Stories To Watch
|– Herman Cain is Out… CBS|
– Elizabeth Warren Proposes Free College… WSJ
– Bernie is Ok With Terrorists voting… Blaze
Hope nobody is planning on retiring after 2035 because if you are, I got bad news…
“Social Security’s costs are expected to exceed its income in 2020 for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.”
“By 2035, the trust funds for both programs will be depleted, and Social Security will no longer be able to pay its full scheduled benefits unless Congress steps in to shore up the program, according to the report.” WSJ I’m absolutely shocked that the world’s largest Ponzi scheme is about to come to an end!
When it comes to debating Social Security you usually have to deal with two types of idiots…
1) The “If Congress hadn’t raided that money everything would be fine” people. No. This is dead wrong and it exists on both the right and the left for some reason.
2) The MMT supporting “US Government can never go bankrupt and deficits don’t matter so don’t worry about it” people. Yeahhhh, about that…
First off, Congress has not raided the trust fund. The SSA explains, “Under both the 1935 act and the 1939 amendments, the accumulated reserves were invested in interest-bearing Treasury securities, with the interest accruing to the reserves.” So the money is accounted for it’s just not sitting in a bank account.
Second, deficits do matter and the every increasing obligation of Social Security is going to have a directly negative impact on our economies ability to grow in the coming years.
According to the latest report, by 2039 Social Security’s cost will equal 5.9% of the GDP from the current rate of 4.9%.
Something needs to be done and I will be talking with Romina Boccia from the Heritage Foundation at 7:06 am about solutions to this growing problem
IN OTHER NEWS…
H2GOING NOWHERE: A judge has ruled that the previous H2GO Board of Commissioners’ decision to dissolve the authority and convey its assets to the Town of Belville was unlawful… WECT
WILMINGTON WELCOMES A GIANT SHIP: The future pulled into the Port of Wilmington Monday as the port welcomed its largest capacity ship ever with the arrival of the Kota Pekarang… SN
VANDALS GOTTA VANDAL: Jody Michael Anderson, 22, and Enzo Moretti Niebuhr, 18, were charged with disorderly conduct by abusive language and defacing a public building or statue, court records show. They were arrested Sunday… N&O