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Social Security proposes “immediate and permanent reduction” in benefits

Tuesday, January 9, 2018 7:26
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On a deep, dark evening last June in the spectacularly celestial deserts of northern Chile, scientists made a phenomenal discovery.

It was a supernova… one that they named ASASSN-15lh.

This wasn’t just any supernova. It was the BIGGEST and BRIGHTEST supernova ever recorded.

Supernovas are exploding stars whose ejected mass and energy can create a light show so brilliant that they can sometimes be seen with the naked eye in our own night sky.

At its most luminous, ASASSN-15lh was over 500 BILLION times brighter than our own sun, and FAR greater than the previous record holder.

This is so bright that, according to one of the lead researchers, if it had been located within our own galaxy there would have been no darkness on earth for weeks.

Fortunately for us, ASASSN-15lh was from a galaxy far, far away– 3.8 BILLION light years away. So its intensity didn’t have much of an effect on Planet Earth.

Of course, such a prodigious distance also means that ASASSN-15lh actually went supernova 3.8 billion years ago.

The star was so far away from our planet that it took billions of years for the light from the supernova to reach us.

It’s mind boggling to think about. But in a way, the same can be said of many of the financial risks that we face.

Consider the exploding star of Social Security, one of the largest and most important pension programs in the world.

Literally tens of millions of people depend on it.

The Social Security Administration itself reports that 62% of recipients rely on the program for at least HALF of their income.

And further research by the Center on Budget and Policy Priorities (CBPP) shows that, without Social Security, 22.1 million Americans would fall below the poverty line.

Needless to say, major cuts to the program would have nuclear effects.

And yet, year after year, the Social Security Board of Trustees publishes an annual report that describes the program’s terminal financial challenges in excruciating detail.

They mince no words in plainly stating that Social Security pays out far too much money, and takes in far too little.

According to the 2017 Trustees report, “Trust Fund reserves become depleted in 2035.”

They’re practically giving us a date that we can circle on a calendar and mark “End of Social Security.”

The Trustees go on to lightly propose solutions, including an “immediate and permanent reduction” in benefits to all current and future Social Security recipients.”

And in case you’re wondering who these whack-job Trustees are, they include the Treasury Secretary of the United States, the Secretary of Health and Human Services, and the Secretary of Labor.

These aren’t just random people.

We’re talking about politicians at the highest levels of government who are telling us that Social Security is running out of money… and calling for an immediate and permanent cut in benefits.

Given the tens of millions of people who depend on the program, the consequences of either scenario would be catastrophic.

Sadly, this is not a new problem. The Trustees have been screaming for years that Social Security’s finances are unsustainable.

Yet year after year, the problem was ignored… which brings the end-game one year closer, and the ultimate solution that much more painful.

That’s what makes Social Security a gigantic supernova.

The star exploded years ago. But it will take until 2035 for everyone to realize it… though frankly it could be sooner than that.

People are living longer than ever before– the average life expectancy in the US is a full EIGHTEEN YEARS longer than it was when Social Security was conceived back in the 1930s.

This means that Social Security will have to pay out more money to more recipients for much longer than they’ve ever had to pay before.

This will be an enormous cost to the program.

Simultaneously, despite all the celebration of the low unemployment rate in the US, the Labor Force Participation Rate is still near a multi-decade low.

This means that there are fewer people in the work force who are actually paying in to the Social Security System.

According to its own projections, Social Security requires 3 employed workers to support one retiree.

And they watch this worker-to-beneficiary ratio very closely.

In 2010 it dipped below 3 for the first time, and in 2013 hit 2.8. The Trustees’ projections show it will continue to fall, to as low as 2.2.

So if you look at the big picture, a growing number of beneficiaries is being supported by a declining number of workers.

This isn’t rocket science– it’s pretty obvious what’s going to happen.

Yet the collective response is to simply ignore the problem… or outright refuse to believe it, as if this is some crazy conspiracy theory.

This isn’t a theory.

It’s simple arithmetic based on government data, backed by the same conclusions reached by the Treasury Secretary of the United States.

Now, the bad news is that none of us can actually fix Social Security.

And we sure as heck can’t convince someone to prepare for a problem that they refuse to acknowledge.

But we can easily do something about it ourselves.

