The Social Security scandal got even worse this year. Social Security, the pension system on which nearly all of us will rely, hurtled closer to disaster this year after another twelve months of political inaction and disastrous returns on the fund’s investments. Stop me if you’ve heard this one before.
Data from the Social Security Administration’s trustees show that during 2023 the fund missed out on most of this year’s investment gains, costing America’s working stiffs hundreds of billions of dollars in lost returns. Instead the fund actually underperformed the official inflation rate, meaning that during a year when stocks and bonds both ended up booming, and inflation plunged, the Social Security trust fund managed to lose money on the markets in real, purchasing power terms. I just cannot understand why Social Security is in such financial trouble. Or why it is heading for insolvency within a decade! Maybe all those talking heads in Washington and New York are right! Maybe it’s because we’re all too greedy. Or we’re not having enough babies. Either way, I guess there’s just no alternative to “cutting” it …
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Data from the Social Security Administration’s trustees show that during 2023 the fund missed out on most of this year’s investment gains, costing America’s working stiffs hundreds of billions of dollars in lost returns. Instead the fund actually underperformed the official inflation rate, meaning that during a year when stocks and bonds both ended up booming, and inflation plunged, the Social Security trust fund managed to lose money on the markets in real, purchasing power terms. I just cannot understand why Social Security is in such financial trouble. Or why it is heading for insolvency within a decade! Maybe all those talking heads in Washington and New York are right! Maybe it’s because we’re all too greedy. Or we’re not having enough babies. Either way, I guess there’s just no alternative to “cutting” it …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]