News Story of the Day: How many workers in their 20s and 30s today expect to receive Social Security when they retire? Not too many. But older workers should not be anticipating too much from the system either as cuts loom over Social Security beneifts. With the federal government strapped for cash, the adverse effects of the coronacrisis will speed up the insolvency dates for Social Security and Medicare by a few years.
Since they depend on payroll taxes for funding, the two trust funds are at risk of runnng out of money in 11 years, down from the previous estimate of 15 years, according to the Congressional Budget Office (CBO).
The Committee for a Responsible Budget (CRB) said in a statement: “In other words, today’s youngest retirees will face a sharp 25% drop in their benefits when they turn 73.”
Chart of the Day: Are people no longer interested in the iPhone, or are they just more durable? Smartphone technology has become reliable in recent years, making consumers delay their upgrades. This might explain the drop in sales.
Illustration of the Day: Nancy Pelosi really made a fool of herself with salon-gate. But what’s worse is that she thinks she was set up and is failing to take responsibility for being a hypocrite.
Quote of the Day: Did you hear? The federal government is going to implement a moratorium on evictions. This will lead to a myriad of unintended consequences. Here is Mises President Jeff Deist:
The fallout from suspending rental contracts will be deep and long lasting. Many landlords will find their situations untenable and stop making mortgage and property tax payments. New rental housing stock will be depressed, as owners worry about the next suspension of rent payments now that the precedent has been set. After all, why wouldn’t moratoriums happen again when the next pandemic or financial crisis hits? Rental housing units will drop in price as more landlords abandon the business—setting the stage for commercial and private equity buyers to grab units on the cheap from individuals and small owners. Ultimately, foreclosures, evictions, and tax sales will happen no matter what the federal government does. The likely outcome is bigger players owning more and more of the rental housing stock, consolidating the permanent renter class and adding to the rootlessness many Americans feel. Even the most modest home ownership creates skin in the game and encourages better neighborhoods, while areas dominated by rentals lack the same incentives for improvement. And the new owners of rental units will pass all the uncertainty, risks, and potential losses on to millions of Americans in the form of higher rents.
Tweet of the Day: So, the Antifa shooter Michael Reinoehl has been shot and killed, but the mainstream media is already trying to depict him as far-right.
I’m already reading media reports that make sure to describe #MichaelReinoehl‘s victim as “Far-Right”
…but downplay or omit labeling Michael as AntiFa.
They’re trying to frame the killer as an everyday guy who got fed up, with the evil Trump supporting right.
Wow.
— Dennisix % (@DennisInSpace1) September 4, 2020
Video of the Day: Does the mainstream media ever get it right? Remember when they mocked President Donald Trump for warning that tearing down the statues of Confederate soldiers would lead to tearing down statues of George Washington and Thomas Jefferson? Oh, MSNBC and CNN.
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