After all, this is one of those MAJOR problems we’ve been talking about– and one that can easily be avoided.

The good news is that many of the solutions haven’t changed with the new tax law.

You can still establish, for example, certain self-directed IRA structures or a solo 401(k).

These structures not only dramatically increase your contribution limits (to more than $50,000 annually), but also vastly expand the universe of investment options– real estate, cryptocurrency, private equity, etc.

So ultimately you could save more, and earn more, for your retirement.

The Social Security star has already exploded. But it will take the light another 15+ years to reach us.

That’s plenty of time to prepare for anyone with the right education and the will to act.

Source

Simon Black is an international investor, entrepreneur and permanent traveler. His daily letter is both educational and entertaining, and we suggest that those who want unbiased, actionable information about global opportunities sign up for Sovereign Man’s free, actionable newsletter at http://www.SovereignMan.com.

From Simon Black of SovereignMan.com



Source: https://www.sovereignman.com/trends/social-security-proposes-immediate-and-permanent-reduction-in-benefits-22814/

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Total 23 comments
  • Tedx

    Well, what do you expect. Where do you think the money comes from that supports immigrants — both legal and illegal — in the US today? Who supports the unemployed since the extended unemployment benefits were terminated? The unemployable are collecting from SS now as “disabled”.

    Liberals who support and supported liberal immigration policy have no one to blame but themselves when SS goes completely broke. Only those who objected to liberal immigration have been ripped off.

    • kris

      Almost entirely agreed upon your comments. Besides quoting social security “benefits” granted to illegal immigrants (which is a huge burden), we miss emphasizing on the liberals violating the social security trust account and misusing it to funnel a wide range of slush accounts directed to financing their terrorist agenda and color revolutions as well, trillions of dollars in pentagon’s black budget, federal reserve depleting the us budget by trillions of us dollars on and on.

    • Reaper

      illegals do not receive SS, they receive SSI which is a totally different program. SS IS PAID FOR BY WORKING AMERICANS WITH THEIR OWN MONEY WHEREAS ssi IS funded by the government—furthermore if they paid back THE MONEY THEY STOLE/BORROWED FROM SS, it would last forever—but dolts like you don’t get that fact

      • raisnbran

        dont matter–they will pay it–just print more $$$$–they will buy a lot less but who cares..nobody thats in office

  • dakota

    No. The correct answer is that USA has been giving OUR SOCIAL SECURITY BENEFITS to tons and tons of foreigners. I’ve seen them in line at S.S. to get SOCIAL SECURITY BENEFITS. THAT’S THE PROBLEM AND THIS GOVT KNOWS IT. THIS ALONE CAN AND SHOULD CAUSE A REVOLUTION.

    • Reaper

      THEY DON’T GET SS, THEY GET SSI WHICH IS A DIFFERENT PROGRAM, SS IS PAID FOR BY WORKING AMERICANS WHEREAS SSI IS SUBSIDIZED BY THE GOVERNMENT—WAKE THE FCK UP AND GET OFF THE TRUMP TRAIN OVER THE CLIFF—FURTHERMORE, THEY’VE STOLEN AND BORROWED SO MUCH MONEY FROM SS THAT IF IT WERE EVER PAID BACK IT WOULD LAST FOREVER—-AND NOW THEY WANT TO TIE IT INTO THE CROOKED STOCK MARKET—WAKE DAFCK UP

  • Anonymous

    Translation: Those of us living pay check to pay check will starve or freeze to death when we are old after paying into the system our entire adult lives.

    • sarah

      Anonymous:

      Sadly many of those who receive Social Security now already do starve or freeze to death.

      Others die because the benefits of Social Security are so low the elderly have to decide between buying food or medicine. Or, from cold or heat exposure because they cannot afford adequate utilities.

      Without proper food, medicine, and heat or cooling many elderly pass away from one or a combination of those three things and their circumstances goes largely unnoticed.

