LFC Comments by T. Paine:
We found a website with some revealing financial statistics that may interest some of our readers. It led us down a rabbit hole dealing with pensions. It is the U.S. Treasury website. (fiscal.treasury.gov)
Here is a page from the report detailing the U.S. Government receipts and outlays for the month of December 2020, and for the fiscal year to date ended December 31, 2020. (the government year starts October 1st and ends September 30th)
For December 2020, the receipts for social insurance and retirement was $115 BILLION, but social security outlays were $117 BILLION and Medicare was $52 BILLION. This is a shortfall of $54 BILLION…..annualized that is a $648 BILLION shortfall. In the private sector, that would lead the business owners to be jumping out of windows….but in government it just means that the politicians have to get “creative”.
For December 2020, with the total deficit being $144 BILLION, that means that the shortfall in social security and Medicare amounts to 36.1% of the budget deficit.
Definition of a Ponzi Scheme: “A form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.”
Politicians long ago raided the Social Security Trust Fund to pay for some other boondoggles. They, in effect, lied, deceived and betrayed the average U.S. taxpayer that depended on Social Security in their retirement years.
We thought it would be interesting to compare the retirement benefits for government workers and teachers against the average private sector taxpayer.
The median teachers pension is $57,696 per year.
The average congressional pension is reportedly $41,000 – $55,000 per year with a top pension after 32 years of $139,000. [This does not include any side deals that they, or their spouses, may have with the Chinese Communist Party, or their local lobbyist, or any dark money payments to them.]
“In 2016, the median pension for adults over 65 who worked in the private sector was worth $9,262 a year. The median federal government pension, meanwhile, was $22,172, and for state and local government pensions, it was $17,576, according to the Pension Rights Center.Apr 16, 2018″
The poverty level for 2020 for 2 people in a household was $17,240 per year. So $9,262 x 2 = $18,524 per household – barely over the poverty limit.
“In 2018 federal civilian workers had an average wage of $94,463, according to data from the U.S. Bureau of Economic Analysis (BEA). By comparison, the average wage for the nation’s 118 million private-sector workers was $63,306.Aug 2, 2019″
The higher wages paid to federal civilian workers allows for donations to the politicians for their re-election campaign.
From a 2018 article by “Makeit”: “Paul Ryan (R), former Speaker of the House, and a Never Trumper, now enjoys the peace of mind that when he turns 50 — in less than two years — he will enjoy a defined-benefits pension of about $79K annually for the rest of his life, funded by the same taxpayers whose Social Security he’s been trying to cut or privatize his entire career,” writes Politico reporter Joshua Zeitz in a Tweet that has since gone viral.
“Addendum: Apparently he spent 4 yrs as a staff member before being elected to Congress, so the pension is closer to $85K,” Zeitz followed up, citing Business Insider’s report.”
LFC has arrived at possible solutions and the probabilities of politicians using the solutions to address the shortfall:
- Increase individual and corporate income taxes [Thumbs up from Biden/Harris]
- Reduce social security and/or Medicare benefits [Too much political risk]
- Reduce other outlays in health, national defense, etc.[Reduce spending??, no way is that happening unless the CCP tells Biden to reduce military spending.]
- Continue to create digital currency thereby devaluing current money supply [This has a real chance of happening.]
- Create a pandemic with a virus that targets only those eligible for social security thereby reducing the population of the “non-productive citizens”. [On no, they would never do that…wait, let me rethink that option.]
Do you want some more depressing news? We found this formation on-line. The Social Security and the Disability Insurance Trust Fund will be depleted in 2035! We have 14 years left of social security for seniors.
|Year of trust fund depletion – as of 2020|
|OASDI [Combination of both funds]||2035|
|OASI [Old Age Survivors Insurance]||2034|
|DI [Disability Insurance]||2065|
Let me make sure I have this right….
Biden / Harris want open borders to drive the average wages even lower for U.S. taxpayers, so their big corporate donors can make more profit. Then they want to provide welfare to untold millions more of illegal aliens to be paid by the U.S. taxpayers, with many barely surviving on social security, and the Social Security trust fund to be totally depleted by 2035!
Good grief Scotty, beam me up…there is no longer intelligent life on this planet.