It’s a fact: Social Security will run out of money, and not that many years in the future. From Simon Black at sovereignman.com:
On a deep, dark evening last June in the spectacularly celestial deserts of northern Chile, scientists made a phenomenal discovery.
It was a supernova… one that they named ASASSN-15lh.
This wasn’t just any supernova. It was the BIGGEST and BRIGHTEST supernova ever recorded.
Supernovas are exploding stars whose ejected mass and energy can create a light show so brilliant that they can sometimes be seen with the naked eye in our own night sky.
At its most luminous, ASASSN-15lh was over 500 BILLION times brighter than our own sun, and FAR greater than the previous record holder.
This is so bright that, according to one of the lead researchers, if it had been located within our own galaxy there would have been no darkness on earth for weeks.
Fortunately for us, ASASSN-15lh was from a galaxy far, far away– 3.8 BILLION light years away. So its intensity didn’t have much of an effect on Planet Earth.
Of course, such a prodigious distance also means that ASASSN-15lh actually went supernova 3.8 billion years ago.
The star was so far away from our planet that it took billions of years for the light from the supernova to reach us.
It’s mind boggling to think about. But in a way, the same can be said of many of the financial risks that we face.
Consider the exploding star of Social Security, one of the largest and most important pension programs in the world.
Literally tens of millions of people depend on it.
The Social Security Administration itself reports that 62% of recipients rely on the program for at least HALF of their income.
And further research by the Center on Budget and Policy Priorities (CBPP) shows that, without Social Security, 22.1 million Americans would fall below the poverty line.
Needless to say, major cuts to the program would have nuclear effects.
And yet, year after year, the Social Security Board of Trustees publishes an annual report that describes the program’s terminal financial challenges in excruciating detail.
To continue reading: Social Security proposes “immediate and permanent reduction” in benefits