<2> The Imminent Social Security Crisis: A Call to Action
<3> Introduction
The United States Social Security program, a cornerstone of American social welfare, is facing an unprecedented crisis. According to a recent report by the Congressional Budget Office (CBO), the program’s trust fund is projected to be depleted by 2035, leaving millions of Americans without a vital source of income in their retirement years. In response to this looming crisis, the Modern Monetary Theory (MTG) group has issued a stark warning, urging the US government to take immediate action to prevent the collapse of the program.
<3> The Root Cause of the Crisis
The primary cause of the Social Security crisis is the growing disparity between the program’s revenue and expenses. As the US population ages, the number of beneficiaries is increasing, while the number of contributors is decreasing. This has led to a significant shortfall in the program’s funding, which is exacerbated by the ongoing funding of foreign wars. The MTG group argues that the US government’s continued involvement in foreign conflicts is diverting precious resources away from domestic programs, including Social Security.
<3> The Impact of Foreign Wars on Social Security
The US government’s military spending has been a major contributor to the country’s budget deficit,