It’s no secret that Social Security is running out of money. The FDR-era program was clearly not expecting Baby Boomers to retire.
Many experts predicted that this program would be out of money in ten years. But good news! Biden’s failing administration pushed it back… but not by much.
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From Fox News:
The annual Social Security and Medicare trustees report says the Social Security trust fund will be unable to pay full benefits beginning in 2035, instead of last year’s estimate of 2034.
The projected depletion date for Medicare’s trust fund for inpatient hospital care moved back two years to 2028 from last year’s forecast of 2026.
According to the report, “Economic recovery from the 2020 recession has been stronger and faster than assumed in last year’s reports, with positive effects on the projected actuarial status of the trust funds in these reports.”
Social Security released a report, pushing back the go-broke day for the program by one year. Now, they expect the socialist program to be out of money by 2035, instead of 2034.
That’s right, folks. You can keep collecting those checks for an additional year. Medicare did a little bit better. Instead of collapsing in 2026, it got two more years, 2028.
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That’s still only six years away.
The report is claiming that a “better” than expected recovery from the government-inflicted lockdowns of 2020 is boosting these projections.
That just means the government bled us dry of more tax dollars than they were expecting after we came out of their forced recession.
It still doesn’t change the fact that Joe Biden’s mismanaged economy is bringing pain and misery to all Americans, both retired and working.
Donald Trump was able to save SS and Medicare. His own experts wanted him to cut the programs. Instead, he managed to increase benefits.
But Joe Biden’s administration cannot do a victory lap about this. Millions of Americans saw their taxes go up this year, even as they struggled to make ends meet.
That is why they could push back these entitlement programs by a marginal degree.
But the end is coming. And Joe Biden and the Democrats have no intentions of fixing that.