This is always the case though, there are always retired people. They have raised rates and damaged market values in past. Its a decision they are comfortable taking.
Plus, at least current US retirees have social security, which may not last another 20+ years in current form (unfortunately for people paying in today).
There is no reason the US federal government would have to nominally end federal social security benefits. The federal government has the power to simply create new money.
However, it would be prudent to assume that the social security benefits will have less and less purchasing power (since each USD will have less and less purchasing power), and the government will not increase the amount of the benefits sufficiently to offset the decrease in purchasing power.
Biden has attempted to cut social security numerous times.
The elite will eventually get their way because it represents such a vast source of untapped value to extract from. Will it be in my lifetime? (im in my 30s).
That I don't know but I do know that they are gunning for it as well as Medicare and Medicaid and if a US bankruptcy does not wipe it out then eventually they will find a way to take it.
If the federal US government is borrowing in a currency they control, I do not see why US leaders would choose to go bankrupt over simply issuing new money to meet debt obligations?
And Social Security and other government benefits/services are continuously cut, at least where I live as far as I am concerned since they never keep up with price increases for the things I buy.
>If the federal US government is borrowing in a currency they control, I do not see why US leaders would choose to go bankrupt over simply issuing new money to meet debt obligations?
To be clear I do not expect a bankruptcy to be a likely outcome. I just consider it a non-impossible possibility. The only scenario I can think of is if some event moves so quickly that the government cannot respond in time before its too late. Even then, I still feel they probably have options.
>And Social Security and other government benefits/services are continuously cut, at least where I live as far as I am concerned since they never keep up with price increases for the things I buy.
Yes they are being devalued and thats the constant battle that is being fought. While the US continues to print money to give to the rich, they sneak things in such as small cuts here and there as well as further taxes on the poor (ie. You now have to pay an additional tax on more than 600$ worth of ebay sales. This was snuck into the relief bill.)
> (ie. You now have to pay an additional tax on more than 600$ worth of ebay sales. This was snuck into the relief bill.)
No, that is not a recent addition to tax liabilities. You have always had to pay tax on income. The only difference is eBay (and other facilitators) are required to report it now.
Its still closing a unofficial loophole that lower income people relied on. That counts as part of the war to extract every last penny on the poor.
There are a lot of other nefarious things in the bill such as requiring manufacturers to install a device to monitor the driver if they are impaired(beyond 2026). This will lead to fines that will lead to further eroding of what little wealth the poor already have left. Was very smart of them to introduce it far off into the future so it can be slowly integrated into people new car purchases. This is why I believe the addition of the 600$ reporting requirement was no innocent ploy to just shore up this revenue stream. It was purposely introduced at an opportune time.
It's not a loophole it's tax fraud. Not reporting your income does not make it legal. In the end if your income is low enough you'll mostly be offset by the standard deduction anyway.
>In the end if your income is low enough you'll mostly be offset by the standard deduction anyway.
The point was that it is another barrier introduced to extract as much value from the lower classes as possible. In fact you had missed the original point completely.
Plus, at least current US retirees have social security, which may not last another 20+ years in current form (unfortunately for people paying in today).