Social Security: A Broken Socialist Dinosaur
21st June 2025
It seems many still harbor, or want to perpetuate, the illusion that our Social Security system is not in trouble.
Let me quote here from a press release from the Social Security Administration released March 31, 2023:
“The Social Security Board of Trustees today released its annual report on the financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2034, one year earlier than projected last year, with 80% of benefits payable at that time.”
In 2034, per the report, “if Congress does not act before then … there would be sufficient income coming in to pay 80% of scheduled benefits.”
It couldn’t be clearer. In 10 years, with no action from Congress, everyone will begin receiving 80% of what they are currently receiving, or promised, under the existing Social Security system.
Can anyone imagine getting a notice from a private retirement provider saying that in 10 years all beneficiaries will begin receiving 80% of what they were promised?
How did we get into this situation? It’s the wonders of government planning, of socialism.
Every entitlement program eventually leads to insolvency, because resources are limited but demand is unlimited. The problem with socialism is that eventually you run out of other people’s money.