      • The Troubles

        That explains why so many elderly migrate towards Arizona and a desert type of climate. Better for Arthritis and beats the heck out of freezing to death, It may get hot as hell in the summer, but relief is found inside Air Conditioned Malls. Makes sense to me. :cool:

  • The Troubles

    Perfect, crap all over the millions of people whom have honestly worked their asses off for decades pumping money into the broken SS system. Can anyone be surprised? Can anyone say “CON ARTIST”? :mad:

    :idea: :arrow: News Flash: These pile of shit elected idiots care nothing at all about the Voting block. Every last one of them, fleecing the crap out of the Taxpayers, laughing all the way to the bank. Hence they exit CON-gress as MILLIONAIRS. :eek:

    NWO idoits, every last one of them have been COMPROMISED. :roll:

    FATHER is watching them….all of them. :lol:

  • sarah

    MAKE AMERICA GREAT AGAIN

    Give back stolen and misused Social Security Account funds.

    Replace the money back into the Social Security Accounts with YEARS WORTH of reasonable interest added, that the government has LOOTED from Social Security.

    In the early 1960′s Social Security was understood to be a check issued to a WORK RELATED disabled employee, or as a retirement benefit to the RETIRING WORKER.

    The fund was not only LOOTED by Congress … it has been used to fund ‘OTHER’ people.

    Social Security is budget poor because the money was used for FRAUD and not the purpose that was originally intended.

    The American worker has been LIED TO and STOLEN FROM regarding the Social Security Fund.

    Imagine that.

    • Reaper

      WOW imagine that, a person who knows the truth while others point fingers at immigrants/ILLEGALS—-BRAVO MY FRIEND FOR TELLING THE TRUTH

    • Tom.E

      Spot on.This whole stinking system is corrupt to the core. This government has made all of us common folk debt slaves while serving the interests of the elite. Those who think they are living in a free country have been thoroughly dumbed down. Perhaps they’ll solve the SS problem with their slow kill eugenics agenda. Fluoridated water, GMOs, geoengineering,EMF,pesticides,et al. Most people can’t even look up at the sky and see it’s not normal. Chemtrail planes are spraying us like cockroaches on a daily basis wiith a toxic cocktail of aluminum sulfide, barium, and nano particulites.
      Imagine that.

  • Pink Slime

    Not a problem. We just raid their houses. :lol:

  • barebones

    Hopefully, if the Trump Republicans win big in the mid-terms, maybe some of the economic disasters imposed by Democrats on the nation during (and since) the Johnson administration (especially by Ted Kennedy) can be reversed.

    We all bear witness to the corruption and destructive nature of a Democracy. Time to return to a Republic!! I’m tired of at election time my intelligence being equated to that of some third-world leech with an IQ of an aborigine.

    Social Security was designed to benefit RETIREES not opportunistic thieves who depend on the largess of politicians seeking to secure re-election.

  • Miss M

    “They” stole/robbed the funds in S.S. a long time ago. These people “depending” on this tiny monthly income, from their own labor, WORKED for that money! It is THEIRS, not someone elses, to play with!

  • raburgeson

    So, now they admit publicly that it is a ponzi scheme that they sucked the people into. Add to that fact that they regularly steal from it like it is a personal bank account and you get a system crash. Bring out the hidden tech and their will be new products to make.

  • truck driver

    People milk the system like claim they are somebody’s caretaker when nothing is wrong with the person.

  • Anonymous

    Only then will there be a real million man march to DC, armed to the teeth and nothing to lose. This is probably what it will take to get the country back from the criminals. Now you know why we have been watching SandyHoaxes for the past years. They are desperate to disarm the public.

    • 2QIK4U

      If presidents and politicians screwing and kidnapping children didnt do it nothing will. Remember the entire fake news agenda was to coverup pizzagate. Unless Americans care more about thier dollar than a life?

      • 2QIK4U

        Dnc workers for clinton foundation in haitti is still in jail being caught kidnapping a bus full of children what did her direct boss Hitlary Cunton do? Run away and still lying. Trump shows his intentions in the last year of them all still free …… Hes had a full year and all i hear is you got a payrise and taxes cut. Both good but WTF

      • Anonymous

        Oh yeah it will because the sheeple cowards are too selfish and lazy to even protect their own children but when the Banksters take their earned money away, look out. That is the very one thing that will make sheeple grow balls.
        And remember, a wounded sheeple is a dangerous sheeple.

  • Reaper

    if they ever paid back the money, they stole/borrowed from SS it would last forever. how about demanding repayment of the stolen funds which people pay into out of their own pockets

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