The Number of People on Social Security Isn’t Sustainable – Here’s the Problem

What’s going on?

The number of people on Social Security benefits reached a record 61,859,250 last month, according to Social Security Administration data.

CNSNews.com reported that even with the unemployment rate at its lowest since 2000, there are only about two full-time workers for every person on Social Security.

Key statistics:

  • Nearly 62 million people are Social Security beneficiaries.
  • The ratio of workers (including full-time and part-time) to beneficiaries is only about 2.5 to 1.
  • Social Security is heading toward a $12.5 trillion shortfall through 2091.
  • The national debt is at more than $20.6 trillion as of this writing.

What needs to happen next?  

The Social Security board of trustees says Congress needs to increase taxes, cut benefits and/or get some other funds together to pay for Social Security. Whether or not Congress will actually follow that advice remains to be seen.

Learn more about how Social Security works with our explainer here.

This article provided courtesy of TheBlaze.

DOC: Last November saw another record in American history. It's not necessarily a good record. Well, I mean, it's not a bad one. But when you know the full story, it's not a good situation.

In November, nearly 62 million people received Social Security benefits. That is a record high number in American history. Sixty-two million. There are just -- there is just shy of 330 million Americans. Sixty-two million receiving Social Security benefits.

Well, I say, it's not necessarily a bad thing that people are retired and receiving money. That's fine. But when you know the full system and you realize how it's strained and how unsustainable it is, and still, we have not addressed it. When you realize what a Ponzi scheme Social Security is, you realize that's not a good thing. It's not sustainable. It is a failure. Parts of it are absolutely evil. Yeah, you don't hear many people challenge that because for years, Social Security was kind of a third rail. You just accepted, that people wanted and liked it.

Well, yeah, if you're retired and on Social Security and you hear people challenge the notion of Social Security, you're like, whoa, whoa, defend what I'm getting. I would never suggest pulling the rug out from underneath people. But over the long haul, this is a system that has to be changed. Let me explain why. In addition to the 62 million people receiving Social Security, the Bureau of Labor statistics reported that currently there are 126 million full-time workers in the US. So that is just over two full-time workers for each person receiving Social Security.

The notion of Social Security was sold as, okay. Everybody makes money. And you pay into this pot. And it grows. And it makes interest. And when you retire, that money will be there.

That's not really how it is. As soon as the government saw big money, those DC people that just like to spend, as soon as they saw millions and then billions of dollars and hundreds of billions and into the trillions of money into Social Security, they went and robbed that lock box.

Remember the lock box? We'll put it in a lock box. There's no lock box. They took and spent that money and essentially replaced it with IOUs. Don't worry. We took this money for some stuff. We'll always pay those Social Security benefits. Don't worry.

They commingled the monies. Instead of having an account over here that Social Security money, that everybody pays into and then we pay money out of it, they just essentially put it in one big general fund with all the other monies.

Well, since we have deficits every year and a growing national debt that is now over $20 trillion, they have to pay those out of whatever we take in every month.

And knowing that we have all that debt, on top of this, sets up a pretty bleak future unless we do something. When this was sold to people, it wasn't just you'll pay into it. But they also said how many people would be paying into it, versus how many people are taking money out. And at one point, it was five, six people paying into it, versus people taking out.

That's when those Baby Boomers were all working. Huge percentage of the population paying in, with only a small percent taking out.

Right now, 10,000 Baby Boomers retire every day. Ten thousand every day. So now we're down to two people paying in, for everybody that takes money out. And it's not paying in again to that closed fund. It goes into the general fund. At some point, it will be 1-1. And then 1-2.

And we'll be paying for it. That's unsustainable. That means money that we spend or would spend on other things is going to have to go towards this because of a bad system to begin with, and then mismanagement of a bad system.

The mismanagement being not adjusting for inflation, not adjusting for life expectancy, and retirement ages, and adjusting all of these things. But it was failed to begin with, because you don't get the money. Not in every case.

You could pay in and work hard all your life and then die as you retire. You could die the day after you retire and not collect one penny of all that money you paid into it.

Meanwhile, somebody who has barely worked, done the bare minimum, could retire at -- what is it, 67 now?

Maybe a few years ago, retired at 65, and live to be 130.

More -- taking more years than they ever paid into it with the bare minimum and collect and collect. All of these things are possible. It's a failed system.

If you retire having some sort of retirement account you paid into your whole life and died, that money can go to your whole family. Social Security. No. Not unless they're a minor and you die early and then they can collect up until they're 18.

The number of people that scam the system. The fact that Social Security actually is not a livable wage. Unless you paid off your house or something like that and really made good money where you get the upper level, it's not livable by itself. It doesn't adjust for inflation. Let's stop the insanity of Social Security. No. People that are near retirement or retired, not suggesting we pull the rug out from underneath you. Here's the solution: We set a plan in motion to slowly wind -- wind down Social Security over the next ten, 15, whatever years.

Then if you are retired and you're getting Social Security, you will get it even if you live to be 170. If you are near retirement, you will get it. If you're halfway to retirement in there, we're going to have to make some adjustments. You're going to get what you paid into at least. You're going to get some of that money. But you have time to make some other plans. And we can make sure it's a smooth transition so you're not screwed. People on the younger side, on the lower end, you're going to have to pay some monies in, even though you're not going to get some of that out. Frustrating. Horrible. Yeah.

But that's how it's got to be. And we all end up paying for things that we don't want anyways. This is part of the system.

