Notice how coincidentally, no mention is made by the Washington Post of the effect of six million illegal aliens on the Medicare health system. Coincidence!

Social Security and Medicare will run out of money in just over a decade, a new report warned Monday, putting fresh pressure on Congress to address the nation's financial health as federal debt rises and the population ages.

The trustees for the massive retirement programs project that Social Security will be insolvent by 2035, and Medicare by 2036, which would force benefit cuts. That's better than many experts had expected, though last year, federal actuaries said the programs could go belly-up sooner. The report said the roaring job market and low unemployment rate means more workers are contributing to the programs, shoring up their finances even while record numbers of retirees enroll for benefits.

You won't be getting much Social Security payments

The rich should just pay more. No one needs more than 200k/yr.

(200k will be middle class by then)

Retiring next year to get back a little bit of what I paid in before the cuts come. And cuts are coming. They have to pay for the illegals that are flooding the country.

They probably start by raising the age for full and partial retirement. Then maybe means testing. Then reduction to cola, and finally actual cuts.

**** Mike Johnson. *******!

CheeseSndwch said:

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But I've been assured that illegal immigration is a net positive.

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An application fee of $1000 per person for every illegal who wants to apply for asylum, would generate enough money to make SS solvent for years.

I am surprised there are any illegals here at all. They are such great job creators back in their own countries there must be millions of job openings going unfilled.

geoag58 said:

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I am surprised there are any illegals here at all. They are such great job creators back in their own countries there must be millions of job openings going unfilled.

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Ive said the same thing before. These people are not the businessmen, academics, scientists , skilled professionals, etc running those countries. Those people are still in those countries.

This is simply Great Replacement.

Young Americans are starting out with more credit-card debt than generations before them. That financial burden can have long-lasting effects.

The rising debt load largely reflects a surge in prices for food and shelter at the start of their careers, coupled with a larger percentage of Gen Z who graduated with student loans. The average credit-card balance for 22- to 24-year-olds was $2,834 in the last quarter of 2023, compared with an average inflation-adjusted balance of $2,248 in the same period in 2013, according to new data from credit-reporting agency TransUnion.

Younger people with higher debt are more delinquent on credit-card payments and need to rely on family for help if they lose their job, say economists and financial advisers. They also often delay life milestones, including homeownership and marriage, say the economists.

"This is a generation that is feeling financial stress in a more acute way than millennials did a decade ago," said Charlie Wise, head of global research at TransUnion.

Lindsay Quackenbush was recently working for a publishing company that paid her $60,000 a year. The money was just enough for the 26-year-old to pay her portion of the rent for the New York City basement apartment where she and her boyfriend live. Then she was laid off.

May 7 2024 and the economy still sucks for young people

The cowardice of both political parties and their candidates is dramatically more responsible for this problem than illegals

Four Seasons Landscaping said:

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The cowardice of both political parties and their candidates is dramatically more responsible for this problem than illegals

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it isn't cowardice it is treason and greed sprinkled in with a little 3 letter agency blackmail.

Logos Stick said:

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Retiring next year to get back a little bit of what I paid in before the cuts come. And cuts are coming. They have to pay for the illegals that are flooding the country.

They probably start by raising the age for full and partial retirement. Then maybe means testing. Then reduction to cola, and finally actual cuts.

**** Mike Johnson. *******!

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You are correct Sir!

But we have such a hard working generation behind us who will make so much money to fund these programs!

DartAg1970 said:

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So, when SS collapses, do I get to keep that money from my paycheck or will they just keep taking it and put it towards something else?

Not sure how you do it, but I think people should get the option to contribute to SS or the same amount must go directly into another retirement account.

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LOL yes you get to pay even more from your paycheck, but for fewer benefits actually received by those taking benefits from Social Security.

because more and more elderly will start to qualify, and fewer workers are there to pay for it.

I love how they continue to advertise a SS "board of trustees", when in reality this ponzi scheme is no better than the briefcase full of IOUs from Dumb and Dumber.

Stanley Druckenmiller gives Biden's economic policies an 'F,' blames the Fed for reigniting inflation


PUBLISHED TUE, MAY 7 20248:29 AM EDTUPDATED AN HOUR AGO

Billionaire investor Stanley Druckenmiller on Tuesday blasted fiscal and monetary authorities, including Treasury Secretary Janet Yellen and Fed Chair Jerome Powell, for causing high inflation.
"Bidenomics, If I was a professor, I'd give him an 'F,'" Druckenmiller said.

Druckenmiller also called himself a "man without a candidate" as he feels a Donald Trump presidency would fuel inflation.

