We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
Beware of false, ignorant, inaccurate claims about Social Security, Medicare and the Affordable Care Act.
In a town hall hosted by Fox News, former President Donald Trump suggested that America’s fiscal problems – and specifically Social Security’s looming insolvency – can be solved by tapping into the “incredible wealth under our feet” in the form of domestic oil and gas. However, dedicating current oil and gas leasing revenues to Social Security would cover less than 4 percent of its shortfall, and it would be impossible to fix Social Security even if all federal land were opened to drilling operations.
Don’t let the dedicated funding of Social Security be destroyed, it’s that way for good reason.
According to data from the Interior Department’s Office of Natural Resources Revenue, “oil & gas” and “oil shale” resource revenues for U.S. federal lands, federal waters, and Native American lands amounted to about $20 billion in Fiscal Year (FY) 2022. Over the past decade (2013-2022), oil and gas leasing revenues have averaged below 0.05 percent of Gross Domestic Product (GDP).
According to the 2023 Social Security Trustees’ Report, the Old-Age, Survivors, and Disability Insurance (OASDI) program’s actuarial deficit is 1.3 percent of GDP. In 2097, the last year of the 75-year projection window, the shortfall will be roughly 1.5 percent of GDP. With federal revenues from oil and gas leasing averaging 0.05 percent of GDP, revenues would need to be about 27 times larger in order to cover Social Security’s actuarial deficit or 30 times larger to cover the shortfall in 2097.
I get so tired of hearing all the bs about social security. The program is not insolvent and the various 75 year projections are more bs. The program starting turning negative on a yearly cash basis less than 30 years after a big fix. The big fix followed other fixes in the 1970s. Not one lasted at least 40 years and still the blathering about 75 year fixes.
If people want it as is, then they just should say “what is the cost to bring it to 100% and raise the rates to get it”
People like you said the same thing and doubted his plans to fix healthcare or make the border secure, yet look how he kept his promises and did the impossible. Now everyone has healthcare and there are no more illegal immigrants. And everyone got a pony too. Why do you hate America? He is a great man who was chosen by the Lord. We don’t need democracy if we have Donald Trump.
QUINNSCOMMENTARY 
I get so tired of hearing all the bs about social security. The program is not insolvent and the various 75 year projections are more bs. The program starting turning negative on a yearly cash basis less than 30 years after a big fix. The big fix followed other fixes in the 1970s. Not one lasted at least 40 years and still the blathering about 75 year fixes.
If people want it as is, then they just should say “what is the cost to bring it to 100% and raise the rates to get it”
LikeLike
People like you said the same thing and doubted his plans to fix healthcare or make the border secure, yet look how he kept his promises and did the impossible. Now everyone has healthcare and there are no more illegal immigrants. And everyone got a pony too. Why do you hate America? He is a great man who was chosen by the Lord. We don’t need democracy if we have Donald Trump.
LikeLike