Ugh. Seen the price of eggs lately? Up 16.1% in April, according to the Department of Labor's monthly Consumer Price Index (CPI). And that's not all. Meat, poultry, fish, baked goods, beverages, dairy are up. Fruits and vegetables too.
The idea behind most social security programs around the world is that everyone with a job gives up a portion of his/her wages to pay monthly benefits to people who are currently retired.
Longtime supporters of The Future of Freedom Foundation know that we have always called for the repeal, not the reform, of Social Security, Medicare, Medicaid, and all other socialist programs.
The first recipients of the Social Security program took out far more than they put in. Gen Z and millennials face a much different scenario.
Contrary to popular opinion, especially among seniors, Social Security is not a retirement program. There is no fund into which people have been contributing their money.
Writing at the Christian Post in "Will Social Security Go Broke?" Christian financial advisor Chuck Bentley recently answered a question about Social Security from a "Worried Millennial":
When God vested man with free will, He knew that when it came to charity, some people would choose to not help others in need. But that is the essence of freedom and free will -- the right to say either yes or no when it comes to helping others.
Many seniors today have convinced themselves that Social Security, the program that President Franklin Roosevelt's administration foisted on the United States in the 1930s, is a retirement program, one in which they have "contributed" their mon
Baby boomers might have paid into Social Security, but millennials and Gen Z are being asked to pay a lot more--for a program that will offer them less return.
We are on the brink of inter-generational strife. We have the political shortsightedness of decades past to thank for that.
From what beneficiaries will be paid to what workers could owe in payroll tax, big changes are on the way for America's top social program.
Social Security is a textbook illustration of how government programs go off the rails.
Ten years ago, at the peak of the global financial crisis, the Board of Trustees which oversees Social Security in the United States issued a stark warning:
The federal government sold your Social Security Number for FIVE dollars Welcome to our Friday roll up, where we highlight the most absurd and concerning stories we are following this week.
Social Security will become insolvent in just 16 years. Who says so? The people who run the Social Security Administration.
The post-WWII baby boom in the US peaked in 1960, when 4,257,850 live births took place. Those who were born in that year will reach the standard retirement age of 65 in about six years (2025).
The Nobel laureate wants to simplify drawing down retirement assets, which he thinks is 'way harder' than saving the money
We examine the reports that say our generation will find that social security has become insolvent.
Last week in its annual report, the US government reported that Social Security's long-term, unfunded liability now exceeds $50 TRILLION.
Social Security expansion bill poised to gain traction in Congress, targeting those who earn over $400,000
A lot can happen between now and 2034. If you were to listen to a consensus from experts, you'd hear Social Security could run out of money in about 15 years.
This doesn't make front page news... But it should.