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US may be writing checks it can't cover when it comes to the promises being made -- senior citizens Fox News -- -- ankle joining us now with part four.
-- of his series that looks at our nation's debt did some Social Security is is the most popular program ever created but like everything else and government.
Is it now in trouble -- -- I'm afraid so.
And that is a big problem because everything about Social Security -- big take a listen to this this.
It's the biggest tax that most workers hey it's the biggest source of income for most retirees.
If the biggest spending program the federal government bigger than the Pentagon figures and Medicare.
So we have problems -- -- program associated they're going to be big problems.
We've already got 78 trillion unfunded obligations.
We need to go -- and try to restructure so that people know what they can count on.
And so that we haven't solvent sustainable secure more savings oriented system.
Now most experts say what -- is done to say the system has to be done soon.
Because it would be unfair to make changes people already in retirement and thirty million baby boomers.
Are just starting to retire date -- let you look at your paste job and you see a Social Security tax coming out of every paycheck.
So doesn't Social Security have this dedicated line of revenue.
Well you think so -- you -- but.
I have bad news David the money is gone Social Security has been taking -- far more than -- pays out for decades but that money wasn't being -- waiting for the boomers retire instead the government has been borrowing and spending it every year and giving Social Security IOUs.
The problem if the government doesn't have -- extra money to pay back those IOUs.
So -- will have to borrow the money because it's already trillions in the whole lesson.
That means getting it from investors in the US and getting it from China.
At some point those folks are gonna say we're not going to lend you anymore money and that's when the music stops and things get really really hard federal government.
The federal government's got to go out and barred from.
For mothers and you know predominantly foreign lenders.
Because it's already spent the money you know people talk about the lockbox.
A lockbox was picked a long time ago.
Sitting here saying we thought gen XY and -- we're gonna pay for us once we retired but this comes at a very bad time no matter what this does that with the baby boomers retiring.
And of course we've got an aging population that's looking a lot longer.
That is exactly right and this couldn't come at a -- time in fact you'll have at least the thirty million more people qualifying -- security we talked about over the next twenty years.
And we'll have fewer workers paying into the system to keep it solvent.
In the early days after it was created there were more than sixteen workers per beneficiary I was in 1950 by 1960 it was down to five workers -- senior.
By the 1980s it was down to three to one and were headed to two to one.
Making it that much harder to fix over the long to.
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