Cryptocurrency: Solves Globally Bankrupt Social Security and Pensions

[grarpamp]

Billion of people around the world, hundred Million in USA, will
soon learn hard that they themselves would have been better
managing hodlers of what was stolen from their paychecks,
and better donors suppliers and uplifters to local charity care for
the local needy, than their corrupt wasteful bloated DemSoc Govts.


Social Security Will Be Bankrupt By 2033 On Current Trajectory: CBO Report

https://www.theepochtimes.com/social-security-will-be-bankrupt-by-2033-on-current-trajectory-cbo-report_5003529.html
https://www.theepochtimes.com/social-security-announces-biggest-payment-hike-in-40-years-heres-when-youll-get-it_4792404.html
https://www.cbo.gov/system/files/2022-12/58564-Social-Security.pdf

A recent report by the Congressional Budget Office (CBO) projects that
two major Social Security funds in the United States will dry out in
the coming decades, with one of them running out within the next 10
years as younger members in the programs are set to lose more than
older members.

    “If the gap between the trust funds’ outlays and income occurs as
CBO projects, then the balance in the trust funds will decline to zero
in 2033 and the Social Security Administration will no longer be able
to pay full benefits when they are due,” the CBO stated in its report,
published in December (pdf).

The Old-Age and Survivors Insurance Trust Fund will be exhausted in
2033 and the Disability Insurance Trust Fund will be exhausted in
2048, the agency said. If the trust funds are combined, the money will
be gone by 2033.

The CBO expects spending on Social Security to increase to 7 percent
of U.S. gross domestic product (GDP) in 2096, up from 5 percent of the
GDP in 2022.

During this period, revenues are only expected to remain at 4.6
percent of GDP, resulting in an ongoing deficit.

If Social Security outlays were limited to what is payable from annual
tax revenues, the benefit payments would be roughly 23 percent smaller
than originally scheduled by 2034. By 2096, the benefit payments would
be 35 percent smaller, with the gap remaining stable from then on.

In such a situation, the younger cohort born in the 1970s, 80s, and
90s would see their initial benefits reduced by 24, 27, and 28 percent
respectively. Their lifetime benefits would be reduced by 26, 27, and
27 percent, respectively.

For older beneficiaries born in the 1950s and 60s, initial benefits
would not be affected too much. Their lifetime benefits would be
reduced by 9 percent and 19 percent, respectively.
Protecting Social Security of Senior Citizens

In 2021, Social Security amounted to 17 percent of federal spending,
according to the CBO. Lawmakers are currently debating how to address
America’s debt ceiling issue, with some proposing cuts to Social
Security. The United States officially hit its debt limit on Thursday.

In a video message, former President Donald Trump called on GOP
members to not compromise on Social Security.

    “Under no circumstances should Republicans vote to cut a single
penny from Medicare or Social Security to help pay for Joe Biden’s
reckless spending spree, which is more reckless than anybody’s ever
done or had in the history of our country,” Trump said in the
statement posted to Truth Social on Friday.

    “Do not cut the benefits our seniors worked for and paid for their
entire lives,” he said. “Save Social Security. Don’t destroy it.”

The CBO projections come as Social Security benefits are set to
increase by 8.7 percent in 2023, which is the biggest boost in four
decades. In 2022, benefit payments were increased by 5.9 percent.

Despite the record increase in benefit payments this year, there are
concerns about whether it will be enough to keep up with decades-high
inflation.