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)

Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says (CNBC)

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).

The BHO Regime’s policy of artificially holding down market interest rates has its pros and cons.  One of the cons is for Social Security recipients, whose next annual Cost of Living Adjustment (COLA) will be very small.

Social Security benefit increase could be among lowest in decades

Social Security Warns Benefits Could Get Cut

The fact that people accept this as a fact of life is very sad.  A real world retirement account, where the custodian commingles the funds would find that custodian in prison for embezzlement.  In DC, they take our Social Security taxes and do nothing to protect it from theft and abuse, and in fact consider it wise financial management.

Social Security increase for 2013 could be lowest since 1975 – They have some strange methods of calculating inflation for seniors.  It’s hard to reconcile the real world increases in food and fuel prices with the government’s COLA. 

Social Security not deal it once was for workers –  As with all Ponzi schemes, the early investors make out like bandits, and it eventually implodes and screws the later investors.  We are in the latter phase right now.

Social Security heading for insolvency even faster –  Does this surprise anyone, that the government run Ponzi scheme is imploding?  Nobody can screw things up as quickly as the government.

As a result of this financial collapse, IRS has become even more aggressive and abusive in attempting to squeeze (extort) Social Security taxes out of people.

Why Do We Stick With Broken Social Security Model? –  The corrupt, insane SS system was destined to eventually implode from the very beginning.  No sane person would ever invest in a scam like this if the IRS didn’t put a gun to our heads to force participation.