Social Security is, uh, short by $22,600,000,000,000 ($22.6 trillion)
Social Security is, uh, short by $22,600,000,000,000 ($22.6 trillion)
Harris & Trump ignored this... it works out to $172,000 every household in the US needs to pay
The Harris-Trump debate ignored this $22.6 trillion issue that most workers are worried about
If only someone could find a way of dressing up these voter concerns as dogs and cats in Springfield, Ohio
By
Published: Sept. 11, 2024 at 1:35 p.m. ET
We need another debate. PHOTO: WIN MCNAMEE
If only someone could find a way of dressing up the national debt, Social Security and Medicare as dogs and cats in Springfield, Ohio. Then maybe these issues would get discussed in a presidential debate.
The face-off between Vice President Kamala Harris and former President Donald Trump Tuesday night was memorable for a few things, most notably Trump’s line that “they’re eating the dogs, they’re eating the cats, they’re eating the pets,” which has now been helpfully set to the “Peanuts” theme music by a genius on the internet.
But for regular voters, what will matter more in this election are the dogs that didn’t bark — meaning the collapsing financial position of the U.S. federal government and what that may mean for Social Security, Medicare and taxes.
At last count, the trustees of the Social Security Administration reported there was a $22.6 trillion black hole in the fund’s accounts.
That’s equal to $172,000 for every single household in America. Yes, really.
Without urgent action, the trust fund on which most Americans depend for their retirement will run out of cash in 2035. If that happens, the trustees warn in their most recent annual report, beneficiaries would face “a reduction in scheduled benefits by an amount equivalent to a permanent 24.6 percent reduction in all benefits starting in 2035.”
The Committee for a Responsible Federal Budget, a nonpartisan nonprofit, reckons that the average dual-income couple receiving Social Security would lose $16,500 a year in benefits.
Social Security was the most-searched election issue in the U.S. in the week leading up to the debate, according to Google Trends data.
Social Security was also the most-searched issue in key swing states as of August.
So you’d think this would be a major subject in the debate, right? Not a chance.
https://www.marketwatch.com/story/the-harris-trump-debate-ignored-this-22-6-trillion-issue-that-most-workers-are-worried-about-e7d8dac5?mod=bnbh