A new release from the Biden-Harris regime’s Treasury Department under Janet Yellen has released new findings that show the fallout from the gross mismanagement of the COVID19 outbreak will be felt by the American people for DECADES to come. Whether the disease stops in its tracks tomorrow or not, the American taxpayer will feel the pinch from Biden’s catastrophic “American Rescue Plan” and the states’ brutally destructive COVID lockdowns for years and years as the Social Security Trust fund is now set to run out in just 12 years, a full year earlier than most estimates figured.
“The Social Security trust fund most Americans rely on for their retirement will run out of money in 12 years, one year sooner than expected, according to an annual government report published Tuesday.
The outlook, aggravated by the Covid pandemic, also threatens to shrink retirement payments and increase health-care costs for older Americans.”
The Treasury has reported that according to its estimates of worker productivity, in spite of a return to pre-COVID trajectories their GDP figure is assumed to be “permanently lowered by 1%” due to early retirements triggered by the 2020 lockdowns which contracted the size of the labor pool. What they fail to mention is how many people have chosen simply to NOT return to the workforce as a result of the COVID stimulus and extended unemployment benefits which have severely exacerbated the economic impact of COVID. Medicare has also been adversely affected due to increased hospitalization of older patients, Medicare’s hospital insurance fund is expected to be depleted in 2026.
“The finances of both programs have been significantly affected by the pandemic and the recession of 2020,” the Treasury said in the new materials they released. The combined impacts of a massive decrease in employment, refusal to return to the workforce, artificially manipulated interest rates, earnings, inflation, and GDP, as well as increased mortality for the next few years. “all significantly impact the outlook of the programs.”
The Treasury Can’t Fix This, SSI And Medicare Are Unworkable
The problem ultimately is demographic in nature. The United States of America in particular and the West, in general, are in a state of demographic collapse, running at below-replacement levels of birth rate. More people die every day than are born and people are living longer. In total, the Social-Security/Medicare model has become unworkable and must be eliminated in favor of a free-market solution. If Congress fails to take action then the old derisive reaction many Republicans have given about Social Security for decades will be true. “Social Security? It won’t be there for me.”