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Social Security

February 1, 2018

According to the Board of Trustees for Social Security (which includes the US Treasury Secretary, the US Secretary for Health & Human Services, and the US Secretary of Labor), the Social Security trust funds, “become depleted and unable to pay scheduled benefits in fusocsecll on a timely basis in 2034.”

That’s only 16 years from now.  Do you hear your elected representatives talking about this, much less, are they taking any action to avoid this eventuality?  The answer is a resounding NO.

The US national debt is careening toward $21 trillion (that’s $170,000 per taxpayer) with an increase of perhaps $1 trillion per year in the near future.  Think about this:  In order to just not grow the debt higher we would have to either cut annual spending or increase federal revenue by almost $1 trillion per year.  And yet your elected representatives are mute on this topic as well.  In fact, they just passed a tax cut that will add to the annual deficits.  Meanwhile, they stumble and lurch from week to week not able to agree on even the most basic of issues, ie. funding the government for already approved spending.

Ask yourself or ask an economist:  What is the outcome of our ever increasing debt?  The annual spending for interest alone is already the 5th largest component of the budget.  As the debt grows, the interest expense grows which requires more debt to pay the interest.  Do you see any solution?  More income (higher taxes)?  Less spending (dramatic cut to government services)?  Ultimately, no one will buy our debt.  That has truly dire consequences.

We need to let our elected representatives know that we expect them to own this problem.

 

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