It’s no secret that the economy is in dire shape.
But things could get a lot worse for millions of Americans, thanks to Joe Biden.
If you are relying on social security, you could see a cut as big as 23%.
This is based on the Congressional Budget Office’s (CBO) own prediction.
This news comes off the heels of Congress passing a massive omnibus spending bill that no one had the ability to read in full before passing.
Yet… the House and Senate passed it.
And millions of Americans will have to pay the price.
Here’s what you need to know:
“The average worker could have three times as much retirement income if they had been able to own and invest their Social Security taxes—and even the lowest-income workers could have 40% more.” https://t.co/gjCifNfkmD
— Lane Harrison (@mlaneharrison) December 27, 2022
SURPRISE! When your Social Security benefits get cut, or you can't get to see a VA doctor, you're living in a cardboard box under a bridge, (and, oh yeah, where's my 2k covid check Joe), you'll know where the money went. https://t.co/oR9GJOd7fp
— Christopher Coleman (@CkColeman1) December 23, 2022
won't mean much after you cut their Social Security benefits
— That Driver Guy (@ThatDriverGuy2) December 27, 2022
The social security program has been sorely mismanaged by the federal government.
Yet, instead of fixing it, they continue to pass massive spending bills that only make inflation worse.
Not only does this hurt the pockets of those relying on social security, but it hurts the program itself!
The Epoch Times confirms a massive 23% cut in benefits is coming soon:
A new Congressional Budget Office report projects an even more dire outlook for Social Security’s future than was previously calculated. Without action to fix the situation, huge benefit cuts for recipients will begin in 2033. And preventing those cuts will require massive tax increases for working Americans beginning immediately.
[…]
Social Security has a spending problem. Social Security started out as a 2 percent tax, and the program promised to never take more than 6 percent of workers’ paychecks. Today, it takes 12.4 percent, and even that falls far short of the program’s ever-rising costs. The CBO projects that Social Security’s costs will increase by 42 percent over the next 75 years as its revenues remain stable. Protecting Social Security requires reining in its excessive cost growth.
Inaction means benefit cuts of 23 percent beginning in 2033. Current law requires that Social Security benefits come from within the program, so once the trust fund runs dry, Social Security will only be able to pay as much in benefits as it receives in taxes. That will mean a roughly $5,000 cut in annual benefits for a typical retiree and about $4,000 less for the average disability beneficiary. No one—not even 98-year-olds—will be exempt from these cuts.
To make matters worse, Democrats appear to be prioritizing other things over Americans.
First, Democrats are prioritizing the war in Ukraine.
Why?
We have no idea, but they continue to send billions to Ukraine.
Second, Democrats are prioritizing illegal migrants that are pouring in through the open southern border.
No wonder the social security program is a mess!
The same Senators that want to cut Social Security to “cut government spending” voted to pass a military budget that was $45 billion MORE than the Pentagon requested.
If you’re a Republican reading this, please take note—these politicians are fooling you.
— Nina Turner (@ninaturner) December 20, 2022
.@SenatorRomney: "The omnibus of $1.7 trillion is about one-third of government spending. It's not the whole government spending. It's one-third. Social Security, Medicare, Medicaid entitlements are two-thirds and it's […] adding to our deficit and debt." pic.twitter.com/So5SBR7sV0
— The Hill (@thehill) December 24, 2022
Nut sorter. Dowel inspector. Social Security still uses obsolete job titles from 1977 to deny thousands of disability claims — despite spending at least $250 million to try to update its system. via @reinlwapo https://t.co/jBZfIyuRNB
— Manuel Roig-Franzia (@RoigFranzia) December 27, 2022
Now, it turns out that the social security program is denying payments to those on disability!
The program is a mess!
This is all happening under Joe Biden, yet he isn’t getting the blame for this.
If it happened under President Trump, I can guarantee that the media would be covering this travesty 24/7.
According to the Washington Post:
Every year, thousands of claimants like Heard find themselves blocked at this crucial last step in the arduous process of applying for disability benefits, thanks to labor market data that was last updated 45 years ago.
The jobs are spelled out in an exhaustive publication known as the Dictionary of Occupational Titles. The vast majority of the 12,700 entries were last updated in 1977. The Department of Labor, which originally compiled the index, abandoned it 31 years ago in a sign of the economy’s shift from blue-collar manufacturing to information and services.
Social Security, though, still relies on it at the final stage when a claim is reviewed. The government, using strict vocational rules, assesses someone’s capacity to work and if jobs exist “in significant numbers” that they could still do. The dictionary remains the backbone of a $200 billion disability system that provides benefits to 15 million people.
It lists 137 unskilled, sedentary jobs — jobs that most closely match the skills and limitations of those who apply for disability benefits. But in reality, most of these occupations were offshored, outsourced, and shifted to skilled work decades ago. Many have disappeared altogether.
Since the 1990s, Social Security officials have deliberated over how to revise the list of occupations to reflect jobs that actually exist in the modern economy, according to audits and interviews. For the last 14 years, the agency has promised courts, claimants, government watchdogs and Congress that a new, state-of-the-art system representing the characteristics of modern work would soon be available to improve the quality of its 2 million disability decisions per year.
But after spending at least $250 million since 2012 to build a directory of 21st century jobs, an internal fact sheet shows, Social Security is not using it, leaving antiquated vocational rules in place to determine whether disabled claimants win or lose. Social Security has estimated that the project’s initial cost will reach about $300 million, audits show.
“It’s a great injustice to these people,” said Kevin Liebkemann, a New Jersey attorney who trains disability attorneys and has written extensively on Social Security’s use of vocational data. “We’re relying on job information from the 1970s to say thumbs-up or thumbs-down to people who desperately need benefits. It’s horrifying.”
If you think things are bad now, just wait until benefits are cut by 23%.
They will be cut by 23% in 2033 if Congress does nothing.
And considering that they’re only making economic matters WORSE, there doesn’t appear to be much hope that they will get this problem under control.
The worst part?
This problem is a crisis of their own making.
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!