By Greg Maresca ——Bio and Archives--August 22, 2024

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July 4, 1776, is arguably the most significant day in American history. Another noteworthy day of Americana arrived on Monday, July 29, 2024, as a footnote, when it is anything but

It was the day our national debt eclipsed $35 trillion.

Like so many other things, such a sum was simply unimaginable a generation ago.

No wonder why no politician regardless of party wants to talk about it, let alone do anything to reduce it.

The same holds true for the third rail of politics – Social Security.

The Social Security Administration (SSA) believes half of those who are now 80 will outlive the system’s ability to pay (including Medicare) that will be exhausted by 2036. Every penny SSA has ever collected has been paid out. Social Security was established as a pay-as-we-go, a government Ponzi scheme—nothing but a layered bunch of IOUs and certainly no retirement plan.

To solve the problem, the government will have to either raise FICA taxes........

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