As a geezer I collect a healthy sum from SS every month (including tax free for my step daughter) even though I continue working and am earning the most I've ever earned (albeit not considering inflation).
For those of you whining about discretionary spending... it's actually tiny compared to what is mandatory.
In fact, the Ukrainian aid bill is absolutely miniscule when you consider the following:
The government expects to spend $6.011 trillion in 2022.
More than 65% of that pays for mandated benefits such as Social Security, Medicare, and Medicaid.
Discretionary spending pays for everything else. It will be $1.688 trillion. .
Interest on the U.S. debt is estimated to be $305 billion and increasing!
Interest on the approximate $30 trillion federal debt is the fastest-growing federal expense.
The CBO expects net federal interest costs to double by 2031 and triple by 2051.
Mandatory spending is estimated to be $4.018 trillion in FY 2022.
This category includes entitlement programs such as Social Security, Medicare, and unemployment compensation. It also includes welfare programs such as Medicaid.
Social Security will be the biggest expense, budgeted at $1.196 trillion.
It's followed by Medicare at $766 billion and Medicaid at $571 billion.
Social Security costs are usually covered by payroll taxes and interest on investments.
There was more coming into the Social Security Trust Fund than was being paid out until 2010.
In 2021, Social Security benefits paid out exceeded the income from investments for the first time since 1982.
The Social Security Board of Trustees estimates that Social Security's Trust Fund will be depleted by 2033., which sucks because I am extremely healthy and everyone in my family lives to 100 or more.
Medicare is already underfunded because taxes withheld for the program don't pay for all benefits and Congress must use tax dollars to pay for a portion of it.
Medicaid is 100% funded by the general fund, also known as "America's Checkbook." This account is used to finance daily activities and long-term operations of the government.
Notwithstanding the whining that COVID caused an early departure of some of my fellow seasoned citizens, it will not dent the debt the rest of us shall leave you all.
If we boomers' parents were the Greatest Generation... we are the Least Caring Generation for the nation's future.
Nevertheless, THANKS!
And don't curse me when you see your SS withholding in your next pay stub.
I EARNED IT!
the future. UK leaving the EU was the first evidence. Putin has ruined Russia for decades. China is communist far away from the economic power, Covid ruined everything for them. Manufacturing in the US and UK is rushing away from China. Belt road is done. The dollar is king. I see nothing on the horizon that will take our world leadership away. That is unless the stupid politicians we keep electing fuck it all up.
Us.
It needs tremendous reform though for the rest of us that won't be retiring until well beyond 2035. Congress taking from the fund and leaving IOU's was disgraceful.
It is arguable that these are the greatest factor for inflation.
But no politician dares to mention this.
I suspect we are screwed.
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