Millions of Americans have been taxed for decades by the government to pay for Social Security.
They were promised that, when they retire, they can get some of that money back.
But we all know SS is not a lockbox. It has been plundered again and again by the federal government.
Your money has gone to pay for today’s recipients.
But it might be getting worse. Biden may have just put your future Social Security benefits into jeopardy.
From Victor Joecks at the Las Vegas Review-Journal:
This leads back to Social Security. In 2020, defense spending was $690 billion. That’s a lot of money. But spending on Social Security and Medicare was $2.1 trillion.
When the spending cuts come — and the math is unavoidable, even if it’s taking a while — they’re going to hit entitlement programs. That’s where the spending is…
Every dollar Biden spends on pork projects now is one dollar plus interest that won’t be available for future Social Security payments.
Some fiscal hawks have been crunching the numbers. And Joe Biden is promising to spend over $10 trillion in programs and payments.
The federal revenue from last year was only $3.4 trillion. Even if Biden raises taxes to the moon, he can’t cover everything he wants to pay for.
Which means cuts are going to be happening.
Biden can’t cut military spending or other vital resources. And he needs to keep his new promises going, at least long enough to make them seem like they’re needed.
So, where is he going to find the cuts? Many are thinking it will be Social Security.
Social Security and Medicare cost the country $2.1 trillion last year. Military spending was only $690 billion.