Money Sense

[Herman]

n more alarming news about the state of Social Security, some experts are warning that up to 20% in payment cuts could be coming as early as 2032, unless Congress intervenes with measures to preserve funding for the program.



Upwards of 66 million people currently receive benefits, with the average coming in around $1,691, according to January 2023 data from the Social Security Administration (SSA). Cuts of 20% would see payments shrink to $1,352, which is going backwards from the progress made to increase benefits through cost of living adjustments (COLAs), the latest of which came earlier this year and bumped payment amounts by 8.7%. More than half of retirees say even that higher adjustment isn't enough to get by on, as GOBankingRates reported.

That will put a lot of retired American in the poor house. Every president and every congress has kicked the can down the road. It aint like Washington did not know a reckoning is coming.

[Anonymous]

n more alarming news about the state of Social Security, some experts are warning that up to 20% in payment cuts could be coming as early as 2032, unless Congress intervenes with measures to preserve funding for the program.



Upwards of 66 million people currently receive benefits, with the average coming in around $1,691, according to January 2023 data from the Social Security Administration (SSA). Cuts of 20% would see payments shrink to $1,352, which is going backwards from the progress made to increase benefits through cost of living adjustments (COLAs), the latest of which came earlier this year and bumped payment amounts by 8.7%. More than half of retirees say even that higher adjustment isn't enough to get by on, as GOBankingRates reported.

That will put a lot of retired American in the poor house. Every president and every congress has kicked the can down the road. It aint like Washington did not know a reckoning is coming.

Mine is $2470. Per mo, The other 3 pensions is were the gravy is. Most here will end up poor, or move back to China. Bless you all.

[Anonymous]

Thank you for demonstrating your ignorance.

I've talked with plenty of Americans who vacation in Central America. Its not a big deal and its affordable for just about anyone.

Yeah ac_dance  You should see the huge development being built near the Liberia airport. Homes, condos, a huge Disneyland like theme park, giant lake. It's perfect, given all of the other natural activities that exist here. This will be a big deal here and the rest of Central and South America. Doubt Lokbrain could afford staying in Villa Real. As if he could qualify for a Passport.

[Anonymous]

Why does Seamidget giggle when he plays soccer. The grass tickles his balls.

[JOE]

n more alarming news about the state of Social Security, some experts are warning that up to 20% in payment cuts could be coming as early as 2032, unless Congress intervenes with measures to preserve funding for the program.



Upwards of 66 million people currently receive benefits, with the average coming in around $1,691, according to January 2023 data from the Social Security Administration (SSA). Cuts of 20% would see payments shrink to $1,352, which is going backwards from the progress made to increase benefits through cost of living adjustments (COLAs), the latest of which came earlier this year and bumped payment amounts by 8.7%. More than half of retirees say even that higher adjustment isn't enough to get by on, as GOBankingRates reported.

It's happening everywhere regardless of which country or party is in power.



Socialist Sweden raised its retirement age to 67.

France went up to 64 from 60.

Canada will likely follow after the 2025 election

There's not enough money to pay for these entitlements because most governments around the world are broke especially after the pandemic.

I kinda think that the 20% cuts figure is on the conservative side.

[Lokmar]

I've talked with plenty of Americans who vacation in Central America. Its not a big deal and its affordable for just about anyone.

Yeah ac_dance  You should see the huge development being built near the Liberia airport. Homes, condos, a huge Disneyland like theme park, giant lake. It's perfect, given all of the other natural activities that exist here. This will be a big deal here and the rest of Central and South America. Doubt Lokbrain could afford staying in Villa Real. As if he could qualify for a Passport.

Seeing how I've bought more than a dozen guns in the last 5 years, a passport would be a snap. Still, I'm not trying to move to a terd world. How many guns do you own in the CR hovel, BTW?

[JOE]

Yeah ac_dance  You should see the huge development being built near the Liberia airport. Homes, condos, a huge Disneyland like theme park, giant lake. It's perfect, given all of the other natural activities that exist here. This will be a big deal here and the rest of Central and South America. Doubt Lokbrain could afford staying in Villa Real. As if he could qualify for a Passport.

Seeing how I've bought more than a dozen guns in the last 5 years, a passport would be a snap. Still, I'm not trying to move to a terd world. How many guns do you own in the CR hovel, BTW?

It's difficult to see how CR could continue to remain stable when some of its neighbors are in such rough shape. ie El Salvador and Guatemala. Guatemala is so poor that even Mexico doesn't want them and has built a wall to keep them out, eh. Ya'd think their troubles would spill over into CR's borders.

[Lokmar]

Seeing how I've bought more than a dozen guns in the last 5 years, a passport would be a snap. Still, I'm not trying to move to a terd world. How many guns do you own in the CR hovel, BTW?

It's difficult to see how CR could continue to remain stable when some of its neighbors are in such rough shape. ie El Salvador and Guatemala. Guatemala is so poor that even Mexico doesn't want them and has built a wall to keep them out, eh. Ya'd think their troubles would spill over into CR's borders.

Its just a matter of time before its as dangerous as mexico.

[Anonymous]

It's difficult to see how CR could continue to remain stable when some of its neighbors are in such rough shape. ie El Salvador and Guatemala. Guatemala is so poor that even Mexico doesn't want them and has built a wall to keep them out, eh. Ya'd think their troubles would spill over into CR's borders.

Its just a matter of time before its as dangerous as mexico.

I was going to buy a gun but I was a little short.

[DKG]

Markets are quiet this morning in anticipation of what the Fed will do. We should have an announcement around noon Eastern TIme.

[DKG]

Markets aren't moving much today as they wait to see what Jerome Powell has to say about future interest rates. The Fed raised rates one quarter of a percentage point. Three weeks ago markets were anticipating a half point increase.



The Bank of Canada is expected to hold rates April 12.

[DKG]

The market reaction to today's increase and more importantly the words of Jerome Powell is in and it's bad.



U.S. stocks closed sharply lower on Wednesday, giving up earlier gains, after the Federal Reserve raises interest rates by 25 basis points as expected, but talked down the possibility of cuts to rates this year. The Dow Jones Industrial Average tumbled 531 points, or 1.6%, ending near 32,028, while the S&P 500 index shed 1.7% and the Nasdaq Composite Index closed down 1.6%.



Powell also said that tighter credit conditions for consumers, following the bank failures, would likely work like rate hikes in terms of lowering inflation. It will be a key area of focus for the Fed in the coming weeks and months, he said. The 10-year Treasury rate fell Wednesday to 3.46%, a sign that investors in the bond market think growth will be slower.

[Lokmar]

The fed isnt the problem. They're just trying to wipe bidens ass. It was his policies that created inflation ITFP.

[Herman]

The fed isnt the problem. They're just trying to wipe bidens ass. It was his policies that created inflation ITFP.

Bidenflation caused by out of control spending on COVID payments and green energy scams.

[DKG]

Start-up funding will be harder to get.