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August 12, 2016
The Daily Walk with Miracles
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How Much Is Social Security in Danger:
What the Facts Suggest
“The Fund” will run out of reserves about 2037
The Daily Walk with Miracles, August 12, 2016, by Paul Evans. Featured image/Social Security card courtesy of BSWLLC.com
There have been some alarming articles the last few days by credible sources warning that Social Security as we know it is about to end. For example, the alarmist headline in the Sovereign Investor runs The End of Social Security (Leaked Evidence Stumps Obama, Stuns Retirees.), a headline featured by no less than CenturyLink, and also How to Prepare for the End of Social Security on U.S. News & World Report, Money page. The Sovereign Investor did properly assess the dangerous state of the economy, with the quoted authority “Davidson warn(ing) that a 50% stock market collapse is looming, that “real estate will plummet by 40%, savings accounts will lose 30% and unemployment will triple.”
From what I can see this is well within the realm of possibility. See From The Federal Reserve To A New US Republic Via A Global Currency Reset, The Daily Walk with Miracles, August 11, 2016, by Paul Evans, where I describe “the calculated ‘bubble’ created by the Federal Reserve and the investment banks. Unbelievably, according to the linked video’s excellent sources, $552.9 Trillion are invested in derivatives, mostly by just a few huge banks. This dwarfs even the U.S. national debt, which by the way now stands at $19 Trillion. The derivates market stands at 7 times the total goods and services produced by the entire world. When this bubble bursts, as it will, the IMF (International Monetary Fund) stand ready to institute a totally new system, with a global currency reset, but the U.S. will find itself in very hard times, worse than the Great Depression of the 1930’s. This is completely the fault of the greed of the largest investment banks in the “wild wild west” of the derivatives market.” In this article I also describe the terrible situation America faces, The Next Debt Crisis? U.S. to Face $127 Trillion in Unfunded Liabilities By 2027, GeneralOpportunity.org, August 13, 2015, by Melanie Pfeifenberger, which fact I had initially found from the reliable source, Forbes. The remedy for the situation will likely be traumatic to the average American.
However, the Social Security Trust Fund is an institution theoretically entirely outside of the U.S. budget. As it stands now, it looks the “the Fund” is adequate to continue a full payout of benefits until about 2037. When the Fund is exhausted then, the revenue paid into it will be adequate to continue payouts to American Social Security and SSI beneficiaries at about 78% of its current amounts. Did you know that Americans pay Social Security taxes up to about $113,000 income a year, but income above that is not taxed for Social Security purposes? It was proposed to additionally tax income above $250,000 a year but this got nowhere in Congress. Nonetheless, the Brookings Institute has proposed ending Social Security benefits for the very rich, and Social Security’s viable lifetime would evidently be well extended if some amounts above the “cap” of $113,000 a year were made taxable for wealthier Americans.
The situation with America’s untenable, greedy, poorly conceived investments in derivatives, and our unfunded mandates going forward, do raise the possibilty (as evidenced by the dire headlines), that the Congress is getting ready to raid “the Fund.” It’s been done before, and the United States is about the enter very tough economic times. One can only hope that the rich, influenced Congress is reasonable and that average Americans insist on their dignity as taxpayers so that the Social Security Trust Fund is largely left alone. As a monetary entity it stands entirely outside the budget and Christian morality suggests that it should be left for the purpose for which it was intended. Many millions of Americans are depending on it.
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