Say goodbye Social Security this year? If it isn’t a permanent farewell, it is at least a warning shot of how insolvent the retirement Ponzi scheme system really is.
Social Security is projected to cost about $1.15 trillion this year, and it is supported by payroll taxes. Since 22 million Americans are out of work, Social Security is going to take a major hit, even if it is only a few months of steady revenues.
The beast is being starved, and it is only a matter of time before it becomes as hungry as Rosie O’Donnell at the buffet.
Today, Social Security is paying out more than it is taking in. Within 13 years, its reserve will be empty, which means it will only be able to pay three-quarters of scheduled benefits – two years ahead of schedule thanks to the coronavirus.
For some reason, it seems like the government will somehow bail out the Social Security System with excessive taxation or egregious money-printing. Until then, Americans may need to prepare for a 25 percent haircut.
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