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344
Musk targets Social Security with blatant misinformation
Yes. If you wanted to really press the point, you could go back to the 1980's when the issue was critical. Allan Greenspan had the commission on funding. It's easy to blame politicians though. Every time they want to reform, people come back and complain that they won't contribute more or accept reduced payments. maybe it's time for the US population to put on their big boy pants and deal with the issue and accept the changes of increased contributions and/or limited benefits. -
344
Musk targets Social Security with blatant misinformation
It can be said. The trust fund is nothing but IOUs. This means the federal government makes up the difference via more debt or from the general fund.- 1
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344
Musk targets Social Security with blatant misinformation
This started in 2010. It's been over 14 years, and Congress has not addressed this problem. https://www.pgpf.org/article/lawmakers-are-running-out-of-time-to-fix-social-security/ -
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Musk targets Social Security with blatant misinformation
It most certainly can. The US Congress decides the funding for the Social Security administrative budget. The 2025 administrative budget is $75.7 billion. This money comes form the US taxpayer. You have confirmed that the Social Security payments program is supported by the payroll tax and a self-employment tax. You do not deny that excess contributions were required to be invested in US debt. The interest on the debt is paid by US taxpayers. The investment principal is guaranteed by US taxpayers. Yes, Social Security payments would be required to be reduced if the Trust fund is exhausted. However, the reality is that while there is no law in place that requires taxpayers to make up the difference, the economic impact of a shortfall would be devastating. The US experience has shown that there would be a bail out using taxpayer money. This was done for the auto industry and the banking industry. The Social Security payments represent 5% of the US GDP. It is considered a too big to fail part of the economy. 90% of the elderly income is derived from social security payments.
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