The Next Economic Crisis; Social Security

 It’s becoming fairly obvious to everyone that having fewer and fewer workers paying into Social Security is going to make it crumble. Also 0% interest rates means that Social Security is investing in what to earn any returns?  This is just one other example of the many that show America is on an unsustainable path. It seems that there are many of our foundations that have either collapsed (marriage and family) or will soon collapse.  The good news is that followers of Christ have a very bright future!  So keep looking up and the things of this world will continue to grow strangely dim and less interesting.

****************************

Inflation, for example, is an enormous problem for Social Security.

Even before the pandemic, Social Security's key trust fund was projected to run out of money by the early 2030s.

But last year's Covid lockdowns meant that millions fewer people were employed and paying in to the Social Security system; that means a LOT less revenue for the program.

And now with inflation surging, Social Security has to make Cost of Living adjustments and increase the monthly benefits to its tens of millions of recipients.

These are pretty much the worst possible conditions for the long-term health of Social Security. And it means that the trust fund will likely run out of money even sooner than projected.

It's ironic that, last year, the Social Security administrators actually reduced their long-term inflation forecast.

https://www.prophecynewswatch.com/article.cfm?recent_news_id=4879