Category Archive: Social Security Impoverishes

Jan 06

63 percent of Americans are one paycheck away from homelessness

If you save anything in modern America, you are an utter fool. Government policies, such as near-zero Fed interest rates, massive and growing levels of taxation and regulation, and increasing government barriers to entering most careers have hollowed out the financial strength of the American working class. New figures show that 63 percent of Americans …

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Oct 13

Social Security has Redistributed Hundreds of Billions of Dollars from Blacks to Whites

A 1996 Rand study authored by Constantijn Panis and Lee Lillard found that the average Black male loses approximately $10,000 to Social Security over his lifetime. Because Blacks have lower average life expectancy than whites, most of this money is transferred to white people. Social Security ranks second only to the institution of slavery as …

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Jul 11

U.S. Debt will Soon be more than 100 Percent of annual GDP, Official Warns

The U.S. national debt is now so large that it constitutes 74 percent of America’s annual Gross Domestic Product (GDP). Not since World War II has this percentage been so high. And today’s debt is not so much the product of a worldwide war but of the constant deficit spending required to pay for American …

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Jul 01

Greek Social Security checks are withheld from retirees as Greece defaults on national debt

Have you ever wondered about the future of American Social Security? What will happen when liabilities are larger than the credit of the country? A story today on Yahoo News revealed that retired Greeks who traditionally draw their government pensions in cash from their local banks are now finding that the banks only allow small …

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Jun 22

Research Problem: Can Anyone Devise a Method to Test Whether Medicare and/or Social Security Have Negatively Impacted General Health?

by Dr. Roger I. Roots A previous post on the fact that today’s senior citizens are generally sicker (but longer-living, due to medical advancements) than their predecessors got me thinking. Can this increased level of sickness and chronic illness among today’s populations be partially attributed to Medicare? Or to Social Security? This is not as …

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May 09

Woops! Social Security now expected to be insolvent within 5 years.

Here’s some big news. A review by Harvard and Dartmouth researchers has found that the Social Security Administration’s actuarial forecasts have been consistently overstating the financial health of the program’s trust funds since 2000. Specifically, the agency has been ignoring evidence that Americans’ life expectancy has risen more than the agency has projected. A more …

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Apr 22

Social Security is a massive transfer from the poor and minorities to whites and the affluent

Columnist Star Parker is out with a brilliant column today: Here’s the conclusion of a 2013 study published by the Urban Institute in Washington, D.C.: “When considered across many decades — historically, currently and in the near future — Social Security redistributes from Hispanics, blacks and other people of color to whites.” According to the …

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Apr 08

Social Security Continues to Impoverish Seniors: 1 in 3 Will Live in Poverty in Response to the Program

Social Security is a program that takes money from poor people and transfers it to richer people. To the extent that America is defined by class structure (which can be debated), the poor tend to start working earlier in life, to pay into Social Security (and Medicare) longer, and to die younger. The rich tend …

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Mar 24

The “Scariest Chart in the World”: After Decades of Government Anti-Saving Policies, Half of Americans Save Nothing

The Business Insider is out with a chart showing that almost half of all Americans (47 %) save nothing and live paycheck to paycheck in response to decades of government policies that punish savers. Chief among the government’s anti-saver policies is the Federal Reserve system, which has set interest rates artificially low for more than …

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Mar 24

Urban Institute: Social Security Transfers Wealth From Poor to Rich

A 2004 study by C. Eugene Steuerle, Adam Carasso and Lee Cohen of the Urban Institute, entitled “How Progressive is Social Security and Why?,” found that Social Security is a massive transfer from poor groups to rich Americans. Although “Social Security was designed to redistribute income from those with higher lifetime earning to thos with …

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