The Economic Policy Institute says "for 90% of households, Social Security is the most important thing in their portfolio".
According to a report from the Congressional Budget Office, Social Security accounts for about 20% of Americanss' wealth, and in many cases, is the only source of income for people in the USA.
We know there are currently at leasst 68 million people who receive Social Security benefits, and one in five Americans collcted these benefits in 2024. In fact, only 3.3% of Americans will not qualify for Social Security in their lifetime. These recipients currently include retirees, children, disabled Americans, and immigrants who are paroled in the United States, admitted as refugees, granted asylum, as Cuban or Haitian were granted conditional entry, or several other categories.
Given that millions of immigrants were allowed into this country under some of these categories, it only makes sense that the money available to pay our to those who worked under Social Security long enough to qualify for benefits will be less in coming yeas – and, in fact, we are being told that Social Security reserves will be exhausted and benefits will be automatically slashed by 17% after2035.
Now we learn that the windfall elimination act and government pension act are closer than they have ever been to being done away with in Congress. The promise is on the horizon that reduced benefits will go away for all new entrants to Social Secutiry and for those whose benefits were reduced before 2024. How can this possibly happen if the system is only 10 years away from slashing benefits? And does any of this set off alarm bells for you?
We need to get our heads out of the sand and find out why we are bringing millions of people into our country without a plan for sustainability of the benefits, including Social Security, to support them. Obviously, without a plan, these funds won't last forever – for any of us!
Sue Rice
Ohio
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