Average life expectancy at birth is 77, because of people dying along the way for various reasons. Life expectancy at 65 is 83. The average person who makes it until 65 will live until 83
this post was submitted on 15 Nov 2023
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The federal government is the sole issuer of currency. When the federal government spends, it credits recipients accounts with the press of a keystroke. The money is created from nowhere. When the federal government collects taxes (social security, etc) it debits the accounts of taxpayers effectively deleting that money from existence. If the government issued social security payments that exceeded the amount it collected, it would be creating money, which is one of its functions.
This is not at all how the federal reserve and treasury department work.
The fed does create money, but not directly. They control the reserve rate, which determines how much banks can lend over backed deposits, which in turn affects the amount of currency (not just physical but also digital) in circulation.
They can also issue or absord treasury notes and bonds to impact money supply, though this is fairly small compared to the first method.
Lastly, the treasury can print physical, paper or coinage money. This called "fiat currency" by the way. This, however, accounts for an even smaller portion of the moneg supply than bonds.
In short, the government cannot, does not, and will not simply "create money from nowhere."
Please avoid posting false information.
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Social security is a Ponzi scheme. Every Ponzi scheme has an end. The Fed has been able to keep it going longer than normal by "printing" money, but it can't do that forever. We are just now starting to see the beginning pangs of inflations. It will inevitably get worse.
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