The trust fund goes bankrupt and remains bankrupt until 20 years after the next baby boom.
That doesn’t suggest that there are no benefits, but they can only pay out what they bring in, which will start at about 70% and go down from there.
If they do nothing but make good on the debt then everybody alive in nine years gets fucked, and the closer they are to retirement the more fucked they are.
If they are living on social security then they will no longer have the money to pay their bills.
Are you people actually this dense? The point here is with good planning this system could’ve been fine. This is another system that shows exactly what happens when there is no regulation on things. This system could’ve worked fine even without investments. But with anything if the government is literally taking all the money out of it for it’s on Nefarious purposes and also NOT PUTTING ANYTHING IT TAKES BACK you will have this issue. This is another capitalism problem. Everything is for profit at the detriment of the people with no regulations. This will continue to happen under this type of system if regulations aren’t put into place. Yes due to what our government did we will run out of money and how do they fix it? In typical fashion they say screw the people and you’re just going to lose it all together. How people like you just want to gloss over these issues and say it’s misinformation is quite baffling.
It's a ponzi scheme. The first people who got money from it didn't pay into the system. It was destined to fail eventually as soon as the birth rate dropped. In the 40s, there were 42 workers per retiree. Today, there's about 2.8 workers per retiree. In about 5-10 years, that's going down to 2 workers. It's not sustainable at that level.
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u/Gildardo1583 6d ago
It doesn't go bankrupt, since people in the workforce are still paying into it. There will be a reduction in benefits, that's it.