But under the Doc Thompson plan, if we adjust the true for true tax reform, you should be able to have other tax benefits that will offset that so you are in no worse shape. We simply set a true fair and flat tax. And with that, spending reform, where we stop wasting money on stuff we don't need. Winding down stuff like the Department of Education, which just takes a handling fee at the federal level, to redistribute the money back to the states. We stop growing the federal government. And we return that money to the people, with a grand plan like this, we can finally get out from underneath this evil system of Social Security that takes and doesn't always give even though you've worked.

And a system that is unsustainable and likely to go bankrupt anyway. And there's going to be only one way to prop it up if you want it propped up.

When it eventually fails, they're just going to say, we must raise taxes on some level. Or raise your contributions to Social Security significantly, to pay for other people that are on it right now.

It's wrong. I will reluctantly, even though a Libertarian, go along with the idea that we will force people to pay for their own retirement. You must take five, ten, whatever percent we decide and put it into something you can't touch until you're retired. So you'll force them to be responsible. I hate the notion, but versus having Social Security around, I'm fine with it.

We can at least move to that. Because that is a system where you'll at least get what you paid into it. You can at least give it to your children if you die.

Bill O'Reilly joined "The Glenn Beck Program" Friday to discuss a recent House Homeland Security Committee briefing on the impact of the 9/11 terror attacks, during which "national security experts" claimed "right-wing" groups pose a greater threat to the United States than groups like the Taliban or Al-Qaeda.

Glenn played two video clips from the briefing that showed Senior Fellow Brookings Institute Center for Middle East Policy, Daniel Byman, and former National Intelligence Council Chair during the Obama administration, Christopher Kojm, in apparent agreement that "right-wing extremists" are a bigger threat to Americans today than "jihadists."

"I'm someone who has written extensively on both jihadist groups, but also right-wing, white supremacist groups," Byman says in the first video clip. "And in my mind, there's no question that today in the United States, the right-wing and white supremacist violence is a much greater risk."

"I agree with your assessment and those of my colleagues who have spoken already, there's little doubt that the domestic terrorist threat from white nationalists and right-wing extremist groups is greater than the jihadist threat today," Kojm states in the second clip.

"Who are those idiots?" O'Reilly exclaimed. "It's just unbelievable ... they're not even in the same universe. Yeah, there are bad neo-Nazi Americans running around, yeah, but there are very few of them. I mean, the jihadists are causing death and destruction, death and destruction all over the world. Not just in the United States. These people are so blatantly irresponsible and ignorant, it's just staggering."

Watch the video clip below to catch more of the conversation:

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The Biden administration was recently caught lying about the White House dog, Major, and his history of biting Secret Service agents, according to newly released emails.

On "The Glenn Beck Radio Program," Glenn argued that, if the current administration is willing to lie about something so meaningless to the American people, what else are they willing to lie about? For instance, the State Department claims that there are only about 200 American citizens left in Afghanistan who want to be evacuated. But Glenn has heard very different reports from people on the ground. Is it safe to assume they're currently lying to us about all kinds of things — from the "new and improved" Taliban, to the number of Americans left behind in Afghanistan?

Watch the video clip below for more details:

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To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

Tonight on "Glenn TV," Glenn Beck outlines everything that led up to the chaos in Kabul in a blow-by-blow takedown that SHOULD lead to massive resignations within the Biden administration and top military brass. Americans died. Americans are – TO THIS DAY – still stranded, and it is ALL on President Joe Biden.

Glenn interviews The Nazarene Fund's Rudy Atallah who gives an update on the total rescue numbers and details the obstacles he's had to overcome with the State Department. He explains why he believes they are thwarting private sector rescue efforts and says the numbers of Americans begging to be rescued are in the thousands — not hundreds — and "will exceed any number that has come out of Jen Psaki's mouth." While The Nazarene Fund rescue efforts continue in a more perilous Afghanistan, Rudy reveals another terrifying obstacle: Chinese and Russians resources deployed to assist the Taliban in rounding up church leaders, women, journalists, and lawyers who put terrorists away.

Glenn also interviews Tim Kennedy, an Afghanistan war veteran and president of Sheepdog Response who partnered with SaveOurAllies.org to sneak past the Taliban and bring thousands to safety. He details the moment the bomb went off when he was on the ground at the Kabul airport and addresses the Taliban kill list. "They will kill babies, execute women, and cut your tongue out. That's just the G-rated stuff."

Watch the full episode of "Glenn TV" below:


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On the radio program Wednesday, Glenn Beck, Stu Burguiere, and Pat Gray ripped into President Joe Biden's latest speech in which our commander in chief touted the Afghanistan withdrawal as an "extraordinary success" that was "designed to save American lives" — despite the loss of 13 of America's finest, our military equipment in the hands of our enemies, and scores of Americans and allies still trapped in Afghanistan.

"This was not a success by any stretch of the imagination and people need to be held accountable," Glenn asserted. "Because if this is allowed to stand, and these people are just allowed to continue on with no ramifications, you don't not want to see what our military will turn into. I am telling you now, we will become the darkest force ever, ever to walk the earth. With our technology, and our resources, with our fighting machines that soon can be run robotically, we will make the Nazis look like rookies ... this must not continue!"

Glenn then played a video clip from the speech in which President Biden claimed that the "Taliban has made public commitments, broadcast on television and radio across Afghanistan, on safe passage for anyone wanting to leave, including those who worked alongside Americans."

"Anyone who says, 'Oh, they're going to let them through their checkpoint,' doesn't know their ass from their elbow!" Glenn responded. "They have no idea what is going on, or they are lying. So, Mr. President, which one is it? Do you not really know what's going on? If so, the 25th Amendment should be invoked. If you do know what's going on, then you should be impeached for lying to the American people on such a grand scale, it's staggering!"

Watch the video clip below for more:


Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.