For the first time ever, Social Security spent over a trillion dollars in a year. In fiscal 2017, the program spent $1,000,812,000,000 of Americans’ hard-earned tax dollars.
That staggering sum is enough that you could buy every team in the National Football League. And Major League Baseball. And the National Basketball Association. And the National Hockey League. And NASCAR. And you’d still have over half of your fortune in the bank.
The price tag for Social Security this year was almost twice as much as the United States spent on the military. The only thing the federal government spent more on was the Department of Health and Human Services.
Social Security spending is ballooning out of control, but it’s not fixing the problem. The program has been paying out more than it collects in tax revenue since 2010. By 2019, payouts to retirees will start eating into the trust fund. By 2029, the fund will be insolvent.
Our generation is fully aware of the problem. Over half of those of us in the next generation believe Social Security is heading for bankruptcy. 94 percent of us believe Social Security benefits will be significantly less than what current retirees are getting.
It’s time to fix the problem. It’s unfair to force the next generation to pay more in taxes to prop up a failing system that won’t be there for them when they retire.
Click here to sign the petition to fix Social Security