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Economy

Liberal Utopia Inching Closer: Social Security Expected to Run Out of Money Sooner Than Expected

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Social security

If the novel coronavirus did nothing else, it gave Liberals a blanketed excuse for their horrendous policies. According to an annual government report, the Social Security trust fund most Americans rely on for retirement will be out of money in as soon as 12 years.

CNBC reports the 12-year prediction is “one year sooner than expected” and “the outlooks, aggravated by the Covid pandemic, also threatens to shrink retirement payments and increase health-care costs for older Americans.” Essentially, everything Democrats were already accomplishing, sans their lucky COVID-19 excuse.

The “financial outlook for Social Security and Medicare, two of the nation’s preeminent safety net programs, has deteriorated over the past year as Covid hastened retirements and caused a contraction in the size of the U.S. labor force” reports CNBC. Again, the result of Democratic policies and horrific government overreach under the guise of saving the world from the coronavirus.

CNBC reports:

The Treasury Department oversees two Social Security funds: The Old-Age and Survivors Insurance and the Disability Insurance Trust Funds. Those programs are designed to provide a source of income respectively to former workers who have retired at the end of their careers or to those who cannot work due to a disability.

Officials said that the Old-Age and Survivors trust fund is now able to pay scheduled benefits until 2033, one year earlier than reported last year. The Disability Insurance fund is estimated to be adequately funded through 2057, eight years earlier than in the report published in 2020.
Though the two funds are separate under law, the Treasury Department said the hypothetical combined funds would be able to pay scheduled benefits on a timely basis until 2034.

Senior administration officials said in a press briefing Tuesday afternoon that a spike in deaths among retirement-age Americans in 2020 helped keep the programs’ costs lower than projected. They added that the ultimate, long-term impact of the coronavirus is less clear as costs and revenues return to their extended forecasts.

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3 Comments

3 Comments

  1. Mia

    September 6, 2021 at 10:41 am

    Why do they act as if this is free money when WE pay into it abd its OURS already?? Vote Dems OUT!

  2. Linda L Belthius

    September 15, 2021 at 3:36 pm

    Just waiting for my age group to die off. My children and Grandchildren are going to pay the price for the Dems arrogance…

  3. 2tellthetruth

    September 16, 2021 at 10:49 am

    #VOTETHEMOUT! I VAPE AND HAVE FOR 11 YEARS. NOW THEY WANT TO TAX NICOTINE LIQUID, SO IT’S TOO EXPENSIVE TO QUIT SMOKING! UNLESS BIG PHARMA PROFITS YOU CAN’T QUIT SMOKING THIS WAY UNLESS YOU PAY 60% VAT TAX. IT’S THE SAME GAME, THE SAME PLAYERS! DEMOCRATS THINK THEY ARE ENTITLED TO OUR MONEY, LIVES AND EVEN OUR COMINGS AND GOINGS.

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Economy

Dem’s $3 Trillion Tax Hike Hurts Working Families and Small Businesses

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Tax

The Democrats’ almost $3 trillion tax increase proposal would deeply impact small businesses and working families. “This is the largest tax increase since 1968 compared to the size of the economy and the largest tax increase ever in nominal dollars” reports the Americans for Tax Reform website.

“Raising taxes on working families by increasing the federal corporate income tax rate from 21 percent to 26.5 percent” will be passed along to working families in the form of “higher prices, fewer jobs, and lower wages.”

As a result, the U.S. will have a combined state-federal rate of 30.9 percent. That rate is “higher than our foreign competitors including China, which has a 25 percent corporate tax rate, and Europe which has an average rate of 21.7 percent. The developed world average (OECD) is 23.5%” reports the website.

The Tax Foundation’s Stephen Entin states a tremendous 70 percent of corporate income tax is a burden to “labor (or workers)” in the form of wages and employment. In a 2020 study, the National Bureau of Economic Research found that 31 percent of the burden falls on consumers.

“A corporate tax increase will threaten the life savings of families by reducing the value of publicly traded stocks in brokerage accounts or in 401(k)s” as well as “higher utility bills as the country tries to recover from the pandemic.”

Small businesses will be impacted because “raising the top income tax rate to 39.6 percent, limiting the 20 percent small business deduction, expanding the Obamacare net investment income tax, limiting the ability of passthroughs to deduct excess business losses, and raising the corporate tax rate.”

The painful plan also increases the capital gains tax rate to 28.8 percent, adds a 16.5 percent global minimum tax, and increases the death tax by cutting the exemption level in half. Not to mention, $80 billion in new IRS funding would allow for the hiring of 87,000 new agents. “This would allow the IRS to audit and harass small businesses and American families for an additional $787 billion. It would hire enough new IRS agents to fill Nationals Park twice.”

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Economy

Biden Admin Approves Single Largest Increase in Food Stamps History

Democratic leadership brings the US one step closer to a government-dependent socialist nation

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food stamps

The coronavirus pandemic has allowed liberals and Democratic leadership to bring the United States one step closer to a government-dependent socialist nation. Beginning in October of this year, the food stamp assistance program will see its single largest increase in history.

The Associated Press reports “The Biden administration has approved a significant and permanent increase in the levels of food stamp assistance available to needy families – the largest single increase in the program’s history.”

Officially known as the Supplemental Nutrition Assistance Program (SNAP), assistance will increase by over 25% more than pre-pandemic levels for the roughly 42 million SNAP beneficiaries or 12 percent of the population. The aid package increases the average monthly per-person benefits from $121 to $157.

The Associated Press reports:

The increase is part of a multi-pronged Biden administration effort to strengthen the country’s social safety net. Poverty and food security activists maintain that longstanding inadequacies in that safety net were laid bare by the COVID-19 pandemic, presenting an opportunity to make generational improvements that reach beyond the current public health crisis.

Activists say the previous levels of pre-pandemic SNAP assistance simply weren’t enough, forcing many households to choose cheaper, less nutritious options or simply go hungry as the funds ran low toward the end of the month.

Stacy Dean, deputy undersecretary for food, nutrition and consumer services said in a report, “To set SNAP families up for success, we need a Thrifty Food Plan that supports current dietary guidance on a budget.” She added, “Too many of our fellow Americans struggle to afford healthy meals. The revised plan is one step toward getting them the support they need to feed their families.”

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