Snitz explains how Social Security works. Sorry, how it doesn't work.
- snitzoid
- 2 hours ago
- 1 min read
The program is soon to go bankrupt, but no elected official in their right mind will mess with it. Why? Because millions of Americans depend on it, and saying "no" doesn't get you elected.
How much do people depend on Social Security?
From Pew Research
For many recipients, Social Security benefits represent a sizable chunk of their income.
In 2022, Social Security made up at least half of total personal income for 38.3 million people, or 63.2% of adult recipients, according to the SIPP data. For 26.5 million people (43.6% of recipients), it accounted for three-quarters of their income. For 16.4 million (27%), it was their only source of income.
One of Franklin D. Roosevelt’s original goals for Social Security was to “give some measure of protection to the average citizen … against poverty-ridden old age.” As of 2022, 7.8% of Social Security recipients lived in households with income below the federal poverty threshold, compared with 9.7% of nonrecipients.
The picture is different for SSI, which is aimed specifically at lower-income people: A third of SSI recipients live in households whose income is below the poverty threshold.
As the population ages, there are fewer workers left to fund the retirement of the elderly.
And the Social Security Fund is beginning to dwindle
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