This shouldn’t surprise anybody.
Social Security funds could run out of money sooner than expected, forecast warns (Fox Business)
Social Security Costs Expected to Exceed Total Income in 2021 as Covid-19 Takes Financial Toll (Wall Street Journal)
Accounting Critic Says Biggest Problem Facing Social Security, Medicare Is Trillions in Unfunded Debts (The Epoch Times) PDF version of this article
What is disappointing from a reporting perspective is that these supposedly objective news services use the term “Trust Fund” to describe the money allocated for Social Security benefit payments. It has been common knowledge for decades that there is no such thing as a separate secure bank account holding the FICA and Self Employment taxes that we have been paying in during our working careers. That money has been commingled with the Federal government’s general funds and pissed away like the rest of it.
As I often mention, if a private non-government custodian of retirement funds were to commingle that money, s/he would be sent to the slammer for a very long time, just as Bernie Madoff was. Instead, our rulers become multi-millionaires by diverting our “Trust Fund” to their campaign contributors (aka bribers).
Tax Guru - Ker$tetter Letter 