America’s economy came to a screeching halt as Governors imposed “stay-at-home” orders.
But we’re just now seeing the consequences of these actions.
And now Social Security recipients are on edge after this shocking new report.
Millions of Americans are reliant on Social Security to survive.
But after decades of reckless spending, the entire system is on the verge of collapsing.
President Trump has tried to stem the tide, but due to both Democrats and Republicans tapping into the Social Security trust fund for years, it’s an uphill battle.
And with the never-before-seen levels of spending from the coronavirus response efforts, things today are worse than ever.
New studies show that Social Security could be insolvent before the end of the decade.
While prior estimates placed insolvency at 2035, the economic strain put on the U.S. economy from 30 million suddenly unemployed Americans, the system could completely collapse before 2030.
As older Americans lost their jobs, many eligible seniors are beginning to draw on the system even though they weren’t just months ago.
The hard truth is, unless both parties put aside their differences and work together on a solution – likely requiring it to be phased out – many Americans who paid in for decades could end up with nothing.
It’s hard to overestimate how devastating the system collapse would be for millions of Americans.
Republican Representative Steve Womack warned current efforts to save the system were like bailing “water from a sinking boat when you’ve got alligators nipping at you. And the alligators are Covid-19.”
“This is a train wreck that’s going to happen and you can see it coming,” he continued.
While younger Americans are already accepting the fact Social Security is virtually certain to not exist when they retire, many Americans who are nearing retirement age may find the stops will stop flowing when they need them most.
Leave a comment below to let Political Animal News know your thoughts about this story.
