accountant and internal auditor for a very large healthcare company and was the first to explain to me what a Ponzi scheme was and that SS was one. When I entered the adult work force in 1990, I always assumed that there would be no SS for my retirement and acted accordingly.
Only problem is I didn’t figure on the LPTB tanking the US and global economies as well.
Just remember the average age of death for a man was 65 when SS was implemented, they never planned on paying much out.
I think as big or bigger issue is the payout to people who never put anything in. IIRC, the first person to draw SS (according to the media reports of the time) was a woman who had never contributed.
Welfare from day one. Socialist wealth redistribution. It was never anything other than welfare, nor was it intended to be.
Teachers and farm workers contributed very little at first as they were late to be included.
63,not 65,and you could not draw benes till 65 —
All that happens then is like during covid, total SS disability goes up.
Also you have to consider the physical nature of some jobs. Some office type jobs you could work well into your 70’s, others like construction, boiler maker, or lineman you are lucky to make it to 62.
Of course they have a plan. Plan is to destroy the American dollar so that it will be replaced by some type of digital currency. All federal payments to include, SS, fed pensions, Medicare etc. will have reduced payouts. Americans’ standard of living will be much lower except for the uber rich. Plan is in progress as we speak. Congress just passed a 1.2 TRILLION spending plan. Our fed government is broke, yet they pass a 1.2 trillion spending plan? Figure it out the Federal Government is the USS Titanic and has already hit the iceberg. Just a matter of time before it settles on the bottom and us citizens freeze to death. Metaphorically speaking of course.
Yes, I guess I should find a good refrigerator box now before they cut my social security.
I started collecting last year at 62. A bird in the hand while it lasts.
Right with ya on that one. REALLY starve the beast! Don’t just deny it food. Take the food right off its plate! That’s the double donkey punch right there!
Ya, and I’m sure you make extra payments to the IRS right? You’re not a donkey, you’re an ass.
You’re the ass! Whatever extra you pay in taxes you get it back once you turn 66 airhead!
It’s not gonna be around when I’m 66, douchenozzle.
Scrutinize this. You can never starve the beast, as it has the power to print money and then make you pay for it through inflation.
Extend your gaze but a few yards farther and you’ll see it collapse under its own weight.
Your problem is your shortsightedness.
They’ll never run out of money. They can always have the “Federal Reserve” print some more. That’s how the ponzi scheme works. They just want to scare you, that’s all.
No Name…Dude…
They’ll never run out of FIAT CURRENCY (that is not real MONEY – words matter) and the “Federal Reserve” will fall on its sword whenever they are ordered to. They are just a façade front…give them no credit (every pun intended) or respect.
The Fed is just evil Bloodline pawns of the vampires the American idiots are clueless about.
They are not trying to scare you…they plan on killing you…in many ways, shapes, and forms of economic DEATH.
mark
No, they won’t print money for SS, they would rather screw you. They want you DEAD! Not old. From my previous post:
$5 trillion for covid. $4 trillion for climate change. Not one cent for Social Security.
All government payments will continue and be adjusted for hyperinflation…your wheelbarrow full of money will buy you nothing.
Adjustment for hyperinflation $269 dollars.
Adjustment for increased Medicare costs. $269 dollars.
Hey Biden just gave SS the biggest SS increase in history, then took it away with the biggest Medicare increase in history. All because he caused the inflation!
Not to worry, SS runs bone dry in 2026, revised and updated, but the world ends soon after the eclipse in 13 days, so again, why worry ?
I have lived through other eclipses at my age, both myself and the Earth are still here.
Plan? What plan? There is no plan!
Take it now, take all you can get, fair or foul, take, take, take… You ain’t gonna win by being a white knight with the Marxists that own the government now so take everything you can get your hooks on right the eff now.