In case you were thinking of retiring some day, bad news from Janet Yellen: Social Security and Medicare are now underfunded by $175 trillion. That comes to roughly $1.4 million per American household. There are only 3 solutions: - slash beneficiaries - massively hike taxes, or - cut everybody’s benefit to poverty level.
@profstonge Peter, they are going to print the money to fund the benefits. How is it that you and other PhDs are unable to come to this conclusion?
@sunny051488 @profstonge That will be fun. Then we’ll be papering our walls with worthless dollars. Social security won’t matter because our country went under. More printing, more inflation. More inflation, less dollar is worth.
@sunny051488 @profstonge I mean…yes they will keep printing money of course. But $175,000,000,000,000 is any awfully big sum even for them. If they print $1,000,000 per second 24/7/365 that’s still 5.5 years.
@sunny051488 @profstonge They can’t print real benefits, they can only print dollars.
@sunny051488 @profstonge The fed just pulled trillions out of the economy actually
@sunny051488 @profstonge Maybe bc he knows that degree of money printing has other knock on effects???