Many economic and political factors jeopardize Social Security’s future—but debt default is the most serious threat of all.
This issue tops the list of Social Security threats because it encompasses many of the financial and policy problems the federal government has had for generations.
In addition, the issue impacts present and future retirees. Its far-reaching consequences make it a talking point that we all should be concerned with. If it isn’t addressed properly, it could be the end of retirement security as we know it.
The Debt Clock is Ticking on Social Security’s Future
The Seniors Center and our president Dan Perrin understand the dire impact a debt default could have on Social Security. It’s why we helped design The Debt Default Clock, which illustrates how pressing it is for policymakers to find an immediate solution.
Continued instability in government over the past decades has harmed the U.S. government’s financial capabilities. Not only has it resulted in a lower credit rating, but foreign creditors of the government are also limiting their investments, especially since many struggle with their own soaring debts. The result is fewer resources to go toward crucial programs like Social Security.
This problem has been building for generations and will continue to compound in the future. Some estimates say that within a decade, the deficit will double and the government’s interest payments will triple. If this happens, about half of every dollar will go toward paying the interest.
Remember, Social Security is supposed to be a Trust Fund, with funds separated from the general federal budget. But as of now, the government’s financial mismanagement and potential debt default could drag our retirement down with it.
Help The Seniors Center Protect the Future of Social Security
The Seniors Center is committed to finding solutions to strengthen and protect the Social Security Trust Fund. Social Security is a contract between citizens and the government. Money deposited in the Trust Fund should only be used to pay benefits to eligible recipients.
The Seniors Center is demanding Congress finally put a stop to the careless borrowing and spending by greedy politicians that has put our Trust Fund and our secure retirement in jeopardy.
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
