This blog is not yet monetized and I am in the process of building it up. Please consider donating to help me in the process. I would greatly appreciate your support! Venmo: @Anthonyallday Bitcoin wallet: 3GrTsRCYCniMioe8pUaK2Sf39f7Vc9zPdM Dogecoin wallet: DAk4gTJRSRExS4Uiy3S9xbRfyr2CnJD5jt Social Security was a system of social insurance mainly for retirees implemented under the Franklin D. Roosevelt administration. It has been a staple of American society for generations now. However, we are coming up at a crossroads. The Social Security fund has barely survived by still collecting more in income (in tax revenue and interest) than it gave out. 2022 is expected to be the first year since 1982 that it will not. Without any changes, it would remain that Social Security would give out more payments than it takes in in revenue for the foreseeable future.
Needless to say, the system is not sustainable. No business would be able to survive while spending more than they receive in revenue. The only advantage that Social Security has is that the United States government routinely disregards the national deficit, and the Federal Reserve can print as much money as it so chooses. These two things could keep Social Security going for another decade or two, but realistically, not much longer than that without serious harm to the economy. There have been proposals to privatize Social Security but so far has been no action. I’m not sure a clear solution is in sight. However, it is clear that something needs to happen in order to be fair to the younger generations that I’ve been paying into the Social Security fund and expecttheir payments when it is their turn for retirement.
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