The Social Security Administration will hike payments 8.7% for retirees starting next year, the largest increase in 40 years.
Because of the government's lack of accountability and financial responsibility, it’s no surprise where we stand economically with record high inflation. With rising prices means the power of the dollar is decreasing, causing the government to take steps to provide retired Americans with more money to counter the effects of inflation.
Qualifying recipients will now receive a maximum monthly payment of $4,194. With the large increase comes an even greater mistrust for future generations, who continuously fear when the government’s funds may one day run dry.
Analysts estimate Social Security insolvency may occur by 2034 unless action is taken by Congress. Data shows federal programs face a $3 trillion shortfall over the next decade as a result of mismanaged money.
It’s almost undeniable that the most irresponsible money manager is the federal government.
Social Security collection did not start in America until 1935 during the Great Depression under FDR’s New Deal. Times were different in America, but today, it's not a sustainable program to keep paying out retired Americans who are living longer than when the program was first introduced.
Will we have enough money to pay out the generations currently paying into the federal program? Generation after generation, Americans keep wondering when this stash of cash will disappear for good.
With this becoming more and more of a possibility, should we continue to be forced by the government to put a large chunk of our paycheck into this reckless, untrustworthy system?
Undoubtedly, Social Security payments offer quite the controversial arguments in favor of and against. With either opinion, it’s true Americans give about 6% of all of earnings away to hopefully regain one day.
For those who prefer self-governance and personal responsibility, shouldn't it be an option to op-out of this failing government program?
Less government seems to always be the better option, which is why COS is pushing for term limits, budget requirements and limits to the government's size and power.
To show your support for the Convention of States movement, we encourage you to sign the COS petition below.
