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Social Security – Make sure you get what you are entitled to or else July 13, 2015

Posted by hslu in Debt and deficit, Economics, Taxes.
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The U. S. government is broke. The U.S. national debt is $18.3 trillion, about 105% of American’s GDP as of this moment on July 12, 2015. Economists have been saying that each American owes something like $57,000 the moment he or she is born but this figure is meaningless because only people with income is potentially subjected to federal income tax.

According to the latest IRS tax return data, 136.1 million taxpayers reported adjusted gross income of $9.04 trillion and paid $1.1 trillion in federal income taxes in 2012.  As a result, each tax payer owes $134,502 whether we like it or not.

So, will America become Greece someday? Will the national debt be paid off one day?

The answers are yes and no: America will be Greece some time in the future and the national debt will not be paid off; ever.

But, don’t tell this to the politicians because they are working on this very issue as we speak.

 

 

Are you kidding me? Where are they going to get the money from? Tax the rich again?

Well, they have better ideas: our social security benefits.

Yes, they are trying to work on social security benefit reform; better known as social security benefit cut.

Take a look of this:

Slide1Consider you’re forewarned here.

The bottom line is this: take what you are entitled to  and do it fast. It may take them a few years to get this into law but both Republicans and Democrats are working on it.

 

What is sad about this is American tax payers are doomed and they have no idea of what’s coming.

 

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Comments»

1. anniepani - July 19, 2015

Let’s face it there just comes a point where debt has to be written off. Life will go on. Some will suffer but the aim of any policy must be to restrict the damage as much as possible. What really matters is what current and future cash flows are available. If the US economy is so hollowed out it can only function by borrowing, then that’s the real problem.


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