Dennis W. Jansen is a popular economist who has researched areas like macroeconomics. He has a PhD in the subject and is an expert in financial economics. Sighting current issues in the US, he has come up with an alarming warning. He says that the social security that helps several retired people could run out in just a decade.
The program has been struggling to stay afloat since 2010 and has been having a cash deficit. So, it could be impossible to provide benefits to so many people. The current worth is about 2.7 trillion, but even that won’t be enough as several Americans are expecting the checks. As a result, the trust fund could run dry by 2035.
Jansen has studied social security systems. He says both Republican and Democrat administrations have failed to uplift the system. They have not taken any action in the last 3 decades to track the funds. How do they even expect the system to be self-sufficient over the years?
They have just raised taxes or cut benefits, thinking it will help. Moreover, he blames Congress for turning the system even in much worse shape.
Sorry American Tax Payers. American Government Has Unlimited Money For Foreign Wars & Illegal Immigrants But Nothing For Your Future
“The Social Security Administration said today it will be unable to pay full benefits beginning in 2035”
“Medicare’s go-broke date 2036” pic.twitter.com/GUxgH7AbLu
— Wall Street Apes (@WallStreetApes) May 19, 2024
He states that the current Trump administration is following the same path and reducing staff. They are truly confusing people about several changes and undercutting services. They also update who is eligible to receive the benefits and who isn’t. This is happening under their immigrant crackdown, too, as they believe so many have been receiving benefits.
Jansen came up with a plan to resupply the money and increase the supply of the social security trusts. According to him, over 67 million Americans over 65 receive these benefits. His part of a plan to bring the surplus is to bring back the Security Fairness Act that Joe Biden started at that time. This act deals with reducing the benefits for people who already have pensions.
These include firefighters and teachers, to name a few.
Social Security will be out of money in just 9 years.
Why? Because they already spent your Social Security invading countries, bailing out banks, and importing millions of replacement voters. pic.twitter.com/JZB3rzIUw8
— Peter St Onge, Ph.D. (@profstonge) September 30, 2024
If the current situation stays the same, the trust fund may be depleted even earlier by six months. So, his previous prediction may also be surpassed. He says that the changes could even impact the future growth of the system when it comes to federal expenses.
The need for an hour is a quick solution, as he emphasizes that slow changes will make the whole system nonviable by 2035. It could send millions of retired people into a financial crisis, pushing them into poverty.
In May, Social Security announced that retirees would receive multiple payments. So, Jansens’s warning makes even more sense. If you’re someone who wants to maximize your social security benefits, look into redoing the applications. Moreover, don’t file for benefits earlier as it’ll reduce the check amount.