Stanley Druckenmiller: Why we're spending like we're still in the great depression is beyond me
Reckless government spending enabled by the Federal Reserve is hurting average Americans and endangering President Joe Biden's chances at getting reelected, billionaire investor Stanley Druckenmiller said Tuesday.

During an appearance on CNBC's "Squawk Box," the head of Duquesne Family Office who made his name betting against the British pound in the early 1990s blasted fiscal and monetary authorities, including Treasury Secretary Janet Yellen and Fed Chair Jerome Powell.

In addition, he called "Bidenomics" a failure and said consumers are paying the price in terms of higher inflation. "There does seem to be a lot more recognition ... of the fiscal situation facing us. Everybody seems to get it but Yellen, who just keeps spending and spending," Druckenmiller said. "I think it's dumb politically because it's causing inflation and it doesn't take a genius to figure out that the average American is getting hurt by the inflation."

Druckenmiller's comments come with the Fed still trying to bring inflation down, as policymakers have dashed investors' hopes for aggressive interest rate cuts this year. Getting markets enthused about rate reductions was a mistake because it set financial conditions "on fire," he said. "It seemed to me the Fed was in a perfect position. Inflation was coming down, financial conditions were tightening," he said. "To some extent, I feel like they fumbled on the five-yard line."

Druckenmiller gives Bidenomics an "F" grade

I anticipate that our "leaders" will concoct something and call it the "Social Security Rescue Act."

To avert a national "crisis", capital gains will be subject to an additional windfall surtax in the neighborhood of 10%. (And no, you'll be given no adjustment for gains related solely to the devalued fiat).

Taxing unrealized gains, although floated, seems beyond the pale, but nothing would surprise me.

Conventional wisdom has almost always said to defer income to avoid or minimize taxes; I'm beginning to think some may need to accelerate income to avoid the beat-down that's coming.

don't worry Americans! Newsweek assures us that REALLY the economy is just great!

It's just too hard for you to understand!

Leftist Media as always covering for leftist politicians

A majority of Americans think that the U.S. economy is heading in the wrong direction, according to an exclusive poll for Newsweek, with many blaming Joe Biden's economic agendaBidenomicsfor it.

But experts told Newsweek that the U.S. economy is doing relatively well, especially when compared to most other Western economies. The negative outlook on the economy that many Americans hold is likely linked to the fact that the economic picture is objectively complicated and hard to understand right now.

"The combination of economic indicators is confusing even for economists who spend all their time looking at these numbers," Stephan Weiler, a professor of economics at Colorado State University, told Newsweek. "This is just a very unusual combination of fiscal monetary and global circumstances, and that uncertainty is translating into pessimism."

DrEvazanPhD said:

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The rich should just pay more. No one needs more than 200k/yr.

(200k will be middle class by then)

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Rich do pay more.

Well I just signed up for Medicare last week,
so I have that going for me.


Which is nice.

LMCane said:

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Notice how coincidentally, no mention is made by the Washington Post of the effect of six million illegal aliens on the Medicare health system. Coincidence!

Social Security and Medicare will run out of money in just over a decade, a new report warned Monday, putting fresh pressure on Congress to address the nation's financial health as federal debt rises and the population ages.

The trustees for the massive retirement programs project that Social Security will be insolvent by 2035, and Medicare by 2036, which would force benefit cuts. That's better than many experts had expected, though last year, federal actuaries said the programs could go belly-up sooner. The report said the roaring job market and low unemployment rate means more workers are contributing to the programs, shoring up their finances even while record numbers of retirees enroll for benefits.

You won't be getting much Social Security payments

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Neither will "run out of money" as they will still have money, just not enough to pay current levels of benefits. But unless the printing presses all vanish, they won't even cut benefits. We will just be more overdrawn.

I hate Medicare. I had a great retiree healthcare plan pre 65.

The next democratic president after Biden(whenever that is) will forgive credit card debt and print more money. To them it's only paper.

no one is accounting for overdue debt on "buy now pay later" credit

they were discussing this on Fast Money CNBC last night.

I thinks its like another 780 billion dollars in the USA right now.

Weekly jobless claims jump to 231,000, the highest since August
PUBLISHED THU, MAY 9 20248:32 AM EDTUPDATED 11 MIN AGO

Jobless claims totaled a seasonally adjusted 231,000 for the week ending on May 4, up 22,000 from the week before.

It was the highest claims number since late August 2023.

Continuing claims, which run a week behind, increased to 1.78 million, up 17,000 from the previous week.

www.cnbc.com

It's way more than 6 million