You don’t have to believe us, here’s how the Congressional Budget put it.
Only A Decade Until Social Security
January 23, 2033
Without legislative action, CBO estimates that benefits would be automatically cut by 23 percent across the board upon insolvency.
We’ve pointed out many times that if Congress had simply allowed baby boomers the option of putting 10% of their paychecks into a 401k plan, they’d receive benefits almost twice as high as Social Security promises. Now they aren’t even going to get that. Now the CBO report confirms today’s young workers will get screwed even worse.
Bernie Madoff and crypto thief Samuel Bankman-Fried were pikers compared to Congress. Someone, please explain how a Ponzi scheme like this is a “success.”