And it's also producing a growth in debt to the United States that will weight very heavily in a country that has to address issues like having more old people to be covered by Social Security or by pension in the future. ↗
In fact, entitlement spending on programs such as Medicare, Medicaid, and Social Security make up 54% of federal spending, and spending is projected to double within the next decade. Medicare is growing by 9% annually, and Medicaid by 8% annually. ↗
The women who pass away before they receive Social Security, for them this is nothing but a tax from which they or their family will never receive a benefit. ↗
We must ensure that today's seniors' benefits are rock solid and find a solution that fixes Social Security for the next generation that is just entering the workforce. ↗
My grandmother lived to be 100 years old. Her grandmother was a slave, yet she was a college graduate in the Spellman class of 1917. She taught art for 50 years and she saved her Social Security checks for her children's education. ↗
While it is clear that we need to make some adjustments to protect Social Security for the long term, it is disingenuous to say that the trust fund is facing a crisis. ↗