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Social Security: Sustaining The Unsustainable

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INCREASING BENEFITS INTO OBLIVION … 

By FITSNEWS ||  Social Security – the federal government’s ongoing Ponzi scheme – will raise benefits in 2015 by 1.7 percent, meaning the average retired worker will see their monthly check from Uncle Sam rise from $1,306 to $1,328 (or $15,936 a year).

Good luck with all that, retirees … oh, and good luck to all the current workers paying the extra payroll tax who will never see a dime from this program.

Anyway, Social Security benefits increased 1.5 percent this year – down from a 1.7 percent increase in 2013 (and way down from 3.6 percent increase in 2012).  These aren’t arbitrary decisions, mind you.  Social Security payments are tied to the consumer price index – which showed a 1.7 increase for the fiscal year ending in September.

Now, we’re from South Carolina (like Alan Greenspan) but we do know how to use a calculator.

And according to our calculator (which we checked twice), 58 million recipients multiplied by an average annual benefit of $15,936 equals $924,288,000,000 – or $924.3 billion.  If you extend that benefit to 64 million recipients, you wind up with an annual nut of $1.02 trillion.

Ouch, right?

Don’t worry, though … CNN didn’t do the math.  Nor did CNBC.  Nor did The Wall Street Journal.  In fact CNN says the bump will impact 56 million recipients, while the WSJ says it’s 64 million.

Who cares what this stuff actually costs, right?

It’s just the bankrupting of our country …

For those of you keeping score at home, the latest Social Security trustees report revealed something politicians in Washington, D.C. have known for decades: That the light at the end of the tunnel is an oncoming train.

The Social Security disability program (chronically abused as it is) will run out of cash in 2016.  The combined program will exhaust its surplus in 2033.

“Neither Medicare nor Social Security can sustain projected long-run program costs in full under currently scheduled financing, and legislative changes are necessary to avoid disruptive consequences for beneficiaries and taxpayers,” the report stated.

Yeah … the letters you’re looking for are S.O.L.

Don’t worry, though … Barack Obama and his allies have a plan.

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